Topline The stock market moved slightly higher on Thursday—clawing back some of its losses from earlier this week—as investors continued to assess recent comments from Federal Reserve officials on the central bank’s plan to combat surging inflation. Key Facts Stocks finished positive, rebounding somewhat from this week’s losses: The Dow Jones Industrial Average rose 0.3%,
Retirement
America’s elders die sooner and are sicker than their counterparts in other rich nations. American elders also must work longer than their cohort abroad. These trends mean that Americans get fewer years of healthy retirement life than elders in comparable wealthy nations—five years less, in fact. One reason for this big gap in healthy retirement
Many people are retiring early. The St. Louis Federal Reserve reported that upwards of 3 million Americans retired early due to the COVID-19 pandemic. If you weren’t among that group that retired early, it’s good to remain working for a bit longer if you can for two main reasons: (1) working one extra year is
Topline An increasing number of Federal Reserve officials have recently spooked markets by warning about the economic impact of decades-high inflation and how the central bank will need to aggressively raise interest rates, as well as “rapidly” reduce its balance sheet, to combat surging prices. Key Facts Stocks fell on Wednesday, adding to losses this
Topline With numerous Federal Reserve officials sounding the alarm on inflation, minutes from the central bank’s latest monetary policy meeting released Wednesday hinted at bigger interest rate hikes ahead this year and outlined a plan to reduce its balance sheet by $95 billion per month. Key Facts Federal Reserve officials, who last month raised interest
Medicare Advantage managed care plans, which in 2021 covered 26 million enrollees, will get an average 8.5 percent increase in total Medicare payments next year. At the same time, MA plans are rapidly embracing a wide range of social services and supports for older adults living at home. Sometimes called long-term care lite, these benefits
I was 64 on New Year’s Eve 2015, when I worked my last shift at the Chicago Tribune. I packed up my cubicle, turned off the lights and – just like that – dropped the curtain on one of the most rewarding chapters of my life. At first, I was giddy with all the freedom
The legal profession urges you to get your estate planning done. They draft wills, trusts and empowering documents like the Durable Power of Attorney and Advance Healthcare Directives. Responsible people with means usually get this done. What they and the lawyers they hire apparently don’t think about is what happens when the client, who may
Yet Another Tax Proposal The Biden administration released its budget and tax proposals on March 28, 2022. This is called the “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” or more affectionately the Greenbook. Should you care? Honestly, who knows. Speakers at a major estate planning conference speculated that it was unlikely for
Some people wait until the last minute to take care of things. If that’s you, here is a last-minute RMD Alert. IRA (and 401(k)) owners born in the last half of 1949 (after June 30, 1949, but before Jan. 1, 1950): Did you take your RMD (required minimum distribution) in 2021? If not, you need
Most people worry about their financial future and yet basic financial education is excluded curriculum from high school to university Building Financial Confidence The need for individual confidence in personal financial planning has never been more paramount. Managing debt, navigating ever changing economic conditions, investment risks, rising inflation, and the increasing need to build a
By Lazetta Rainey Braxton, Next Avenue As a “preacher’s wife” (so vividly portrayed by Whitney Houston in a cinematic classic), I have witnessed many funerals where confusion and animosity clouded a celebration of life due to the proper lack of estate planning. Specifically, when there is no will in place, all hell tends to break
By Kerri Fivecoat-Campbell, Next Avenue Jane Coloccia is no stranger to moving long distances, having moved in 2014 from New Jersey to southern California. When she picked up the phone to hire a moving company earlier this year to relocate from California to northwest Oregon with her husband, Victor Teixeira, and their small dog, Sophie,
By Andrea King Collier, Next Avenue When I started this series at the beginning of 2021, my husband and I were preparing ourselves for our “big” 65th birthdays in November and December. It was all straightforward. We made a list of things we needed to tackle and went after it. And now, just like that,
The difference between a big tax bill at the end of the year and a rebate often comes down to two very important steps. For the self-employed, rebates require proper planning throughout the year, making sure you’re paying (without overpaying) the IRS every quarter. Second, it demands that you’re taking the right exclusions, deductions and
In May 2021, psychologist Anthony Klotz coined the phrase “The Great Resignation” to describe the record amounts of workers quitting their jobs after reevaluating their roles during the pandemic (cnbc.com, January 2022). Last year, on average, 3.98 million workers quit their jobs each month, the highest average on record since the Bureau of Labor Statistics
Some people who are still working after age 72 can delay required minimum distributions (RMD) from their 401(k)s, but there are important limitations. RMDs from your company’s 401(k) can be delayed until April 1 of the year after “the calendar year in which you retire from employment with the employer maintaining the plan,” according to
Parents often want to be fair with their adult kids and may want to appoint them together on legal documents when they do their estate planning. That means that the adult children will have “equal decision-making ability” on things like the Power of Attorney for finances or the Advance Healthcare Directive (aka power of attorney
Women may think about retirement as not working, rather than focusing on what it means to be financially free in retirement. Many women have thought about a day when they would not need to work a nine-to-five job but hold on to traditional ideas about retirement planning. For example, they ask themselves: Shouldn’t I take
Introduction to the Roadmap A recent Tax Court case gave a resounding victory to the taxpayer who had pursued what some might view as an aggressive split-dollar life insurance plan to minimize estate taxes. Estate of Marion Levine v. Commr. 158 T.C. No. 2, February 28, 2022. This follows prior cases that held pretty strongly
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