By now, you have probably heard that every day 10,000 or so baby boomers are turning 65. The Coronavirus may have pushed millions of Americans to retire earlier than expected. Some of you reading this have already entered retirement. I’ve been helping with people’s retirement planning long enough to know that many of you are likely
Retirement
How much income does it take to live comfortably in retirement? The answer to this question has remained much the same over the past 10 years, but the recent spike in inflation may have you rethinking the answer. As I see it, 2021’s burst of inflation is the temporary byproduct of the post-pandemic recovery. I
My recent Forbes column on how retirement withdrawals will be affected due to new 2022 RMD tables brought some important RMD-related questions from a reader. Single With An IRA D.M., a single female, wants to know if there are gender differences in RMD distribution tables. The answer to D.M. is “no”; the IRS tables are
Interest in true self-directed IRAs is increasing, and that naturally is increasing the number of scams based on self-directed IRAs. A true self-directed IRA is one that essentially is allowed to invest in any asset allowed under the tax code. The tax code prohibits an IRA from owning only life insurance and collectibles. Most IRAs,
More people are working after age 65. If that’s you and you’ve been thinking of moving, I have some data to share about how to think through the choices you have ahead of you. There are, of course, many factors that are involved in the decision to move, from affordability (Is there a state
By Richard Eisenberg, Next Avenue Editor Odds are, you’ve seen those Medicare Advantage TV commercials featuring the likes of William Shatner, George Foreman, Jimmie Walker and Joe Namath touting the “free” health insurance plans offering enticing benefits not available from so-called “Original Medicare” (also called “traditional Medicare”). But are they for real? Now that it’s Medicare
There’s been a lot of talk in Congress about slashing the lifetime exemption for estate and gift taxes (currently $11.7 million per person), perhaps reducing it by half or even more. Even if Congress does nothing now, the exemption is scheduled to be cut in half after 2025, unless Congress agrees to keep that from
By Kerry Hannon, Next Avenue When you put together a cadre of experts on aging, ageism and the future of work for free-ranging conversations on those hot-button issues, the atmosphere begins to crackle and spark. Possibilities and hope emerge. That’s what happened at Age@Work: The New Revolution, two provocative events I was fortunate to be
By Nancy Collamer, Next Avenue Nearly half of working boomers are looking for a career change, according to a new LinkedIn data survey. Some want to reinvent themselves in their current roles, others hope to switch employers. Fortunately, thanks to the escalating demand for talent driven by “The Great Resignation” and a heightened emphasis on
There’s been a growing awareness of a significant risk that retirees face as they age into their 80s and 90s: They may not be capable of managing their money due to forgetfulness, distracting health issues, or diminished cognitive capacity. This makes them vulnerable to financial losses that could come from simply making mistakes, being exploited
Today’s Social Security column addresses questions about whether waiting till 70 is always the best strategy, how the Windfall Elimination Provision and the Government Pension Offset can reduce benefit amounts and whether to take survivor’s benefits or retirement benefits first. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
Older women are significantly more concerned about the impact of taking care of their physical health will have on their financial health, according to a new survey from MedicareGuide.com, an insurance company. In a poll, over half of women over 65 (51 percent) say they are worried a health situation could lead to bankruptcy compared
Estate planning for business owners is always important, and the number of liquidity events—such as business sales or infusions of capital—and potential tax changes in the near future, have only amplified the value of proactive planning. It is an essential undertaking for many business owners who want to ensure the continued success of their business
Eighteen months into the pandemic, many Americans are sick and tired of being sick and tired. In the early months of the pandemic, many experts recognized that, along with the serious health risks of the coronavirus, the steps required to control the pandemic such as school and business closures and social distancing were posing their
19,000 public school teachers who are members of the Ohio Retired Teachers Association (ORTA) would like to know how their retirement savings are invested by Wall Street money managers selected by the staff of the near-$100 billion State Teachers Retirement System of Ohio. Since February 2021, the state pension has failed to respond to public
Today’s Social Security column addresses questions about whether you can be eligible for later spousal benefits if you take early retirement benefits, working while receiving disability benefits and whether a parent’s widow’s benefit is set at the correct amount. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of
It’s All about the Roth IRA As a financial advisor, I like to ask my clients what their financial goals and aspirations are. All too often, they say, “I just want the greatest amount of growth while paying the least amount of taxes.” But, as we all know, taxes are generally inevitable on portfolio growth.
High inflation is making the news, and many people are worried. On the one hand, rising prices are taking a bigger bite out of families’ wallets than they did in recent years. On the other hand, price spikes are concentrated in a few items and may prove temporary. Workers, especially low-income ones, have also seen
“I like to study failure,” Warren Buffett said at a shareholders meeting for Coca-Cola KO years ago. “The biggest thing that kills [businesses] is complacency.” The solution, he suggests, is restlessness. How might we apply this recipe for success in our own lives, work, and personal finances? How can we make healthy restlessness a habit?
How should American savers respond to low interest rates? One might expect the answer to be simple: just invest in stocks instead of bonds or savings accounts. And indeed, a young saver not only can heed that advice but likely doesn’t even need it, with Target Date Funds for younger savers automatically allocating their assets
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