What Are the Best Ways to Get Out of Debt Before You Retire?

          Retirement is an expensive affair, and planning for it involves managing finances even after you have left the workforce. It is commonly estimated that you should have about 70 percent to 90 percent of your pre-retirement income to maintain the same living standard after you retire. A secure retirement means planning your finances efficiently, […]

When to Avoid Naming a Trust as Beneficiary of Your Retirement Plan

Naming a trust as a beneficiary of your retirement plan can be a good idea in some circumstances, but it can be dangerous if you are worried about creditors coming after your estate.  There are a lot of good reasons to name a trust as beneficiary of a retirement plan, whether it is a 401(k), […]

Online Survey Helps Older Adults Assess Their Financial Vulnerability

All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions.  It is hard to ascertain the exact number of people affected by […]

A Bipartisan Bill Meant to SECURE your Retirement

The Setting Every Community Up for Retirement Enhancement Act, aka the SECURE Act, was passed in 2019 to help Americans prepare for their retirements; however, in truth, what it does is accelerate income taxes on retirement accounts for many citizens. The ten-year rule marks the deadline for the disbursement of your retirement account following your death […]

Are Wanderlust and Retirement Crossing Paths for You?

Do you dream of retiring to some foreign land? Maybe in South America, Europe or perhaps the Carribean? It isn’t uncommon. As reported recently in an article by The Week, “As of April 2019, the Social Security Administration was sending 685,000 payments to beneficiaries overseas — a 40 percent increase over the past 10 years”. […]

What are the Rules for Your IRA Upon Death?

Inheriting an IRA means that different rules apply to various circumstances as in the case of a spouse versus non-spousal beneficiaries. Regardless of who is inheriting the IRA, the heir must take the RMD (required minimum distribution) for the year the account owner died. The full RMD must be withdrawn by December 31 in the […]

The Learning Curve of Dealing with Student Loan Debt as We Age

There has been a 20% increase in student loan debt borrowing in the over 60 set in from 2012 to 2017. Of this 20%, 73% borrowed for either a child or grandchild’s’ education. As parents, we have the innate desire to help our children any way we can, however, if you are not careful in […]