Retirement

Some retirees continue to make a key mistake with required minimum distributions, and that could cost them a lot of money. When a retiree doesn’t need the RMD to pay living expenses, some move the money to a Roth IRA, treating it as a conversion of the RMD to a Roth IRA. Others try to

One of the many lessons we should have learned from the Covid-19 pandemic is the cost to older adults of loneliness and social isolation. While nearly 900,000 older adults died from the virus, tens of thousands were sickened and may have died from the isolation the pandemic caused. But what have we learned from that

The IRS recently announced that in 2024, for the fourth consecutive year, IRA beneficiaries don’t have to take the annual required minimum distributions (RMDs) described in the proposed regulations interpreting the 10-year rule of the SECURE Act. Recall that in late 2019 the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted. One

There are many reasons to avoid probate when planning for your estate. Avoiding probate avoids the hassle of having to go to court, which can be costly and time-consuming. It maintains privacy so that a list of your probate assets and their value is not filed at the probate court for everyone to see. It

Many assume they will be free of health insurance premiums once they reach Medicare age. Others think that everyone pays the same Medicare premiums for the same coverage. Unfortunately, many retirees are shocked to find out that their Medicare premiums are tied to their income in retirement. Knowing this could lead many people to make

A major expense of many retirees and pre-retirees has been increasing rapidly, but it isn’t included in the Consumer Price Index and doesn’t affect reported inflation. You’re probably aware of how auto insurance premiums increased rapidly the last few years. That substantially increased the cost of owning and operating vehicles and contributed to a higher

The leading edge of Gen X and the youngest Baby Boomers are staring down a short road toward retirement. Some are starting to hear tales from those who have crossed over to the other side — from full-time professional to full-time retiree — and wondering how they will hack life after work. Shaking his head

Families struggle with how to help aging parents and other loved ones as they begin to lose independence. Especially when the elder lives at a distance from family, assisted living seems to be a solution. Kids don’t want to move closer to the aging parent and parents don’t want to move from the familiar town

Unfortunately, the word “scam” has become too common in today’s world. A scam is an act by a dishonest person or organization to trick someone out of something, usually money. Search common scams and you’ll get pages of results. I found one site that listed 21. However, there are two scams missing from the list

Many well-meaning people take the benefits of a Roth IRA for granted. With the tax benefits of a Roth IRA, modest contributions over long periods can translate into a substantial amount of tax-free income throughout your entire retirement. Those with the highest incomes may dream of the potential for a significant amount of tax-free retirement