Retirement

For the first time since 2012 the IRS has updated the life expectancy tables that serve as the basis for calculating the Required Minimum Distribution (RMD) for retirement accounts. The new tables reflect a longer life expectancy, and therefore have extended the distribution period which will lower the annual required minimum distribution. The actuarial calculations

Higher prices returned with a vengeance in 2021. During such bouts of inflation, commodities tend to do well. Last year the S&P Goldman Sachs Commodity Index (GSCI) earned 37.1%, far exceeding the S&P 500 and all other equity indices. It was the third best-performing asset class in 2021. Indeed, only Bitcoin (59.8%) and WTI Oil

“You don’t just have to want what you want,” a good friend of mine told me more than 20 years ago, “you have to want what your wants lead to.” Please let that sink in for a moment. It’s the simplest definition of second-order thinking I’ve heard, and it applies to wise decision making in

Most of us have been quite obsessed with our physical health these last two years. Like me, you can probably list all the possible symptoms of Covid, the signs of long-Covid, the possible reactions to the vaccines, the rates of illness among older adults, and the reasons why some people should be extra cautious about

In 2018, Fiona Frills, then 14, was interviewed for the book From Cradle to Retirement: The Child IRA. In that interview, she told the following story (page 143 of the book): Like many her age, Fiona Frills of Saratoga, California, loves YouTube. In fact, she loves it so much she started her own YouTube channel

By Nancy Collamer, Next Avenue Women of Color (WOC) are one of the fastest-growing demographics in corporate America. Yet despite their growing presence, many still struggle to flourish in the workplace. As the first Indian American woman to make partner at global services firm Deloitte, Deepa Purushothaman knows how challenging it can be for “the

During the working years, you pay a lot of taxes for Social Security and Medicare, but you later receive a lot of benefits. Over a lifetime, do your benefits equal or exceed the taxes? Your Social Security and Medicare taxes don’t go into separate accounts in your name the way 401(k) contributions are. That makes

Topline A majority of Wall Street’s biggest firms have recently been slashing their S&P 500 forecasts for this year, predicting lower stock market returns as the Federal Reserve raises interest rates to fight surging inflation and also warning about the economic impact from Russia’s invasion of Ukraine. Key Facts Barclays is the latest major firm

As you age, chances are good that you don’t intend to make any decisions that will frustrate or anger your adult kids, put them at odds with their spouse or partner, or even cause a permanent rift among extended family. But mix neglect with procrastination, and you’ve got a perfect recipe for a financial or

When I started my career, a common refrain I heard was not to work with physicians. They were touted as difficult clients who asked too many questions and thought they knew everything. As I complete my 15th year in the wealth management business, I can attest to the fact that that couldn’t be further from

On Monday, the U.S. Securities and Exchange Commission (SEC) proposed a new rule that would require companies to disclose some of their greenhouse gas emissions in a standardized way, and to explain to investors how climate change could impact their financial performance. According the National Oceanic and Atmospheric Administration, extreme weather events in the United

Instead of fretting about falling markets, consider whether they are an opportunity to convert all or part of a traditional IRA or 401(k) plan to a Roth IRA. Lower investment prices can reduce the cost of converting assets into tax-free Roth IRA assets. When all or part of a traditional IRA or 401(k) is converted

Topline Stocks have been flirting with correction territory in recent months–and though the tech-heavy Nasdaq Composite dipped into a bear market last week, historical data shows that investors should look past market volatility, with experts urging investors to buy the dip on the market’s recent sell-off. Key Facts While the tech-heavy Nasdaq Composite has rebounded

Topline The stock market finished slightly higher and government bond yields surged on Tuesday as investors assessed the Federal Reserve’s more aggressive stance on fighting inflation, with a growing number of Wall Street experts now forecasting the central bank to raise rates by a bigger-than-expected 0.50% at its next couple of meetings. Key Facts Stocks

Social Security is a significant part of their retirement income for many Americans. Depending on your overall household income, you may owe taxes on your Social Security benefits. Furthermore, your state of residence will determine the amount of taxes you will owe on your Social Security benefits at the state level during retirement. If it

In January of this year, I traveled for thirteen days. Outside of traveling, my calendar shows day after day packed with client meetings, planning, and online meetups for our Rock Retirement Club. My calendar runs like a well-oiled machine. Until it doesn’t. I pinched a nerve towards the end of the month and found myself

A case study in how two retirees can improve their lot in life by rethinking their savings. “My wife and I are 61 years old and retired. We live on a modest pension from my former employer, distributions from a 401(k) with $177,000 and distributions from inherited accounts (IRA, Roth IRA, annuity). We also have

By Sharon M. Goldman, Next Avenue Chronic back pain led Cindy Maricle, 59, of Bend, Ore., to launch a side hustle selling essential oil products aimed at helping others with the condition, and teaching people about aromatherapy. “I had run businesses before,” says Maricle. “But in this case, I had no intention of generating taxable

By Kim Perell, Next Avenue Depending on what you’re trying to accomplish, a year can feel like an eternity or a heartbeat. But in my opinion, a year is a useful yardstick for planning to launch a business since it provides you with just enough leeway to prepare yourself and take action, but not so

By Leslie Hunter-Gadsden, Next Avenue Word-of-mouth networking through personal recommendations and referrals is the lifeblood of Patricia Wynn’s Hillsborough, N.C.-based business as a lifestyle assistant. As of January 2022, Wynn’s nine-month-old business, Patricia Services, LLC, which includes cleaning, doing laundry, caregiving, sometimes cooking, and completing grocery shopping and other errands for her clients, has grown