Marty’s brother, Ed, passed away suddenly. He never got married or had children, so he passed everything, including his Individual Retirement Account (IRA), to Marty. During one of the most difficult times in his life, while grieving for his deceased brother, Marty had no idea about everything involved when it came to inheriting his brother’s IRA. Losing […]
After the Covid-19 Pandemic—How It Has Impacted Retirement
Jane and Steve were planning on retiring in five years. Now, a year after the COVID-19 pandemic, those plans have changed. When Steve’s business wasn’t doing well this past year, they couldn’t contribute to their retirement accounts, as they had every month in the past. A year of not being able to contribute and a […]
Are RMDs Back This Year or Will They Be Waived Again?
Q. I turned 70 in November 2019. I was planning on taking my first required minimum distribution (RMD) in May 2020 (when I turned 70½) until the government waived 2020 RMDs. Is my first RMD now due by May 2021? What about my wife, whose first RMD deadline would be April 1, 2021? Also, I […]
There is So Much That Seniors Need to Know About the New Coronavirus Relief Package
Q. You recently published an article about the Paycheck Protection Program (PPP) for businesses. You mentioned that there is a second stimulus check and some new benefits for seniors, but mostly elaborated on benefits for small businesses. Can you expand on some of the benefits of the second Coronavirus Relief Package for seniors? Thanks so […]
How the Pandemic has Reshaped the Way We Look at Retirement
Q. My husband and I have been working for nearly 35 years each and are due to retire in the next few years, but things seem uncertain for everyone now. My understanding is that the pandemic has added new challenges to the retirement plans of many people, putting some out of work and pushing some […]
When You’re Navigating Retirement as a Solo Ager
Q. I’m 58 years old and am single. I would like to retire in the not so distant future, but most of the information available is for married or even divorced people, and I’m feeling lost. I’m not feeling confident about retirement and sometimes even worry I will run out of money and have no […]
Understanding the Changing RMD Landscape in 2020
Q. I understand that the rules for Required Minimum Distributions (RMDs) from workplace retirement plans and individual retirement accounts have changed this year due to the SECURE Act earlier in the year and the recently enacted CARES Act. This brings several questions to mind. For instance, should I take advantage of the 2020 RMD waiver? […]
Retirement Risks faced by Millennials, Generation X, and Baby Boomers
Q. My husband, Glenn, and I are in our 50’s and deciding when to retire. We’re finding decisions about retirement (when to retire, where to retire, how much to save, etc.) to be some of the biggest decisions we have had to make. We were told that the best time to start planning is at […]
Top 10 Ways to Plan for Retirement
Dear Magic, I am hoping to retire in the next 10-15 years. Do you have any tips to help me plan ahead? Thanks Rhea Tyre — Dear Rhea, The U.S. Department of Labor recently released a helpful compilation of things you can do to plan for retirement. Below is a summary of some of their […]
Why Retirement Planning Is Even More Important During a Pandemic (Part 3 of a 3-part Series)
Randy Smythe, 60, took an early retirement last September after a career in e-commerce sales and soon took off to spend a year visiting the national parks while renting out his home. Now, similar to most Americans, he’s stuck at home because of the coronavirus pandemic and still two years away from eligibility for Social […]
IRAs and Taxes in 2020
Dear Ernie and Jannette, As part of my retirement portfolio, I have IRAs. I’d like to make the most of these accounts and save money on my taxes both now and in the future. Do you have any tips that could help? Thanks! Ira Sentaxes — Dear Ira, As you likely know, IRAs are useful […]
Elder Index Measures the True Cost of Retirement
Q. My husband and I plan to retire in the next 5-10 years. We’ve been saving, but we’re not sure we have enough to retire comfortably. Is there any one place to look at all of the costs of retirement to figure out how much we will really need to retire in the DC Metro […]
Caregivers and Planning for Retirement
Dear Bebe, I stopped working full time when I was 45 to begin caregiving for my mother and it’s been fifteen years now. I have worked part time jobs here and there, but I have nothing that’s going to provide me any type of pension income (other than a small amount of Social Security income) […]
When Your Aging Parent Is Running Out of Money
Q. My mother, Rosie, is 97 years old. She is still mentally sharp and she pays her bills on time. She does need some help physically, ever since she broke her hip from a fall a few years ago. Besides the broken hip, she has survived a heart attack and pneumonia. We are fortunate that […]
What Does the Future of Retirement Look Like?
Charles and Laura, both 67, recently retired and decided to relocate from Northern Virginia to the Shenandoah Valley. They enjoy the slower pace, quieter neighborhoods, and natural beauty of the serene mountains. Their monthly income includes total gross Social Security benefits of $2,082 ($1,786 after Medicare Parts A, B, and D deductions). Charles and Laura […]
Long-Term Care Insurance vs. Life Insurance with a Long-Term Care Rider
Q. My mother was in a nursing home for about two years prior to her death, and it cost the family most of her savings. I don’t want the same to happen to me and my husband. Therefore, we are trying to make the decision of buying either long-term care insurance or life insurance with […]
Mastering the Non-Financial Aspects of Retirement
Q. My husband and I are close to retirement age. The life we’ve known so far has included working at our full-time jobs, occasional social events with friends, visits and holidays with family, and the every-day things associated with being a working person in the DC area. This might sound silly, but when we are […]
Reverse Mortgages: Yes or No?
Q. I retired last year at the age of 64, and my wife has been a homemaker for quite a while. We are glad that I am retired and we are free to do what we want (we have quite a lengthy bucket list!), but we came to realize that, despite my pension, we just […]
Do Reverse Mortgages Affect Medicaid Eligibility?
Dear Ribbit, My wife and I are considering a reverse mortgage, since we have a lot of equity in our home and very little cash flow. She is in the early stages of dementia. Would the reverse mortgage affect Medicaid eligibility, and what happens if we are considering establishing a Living Trust Plus(TM) income only […]
The Cost of Aging: Professionals Express Concern About Older Americans’ Financial Health
Each year the United States of Aging Survey – conducted by the National Association of Area Agencies on Aging, National Council on Aging (NCOA) and United Healthcare – polls U.S. adults 60 and older for their insights on how older Americans are preparing for their later years, and what communities can do to better support […]