Retirement

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

By Chris Farrell, Next Avenue Does the outline of this scenario seem familiar? Paige Wilson, age 60, had a long career in finance with her last position as managing director at an investment bank. She and her family lived in Richmond, Va. not far from her 78-year-old mother. Her mother was vital and energetic, but she

Over years of consulting with adult children’s struggles with their aging parents, some issues stand out to me. Some of the hardest ones are about an adult child who was abused, neglected or both by a messed-up parent. These offspring relate that the difficult parent didn’t just get that way with old age. Usually, I’m

Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake. An estate is subject to income taxes much like an individual is. The estate must file an annual income tax return for every calendar year it is open for at least part of the year. This is

The sandwich generation, those who are parents and also have aging parents, face many responsibilities. One of the most important may be checking that their parents are paying Medicare premiums. Here are two examples that demonstrate what can go wrong.  Bart, my friend, lives in Illinois. His parents have resided in Florida for over 20

On November 7, 2019, the IRS proposed doing something that it had not done in nearly two decades…update the life expectancy tables used to calculate required minimum distributions by IRA, 401(k), other retirement account owners and many beneficiaries. More than a year later, on November 12, 2020, the IRS finalized those changes, and released updated

It’s no secret that many pre-retirees and retirees have meager retirement resources, and they might struggle financially during their retirement. Perhaps one of today’s hottest workplace trends—the Great Resignation—offers a solution.  During the past two years, employers have been losing younger workers in droves and can’t seem to find enough interested applicants to fill their

By Harry S. Margolis, Next Avenue Beginning this year, workers in Washington state must pay 58 cents of every $100 they earn into the Washington Cares Fund to help pay their long-term care costs in the future. Those with qualifying long-term care insurance can be eligible for an exemption. Beginning in 2025, those Washington residents who have paid

By Jennifer Nelson, Next Avenue Traditional financial advice like the kind you got from your parents is often true but even experienced investors might rely on maxims that are outdated and no longer serving your financial well-being. In fact, quite the opposite, as sticking to adages like “cash is king” (money is more valuable than other

By Leida Snow, Next Avenue Midlife freelancers and entrepreneurs often get stuck wondering how to build their businesses; they might want to tune into the wisdom of marketing gurus Seth Godin and Gary Vaynerchuk, as I did via #webcreators2021, a live Zoom event held last year. Godin, called the godfather of modern marketing, brags that he