getty Every estate plan should have a power of attorney in which you give one or more people authority to act as agents on your behalf when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important
Retirement
Click here to read the previous part of this article. A review of the tax principles used herein is also in order. Investments are made in Jerry’s tax-deferred 401(k) plan. This means that taxes are not paid initially on the plan contributions, but any withdrawals from the plan will be subject to ordinary income tax
Couple at kitchen table with calculator and financial statements. Koldunov Are you thinking of retiring soon? If you are, it’s crucial to plan for this next phase. It may be tempting to say, “I’am sick of working for ‘the man.’ ” But before taking a big step, be sure you’re heading toward something you desire,
getty If you have already “won” the game of financial life, stop playing and start planning Is the investment population at-large getting greedy? No, because that implies that they are in the process of becoming greedy. Greed and the stock market in 2021 are past-tense. In other words, it’s already greedy on a scale that
Getty getty Democrats took control in Washington and began laying out their agenda for the next four years. Many media outlets across the country may shift their economic outlook as a result. The press organizations that were negative on the markets, foreign policy, defense, and healthcare, over the last four years may now turn positive
Economic Security Planning, Inc. Today’s column addresses questions about when continuing income after full retirement age (FRA) might increase Social Security retirement benefit rates, whether the earnings test affects eligibility for a survivor’s benefit and filing online. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
getty After reading this post, you are likely to think—that is so obvious. How could I and my estate attorney both have missed this? Don’t feel bad. We have reviewed thousands of wills and trusts and in our experience hardly anyone gets this right. The mistake often costs families tens of thousands of dollars or more. I’m referring to
Covid restrictions for those over 65 have remained in place for months in most places. Widowed aging parents may have no one to touch them, be with them, or pay much regular attention to them. Some seek company on the internet. Dating sites for those over 50 years of age are out there, and your
Recent surveys of retirees conducted by The Employee Benefits Research Institute (EBRI) confirms what I’ve learned from many years of working with older clients: Spending changes throughout retirement. In my experience, spending changes often lead to client requests for more or less retirement income, which is why I don’t subscribe to the idea that the
2020 was an eventful year when it came to IRA required minimum distributions (RMDs), especially for those who took their RMDs before the March 2020 suspension was enacted. Then came rollover relief. But what if early bird 2020 “RMD-ers” receive Form 1099-Rs reporting the RMD as taxable, even if rolled over? Unnerving Form 1099-R