Many of us think of retirement as part of the natural order of things. Not long ago, this meant working until you’re about the age of 65, then living off a pension and Social Security benefits. Now, pensions have become less common, and the prospect of living into your 90s or longer has become more […]
Top Considerations When Retiring Alone
Dear Angel, I am currently single and loving it and will be retiring in the next few years. Do you have any tips or considerations for those who are retiring solo? Thanks for your help! Alona Ghenn — Dear Alona, You are not alone in retiring alone! According to Pew Research, more than one in […]
When Is the Best Time For You to Retire?
Nine Important Factors to Consider and the Most Important Factor that Is Often Overlooked The retirement wave is about to hit. A whopping 4 million Americans are expected to turn 65 every year for the next four years. That means approximately 11,200 Americans who will turn 65 every day through 2028, up from 10,000 […]
Are Military Families Better Prepared for Retirement?
Dear Angel, My cousin and I are the same age. However, he is enlisted in the US Army, and I worked in the private sector for the past 30 years. He is close to retirement, and I am hoping to be as well but may need a few more years. It seems my cousin and […]
How Can I Locate an Old 401(k) Retirement Account?
Dear Kiwi and Mango, I am about to retire from federal employment. Before I worked for the government, I used to work at a company where I’m almost certain I had a 401(k) that they matched. I am doing my retirement planning and estate planning, which got me to thinking about these things. How do […]
Is Retirement Good or Bad for Your Mental Health?
Retirement is supposed to be one of the best times in your life. You’ve worked for so many years to finally reach this point, and now you can relax and enjoy your time with family and friends. You can move to a warmer climate if you prefer, sleep in, and enjoy your favorite hobbies whenever […]
Is a Reverse Mortgage a Good Strategy in This Economy?
If you’re a homeowner nearing retirement age, you’ve probably seen the TV commercials about reverse mortgages. Tom Selleck offers a friendly explanation of reverse mortgages and how people use them. How accurate is what he and other proponents of reverse mortgages indicate? Are reverse mortgages actually a good strategy to help fund your retirement? How […]
Gen Xers Are Facing an Alarming Retirement Reality
Generation Xers are adults born between 1965 and 1980, and they represent almost 64 million Americans or nearly 20 percent of the population. Gen Xers are now in their 40s and 50s and are the next generation in line to retire behind the baby boomers. Now, a new report from the National Institute on Retirement […]
Why Are Some Seniors Upsizing Rather than Downsizing in Retirement?
Q. My neighbors recently retired from work and put their house on the market. Their kids have all moved out, and it’s just them and their dog. At their retirement party, they showed us a picture of the house they were building. It is triple the size of their current house! I know that most […]
Retiree Confidence Is the Lowest in 15 Years! How You Can Plan Ahead for Retirement and Long-Term Care
About 10,000 Americans turn 65 every day, and though everyone’s financial situation is different, that means that millions of people are getting ready to retire each year. But according to a recent survey, many are not confident about how far their money will go! Results of the latest Retirement Confidence Survey by the Employee Benefit […]
There are Downsides to Delaying Required Minimum Distributions (RMDs)
Q. A few weeks ago, you wrote about SECURE 2.0 and some of the impactful provisions of the new law. Among them, you mentioned how the age when Required Minimum Distributions (RMDs) would need to start has increased to 73 for individuals who turn 72 after December 31, 2022. You also indicated that ten years […]
SECURE 2.0: The Biggest Changes for Retirement Savings in 15 Years!
Q. I heard that SECURE 2.0 was recently passed. It supposedly has provisions that make it easier to set aside money for unexpected emergency expenses. I also heard that it will not only help people avoid a short-term money shortfall but also keep them on track for long-term goals, such as retirement. Both these things […]
Are Your Retirement Savings Are on Track?
Dear Oakley, My husband and I are hoping to retire in the next five years, but we’re not sure if our retirement savings are on track. Are there any useful benchmarks we can take a look at to give us a sense of how we are doing? Thanks so much for your help! Ahn Trak […]
Tens of Billions of Dollars of Benefits for Seniors Are Going Unused Every Year
Q. Inflation has gotten bad, and my wife and I have had to dip into our savings more than ever for food and other necessities. What are some ways you suggest to deal with the situation? Are there any benefits we might not be aware of that could help? A. Consumer prices have jumped 8.3 […]
Maryland Officially Launches State-Run Retirement Program
Dear Angel, My husband and I live in Maryland and are both still working. We are doing the best we can when it comes to saving for retirement. His work doesn’t have a program in place at this time. I heard something about a new state-run retirement program in Maryland that is starting this month. […]
The Four Phases of Retirement and Leaving a Legacy
Dr. Ken Dychtwald, CEO and founder of Age Wave, is a researcher on aging and financial habits in America, author of 18 books, and one of the world’s foremost experts and visionary thinkers regarding aging and longevity. In some of his recent work, Dr. Dychtwald interpreted research on retirement, organizing retirement into four phases. According […]
How to Live Comfortably Off Just a Social Security Check During Inflation
Dear Angel, My mother is considering whether to take Social Security or to delay doing so, and if she does, she hopes to be able to live comfortably off it during inflation. Is this even possible and if so, how? Thanks for your help! Liv Inoffit-Alonn — Dear Liv, Currently, nearly a quarter of seniors […]
“Back Door” Roth Conversions: Should You Convert Your Traditional IRA into a Roth IRA?
Q. My husband and I are hoping to retire in five years, and we’re finally ready to do our retirement planning and estate planning. We both have significant amounts in traditional IRAs and are wondering if we should consider converting some or all of that money to a Roth IRA now, while the income tax […]
Avoiding the Most Common Retirement Mistakes
Q. My wife and I are on target to retire in five years. We want to make sure we don’t make any major mistakes along the way. What, in your opinion, are some of the most common retirement mistakes and how can we avoid them? Thanks for your help! A. As many of you know, […]
Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement
Q. I have six grandchildren — three from each of our two daughters. They live close by so I see them often and adore every one of them. I am not getting any younger and have some money I’d like to gift to them now, while I am still alive, so I can see them […]