Retirement

Many of us are accustomed to focusing on financial goals and there’s nothing wrong with this approach, as goal-based planning has become commonplace in the financial planning world. However, goal-based planning can sometimes become myopic, making us nearsighted and ignoring everything else around us for the sake of a singular objective. While this focus can

Can you think of anything that makes a person more desperate for relief than being in constant pain? People can fall for anything that promises to end chronic, debilitating pain. My late mother in law, Alice, then in her 90’s, was feeling like that. She had chronic knee pain that kept getting worse. She had

The Social Security Administration still is doing a disservice by coaxing applicants into taking the optional lump sum cash payment when they sign up. The beneficiaries more than pay for it over the long term. The lump sum option isn’t new. But many applicants don’t know about it until the SSA offers it to them

If you’re approaching retirement or have just recently retired, a mission-critical task is using your 401(k), 403(b), 457, IRAs and other retirement savings to support your life in retirement. If you’re like most people, you’re concerned about stock market crashes and outliving your money. Let’s look at how you can withdraw from your retirement savings

Too many people wait until near the end of the year to consider key IRA actions and strategies. Your after-tax wealth is likely to increase when you plan them early in the year. Here are some key steps many people should consider. Donate Via A QCD A qualified charitable distribution is the best way to

Many workers approaching retirement today haven’t saved enough for the retirement of their dreams. But that doesn’t need to be a bummer: You can take charge of the rest of your life by informing yourself and taking appropriate action steps. Let’s start by looking at the average benefits today’s pre-retirees might expect. Most Pre-Retirees Will

Too many people wait until near the end of the year to consider key IRA actions and strategies. Your after-tax wealth is likely to increase when you plan the IRA strategies early in the year. Here are some key steps most people should consider. Donate via a QCD. A qualified charitable distribution (QCD) is the

The Open Enrollment Period (OEP), a time for making changes to Medicare Part D drug coverage, ended on December 7. Heading into the OEP, there was considerable excitement because the Inflation Reduction Act (IRA) was going to save seniors millions of dollars. But how did that play out in real time? As I do every

As we approach April 15, let’s discuss the federal taxation of your Social Security benefits. The Social Security Administration estimates that 40% of recipients pay income tax on their benefits. The taxable benefits include retirement and spousal, survivor, and disability (SSDI) benefits. Keep in mind that if you have a child receiving benefits under their

In response to the current inflationary environment, the Internal Revenue Service announced a modest increase in the maximum contribution limits for 401(k)s and Individual Retirement Accounts for 2024. This year, 401(k) savers can contribute a maximum of $23,000, marking an increase of over 2% from the $22,500 limit set for 2023. The new contribution limit,