Retirement

There’s some new guidance on early IRA withdrawals that pre-retirees should know about. It changes the interest rate on early withdrawals and allows a switch of method. IRAs are wonderful planning tools, since they allow the accumulation of retirement funds on a tax-deferred, or in the case of Roth, tax-free, basis. With the ‘Great Resignation’

Across the nation politicians are naïvely calling for state pensions to dump their Russian investments to punish the country for its invasion of Ukraine. Since state pensions have in recent years agreed to let Wall Street fund managers keep secret their investment holdings, states don’t even know the Russian assets they hold.   Yesterday, state

Medicaid spending is something that fluctuates fairly substantially from state to state. Medicaid income limits, too, vary by state, which can make it hard to know if you qualify depending on where you live. Here, we’ll breakdown Medicaid spending by state and Medicaid income limits by state. Medicaid Limits by State Many states actually have

Workplace retirement plans often are not helping participants avoid social environmental, social, and governance, or ESG, risks, warns a report from Morningstar’s newly created Center for Retirement and Policy Studies released Tuesday. U.S. retirement plans offer investment options that are more likely to have higher ESG riscompared with the overall distribution of ESG risk in

On Monday, the IRS released the official version of IRS Publication 590-B, “Distributions from Individual Retirement Arrangements (IRAs),” for the 2021 tax season, and the publication’s “What’s New” section leads off with a popular topic: “Life Expectancy Tables Updated.” The New RMD Tables I’ve been on the receiving end of questions from readers asking where

If you filed your 2021 tax return early online, opted for a direct deposit into your bank account, and the IRS found no “issues” with your return, look at your bank account — you may see your refund on deposit. So says a Feb. 24, 2022, IRS press release, “Tax Time Guide: Use the ‘Where’s My

Social Security benefits are a favorite target of identity thieves. Today’s thieves are more sophisticated than their predecessors who would go down streets and pull Social Security checks from mailboxes. Today’s thieves have a variety of techniques using email, fake web sites, and telephone calls. The scams will escalate as the Baby Boomers age, and

As a taxpayer, you have one goal come April: pay the least amount of taxes you can. One way to do that successfully is by hiring an accountant to do the filing for you. This accountant can be worth their weight in gold if they discover ways to earn you a refund that you wouldn’t

Investors know all too well the inevitability of market downturns. While we hummed right along through 2021, this new year and specifically the past few weeks are a sore reminder of what can happen in dramatic fashion. The real threat of continued rising inflation and the invasion of Ukraine by Russia has started testing investor’s

After you are gone, your trustee will either need to hold assets in trust for your children or distribute the assets to them. You will not be here, so you need to make sure the trust contains instructions that express your intentions. Here are some points to think about in making these important decisions. •    Decide

You probably know some lively, spirited older people and plenty of others who seem listless and bored with life. What makes the difference? Mental health basics, together with attending to physical health surely contribute to how we age and to our vitality. Some folks who seek advice at AgingParents.com describe their elders as doing reasonably

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