Retirement

So far in the history of Illinois pension legislation that I’ve been recounting, the public and the press have little to no role, between the lack of interest and the backroom dealing. But, however much the Chicago Tribune editorial board, among others, worried in 2012 that voters would be fooled into thinking that the pension

By Nancy Collamer, Next Avenue So far, 2022 is shaping up to be another great year for job seekers. The January jobs report showed unemployment holding steady at 4% despite the surge of the omicron variant over the holidays. Of course, this doesn’t mean everyone is having an easy time finding work. Even in this economy,

How did an Illinois pension reform plan get the key unions of state and local public sector employees lined up in opposition alongside a conservative think tank, the Illinois Policy Institute? That’s the story of the 2012 proposed constitutional amendment intended to require a supermajority before passing any pension benefit increase. To pick up our

Once you cover your necessities with fixed income you can afford a little excitement. “My wife and I are 80 and 81. “Our investments are not used for regular living expenses; Social Security and pensions cover that. We use our investments for things like travel or, for instance, to purchase our car recently. “I know

By Lazetta Rainey Braxton, Next Avenue Do you remember the point in your career when you realized that you made more money than one or both of your parents combined? The moment for me came soon after graduation when I started working in corporate America. While my parents were elated about my career and salary, the

As you age, you might become more vulnerable to financial losses due to fraud, exploitation by unethical relatives or friends, or simply making mistakes. Many boomers have witnessed this situation with their parents or older relatives, which should be a wake-up call.  To address your risk of diminished capacity, you’ll want to make a plan

By Sarah McKinney Gibson, Next Avenue Although you wouldn’t know it from recent headlines about raucous school board meetings and banned books, teaching history isn’t always divisive. Three social entrepreneurs — all Encore.org Innovation Fellows — are teaching history by bridging generational divides. Their methods vary — a podcast, oral histories and documentary film, the stories behind treasured pieces

Retirement. The very word typically inspires positive emotion and images of endless leisure. For some those feelings and visions actually resemble the realities of life after work; for many others, regardless of income, not so much. Retirement is often equated with a new found feeling of freedom – freedom from the daily commute, freedom from

You don’t owe gift taxes and aren’t likely to because of the lifetime estate and gift tax exclusion, so you don’t have file a gift tax return. Right? Wrong, in a number of instances. You might need to file a gift tax return, even if you won’t owe gift or estate taxes. For 2022, the

Mandy, age 55 is an only child who lives two hours away from her parents. They are in a rural area, a small town with few resources for seniors. Her Mom has recently been diagnosed with Alzheimer’s disease. Her father, who has been depressed much of his life, is having trouble coping with his wife’s

The answer is that the loss from absence of complementarity is not generally recognized, the population segment that is victimized is not identified, and the regulatory structure responsible for the separation of functions is oblivious to the harm separation of functions has caused. The bottom line is what HUD, the regulator responsible, ought to do

Since we’re in the midst of tax-return filing season and people keep asking, this is a good time to review one of my more popular posts. In it I answer two vital questions. How long should you keep tax returns you filed? How long should you keep the records backing up the tax returns? Most

A funny thing happened on the way to financial independence. When the 401(k) plan appeared on corporate benefit statements in the 1980s, workers rejoiced. They no longer had to depend on the kindness of strangers when it came to investing their retirement savings. Finally, they had control. But “control” turned out to be a double-edged

Choosing a financial advisor is a very important decision, and I usually recommend interviewing multiple advisors to find the one that best fits your needs, goals and beliefs. Not every financial advisor will be a good fit for you, and that’s okay. Everyone is different and has unique needs. However, you’ll want to trust your

Earlier this month and late last month, I shared the bipartisan history of Illinois’ legacy of pension plan underfunding, as a broad overview as well as looking at specific pension boosts and the comments of the legislators at the time, via the floor debate transcripts. Of course, the story doesn’t end there, and the pension-boosting

I’m noticing an increasing proliferation of proprietary financial services companies—like discount brokerage firms and mutual fund families—suggesting that they do “financial planning” or will offer their would-be customers a “financial plan.” But then they go on to discuss said “financial plan” as a mere review of one’s investment holdings, as though an investment plan and

Many people put a lot of time into developing their estate plans. That’s especially true when they try to establish legacies that will last for two additional generations or more. Whether these legacies are for their families through trusts or for broader society, such as through charitable foundations, you don’t want to waste all that

You could cash in a pretax IRA, a Roth IRA or a highly appreciated stock. One strategy might be much better than the others. We want to make a sizeable gift to our children—daughters in their 40s. Yes, we can afford it. Should we liquidate assets, incurring a tax? Or should we take advantage of

By Kerry Hannon, Next Avenue Ask Beverly Jones, author of the valuable new book, ”Find Your Happy at Work,” to describe a time when she was happiest at work and Jones instantly smiles. It was, she says, when she was a grad student at Ohio University working as a paid assistant to its president and researching ways for more

By Christine D. Moriarty, Next Avenue Financial professionals are paid to be the experts, but sometimes what they do not know – or do not reveal – has more of an impact on your money. When the market is going gang busters like the last two years, you would expect solid returns, but look beyond the