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 […]
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 […]
Should I Enroll in Medicare if I have Federal Retiree Coverage?
Q. In your latest article, you discuss how elder care lawyers help seniors with planning in advance for the financial and health concerns that occur as we age. I really appreciate the assistance and advice your elder law firm provides. I am a retired federal employee who will be 65 next year. I was wondering […]
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 […]
How Can Seniors Make the Most of Financial Literacy Month?
Dear Angel, I just read that April is Financial Literacy Month. What are some things I should think about when it comes to Estate Planning and retirement planning this month? Thanks for your help! Fi Nanshill — Dear Fi, Every April, we celebrate Financial Literacy Month to promote financial education and well-being. Financial Literacy Month […]
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 […]
What Is the Financial Impact of Caregiving? New Report Offers Interesting Insights and Valuable Tips
November is National Caregiving Month, a time to acknowledge the family caregivers who provide assistance to older adults, Veterans, people with disabilities, and those with serious and/or chronic health conditions. These caregivers voluntarily assume this responsibility, often with little or no training or support and with little or no financial compensation. Anyone who is a […]
What Happens When You Inherit an IRA from a Non-Spouse?
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 […]
Two New Provisions Make Reverse Mortgages More Desirable
Q. My husband, Bob, and I have lived in Northern Virginia for nearly fifty years and we have no plans of moving. We are original owners of our home and our mortgage has been paid off for nearly two decades now. Our children all live within a mile of our home, so we are hoping […]
Wise Tips for Retirement from a 98-Year-Old
Dear Angel, I am thinking about retirement. I would love tips from someone who has “been there” for a while. Do you have any wisdom you can share from the people that you meet? I’d also like some practical tips when it comes to planning. Thanks so much! Ben Theere — Dear Ben, I meet […]
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 […]
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 […]
How Having a Special Needs Loved One Affects Estate Planning and Retirement Planning
Q. Our daughter, Sophie, has an Autism Spectrum Disorder (ASD). She is verbal, but needs lots of help academically and with her social skills. She may not be able to live independently when she becomes an adult. When it comes to retirement planning, it is a balancing act to try to know how much to […]
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 […]
Top 19 Articles of 2019
Those who read our newsletter or follow our blog know that we covered a lot of ground in 2019. This past year, the Federal Tax Act increased the federal estate and gift tax exemption from $11.18 million dollars per person to $11.4 million dollars per person ($22.8 million dollars per couple). On the gift tax […]