Retirement

Seniors, particularly those at the moment of retirement, need more “just-in-time” support for financial decision making to help promote effective action, such as understanding tradeoffs; risks and costs involved in the specific decision; finding a trusted source of information and advice; and avoiding fraud and scams, a new report from the Senate Aging Committee has

Today’s Social Security column addresses questions about how to take spousal benefits while delaying retirement benefits till 70, whether forming an LLC will avoid the effects of the earnings test and when divorced spousal benefits can be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

My experience this past year conducting a forensic investigation of the State Teachers Retirement System of Ohio on behalf of the 20,000 member-strong Ohio Retired Teachers Association has convinced me that Facebook groups can be a powerful force to combat looting of America’s pensions by Wall Street. In Ohio, two Facebook groups, Ohio STRS Members

Today’s Social Security column addresses questions about whether having reduced income before filing will reduce retirement benefit rates, potential effects of pensions based on income not taxed by Social Security and benefits potentially available after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

The American Bar Association this weekend invited me to talk to lawyers and law professors about Social Security. They had two major questions that I believe are shared by almost all Americans. Question 1: Does spending more on Social Security mean we will spend less on children? To think that increasing or maintaining Social Security

Can you retire on 10 million dollars? For many Americans, this hefty sum would far exceed retirement needs and may even lead to generational wealth. However, individuals with high incomes often require a larger portfolio to maintain their lifestyle in retirement. Or if you’re expecting sudden wealth from stock options or selling a business, you

As we kickoff 2022, there are some changes related to Social Security and Medicare that you need to know along with some insight into the future. SOCIAL SECURITY Here are some highlights of the most impactful changes Social Security filers face in 2022 and beyond: If you are already receiving Social Security benefits, you will

Nearly two years ago, social insurance advocates were celebrating the creation of a new long-term care program in the state of Washington. Here, for instance, is what The Nation wrote in May of 2019: “The Long Term Care Trust Act, which passed the state legislature at the end of April and will be signed into

Yes, until very recently, I thought complicated and complex were pretty well synonymous, too, but after reading General Stanley McChrystal’s book, Team of Teams, I was admonished and educated.  The book, ostensibly geared toward leaders in business, walks us through the fascinating philosophical and practical framework required to bring together a myriad of the world’s

Today’s Social Security column addresses questions about whether it’s necessary to file retroactive to 2021, documenting current and future payments for work performed in the past in regards to the earnings test and a discrepancy is Social Security benefit estimates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

In late August, an elderly Asheville, North Carolina man received a terrifying call from someone claiming to be from the “Office of the Inspector General”. The caller warned the senior’s personal information had been used to facilitate a drug trafficking and money laundering scheme and all his assets would be frozen until the government could

By Chris Farrell, Next Avenue Kayte Barton describes herself as a high-functioning autistic adult with mild cerebral palsy. Barton, 47, competed in every sport in the Special Olympics until she retired in 2018. She has also retired from work in her Twin Cities suburb, largely to escape the debilitating mental health strain from trying to make

By Kerry Hannon, Next Avenue Laurence Kotlikoff, the provocative Boston University economics professor and Social Security expert, has written an excellent new book, “Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life.” In it, he offers counterintuitive and surprising personal finance tips regardless of your age. You’ll want to hear them.

Has your financial firm inquired lately about you naming a “trusted contact”? There has been a recent renewed effort by the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA), along with the U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy (SEC OIEA), to encourage financial firms to

By Michael Lubell, Next Avenue Roughly three years ago, a journalist friend of mine explained to me that I was transitioning from a full-time employee to a gigger. And I wondered, what the hell is that? He explained that it’s when you go from temp job to temp job in an attempt to earn what you

Reducing your tax bill seems to be one of the biggest motivators for making 401(k) contributions. The good news for 2022, 401(k)-contribution limits have increased. Keep reading as we share five reasons to supercharge your 401(k) contributions in 2022. Increased 401(k) Contribution Limits for 2022 The contribution limits for the 401(k) plan have increased for

Today’s Social Security column addresses questions about what effects a potential drop in the 2020 Average Wage Index might have on benefit amounts and timing, survivor’s benefits and the earnings test and when first checks can start and when they’ll arrive. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

Conventional planning, in my view, is about wishful and dangerous thinking. Conventional planning was designed by Wall Street to sell product, not to obey commonsense economic principles. This is why not a single top economics or finance department teaches conventional financial planning. Economics-based financial planning is at complete odds with conventional financial advice. That assertion

Retirees and near-retirees, we are told, are taking too much risk. Here’s USA Today, in an article from mid-December: “Investing for retirement is crucial to building a nest egg that can provide financial security in your later years. Unfortunately, many people who are investing are making a big mistake with the money they’re saving for

When last I updated readers on the American Rescue Plan multiemployer pension plan bailout, back in July, the PBGC had just issued its interim final rule, subject to a comment period, and had made the decision, reasonably enough, to interpret the law, well, by following the law — or, specifically, by following “the plain meaning