Retirement

If you asked 100 people what the purpose of financial planning is, the reflexive answer of the majority would likely be to have more money. And this underlying belief, spoken or not, is likely why financial planning so often results in under-implemented plans and satisfaction levels that score just marginally above “meh” on a scale

When’s the last time you made a friend? Not just someone you see at work, or someone who is an acquaintance – a real friend. Someone you can call on and confide in, and who has your best interest at heart, and who can lean on you as well. In a previous article, I described

Daughter of elderly mother (EM) called in a bit of a panic. She had just found out that her 80 year old mother, living alone in another state, had been giving thousands and thousands of dollars to a campaign. This was done with recurring donations she had unwittingly signed up for on her cell phone.

The Centers for Medicare and Medicaid Services is focused on continuing to improve the quality of Part D and Medicare Advantage plans. The Star Ratings system helps beneficiaries and their caregivers compare Medicare health and drug plans and make the best decisions. Every year CMS publishes the Star Ratings to give beneficiaries and their caregivers

Social Security benefits will be a major source of retirement income for most Americans. Yet, shockingly, only some people have a good idea of how much they will receive in benefits from Social Security. In fact, new research from the National Institute on Retirement Security says just 11% of Americans who haven’t yet retired know

For decades, the desperate need for government to help support middle-income frail older adults, younger people with disabilities, and their family members has been clear. Until now, lawmakers largely have done nothing about it. But that finally may be changing. Vice President Kamala Harris, the Democratic nominee for President, has proposed an ambitious expansion of

Most economists who had to describe healthy, stable growth would end up largely describing today’s GDP numbers. The economy expanded at an annual inflation-adjusted rate of 2.8% in the third quarter of 2024, after expanding at 3.0% in the previous quarter. Outside of volatile inventory build ups, economic growth actually accelerated. Income growth from continued

The IRS is filling gaps, fixing glitches and answering questions about the SECURE Act and SECURE Act 2.0, and about required minimum distributions (RMDs) in general. Most of the discussions about the laws focus on the end of the Stretch IRA, the 10-year rule, and related issues. But a lot more ground is covered in

Most people at or near retirement age will say they want to remain at home as long as possible. That means not going to a care home of any kind “with all those old people”. It sounds fine when one is 65 or so and in reasonably good health. But of course, aging takes its

Sit down to begin working on your retirement plans, and you’ll quickly realize that there are a number of decisions to be made. While tactical steps like whether to do a Roth conversion or the proper age to begin taking Social Security tend to steal the limelight, one of the best places to start your

Given recent trends in longevity, there’s a good chance you could be retired for 20 to 30 years, which might mean you’ll be retired for a third of your life—or more! You’ll want to plan ahead and take steps to help yourself be financially secure, healthy, and happy for the rest of your life. This

The upcoming election is only days away, and the two presidential candidates remain in a statistical dead heat. Control of the U.S. Congress seems likely to be narrow as well, with either party having a chance to win control. Clearly, the electorate is deeply divided, and it is increasingly rare to find issues that transcend

They’re not right for every family, but there are times when a silent trust is a good idea. A silent trust is one that isn’t revealed to the beneficiary by either the trustee or trust grantor (or creator). The trustee manages the assets and usually doesn’t make distributions to the beneficiary. After a period of

As you approach retirement, it’s important to develop a retirement income strategy. Developing tax-efficient retirement withdrawal strategies to plan your income stream should be an annual process. Each year your taxable income will change, and potentially your living expenses. The tax code has also changed repeatedly in the last 10 years, so it’s important to

Subsidizing home care for aging adults has been discussed in decades past. Now it is part of the political discussion once again. Can it ever be achieved? Consider the obstacles and possible benefits. History In the 1970’s, less than ten years after Medicare became the law of the land in 1965, public health officials recognized

As the 2024 election approaches, candidate Vice President Harris and Former – President Trump promise to protect Social Security, but only Donald Trump has specific proposals. And Trump’s plan would cut Social Security benefits by 33 percent and drive Social Security to insolvency by 2031. The proposals would benefit high income individuals and drain $2.3

Medicare’s open enrollment period started on October 15 and runs through December 7 this year. That means you can now comparison-shop your Medicare coverage, which can include Part D prescription drug plans, Medicare Advantage Plans, or Medicare Supplement Plans. For retirees participating in Medicare, it’s a good idea to revisit your Part D Prescription Drug

There aren’t many absolutes in financial planning. There are, however, many—MANY—opinions. Advisors, personal finance gurus, and online opine-ers regularly die on the hills of passive vs. active investing, ETFs vs. mutual funds vs. individual stocks, traditional vs. alternative investing, good debt vs. bad debt, term vs. permanent life insurance, traditional vs. Roth IRAs, the roles

Many pre-retirees and retirees make serious mistakes regarding their retirement income and spending for living expenses. This is very understandable, since building sources of lifetime retirement income can be complicated and beyond someone’s skill set. Preparing retirement budgets can also be time consuming and frustrating. As a result, either you might spend too much, which

Estimated tax requirements are a frequent problem for retirees, with many incurring penalties for underpaying their estimated taxes. Fortunately, there’s a little-known strategy that can help avoid penalties when a retiree realizes late in the year that estimated tax payments have been too low. Income taxes have to be prepaid during the year. If they