There’s a common misconception that Medicare is a simple, automatic process when you turn 65. Nothing could be further from the truth. The responsibility to enroll is on your shoulders, and if you miss deadlines or don’t enroll in just the right way, you can incur penalties that will...
It sounds crazy, but if you’re healthy you probably need to save more for retirement than people with a battery of health issues. Why? Statistically, people who are healthy will live longer. That means more years paying for healthcare in a system where costs continue to increase exponentially. So, the longer you...
If you have an IRA then you know that at age 70 ½ the government forces you to begin taking distributions so they can tax money that has, up to now, escaped their clutches. Most people use the Uniform Lifetime Table to figure their Required Minimum Distribution. Find your age,...
“So, who do I want to get my IRA? My spouse? My kids? But I don’t want to leave out the grandkids. Oh, I’ll just fill it in later.” You’d be surprised how often that mental conversation goes on when someone is looking at the beneficiary section of...
To claim, or not to claim! Okay, that’s a cheesy way to begin, but it points out a dilemma experienced by many older folks when they’re trying to decide the most beneficial time to claim their Social Security benefits. The fact is, Americans, collectively, lose trillions of dollars by taking Social...
Among America’s older population there is a growing concern about the state of their retirement and many are choosing to stay in the workforce much longer. In a previous article I listed concerns of older workers about whether they will ever be able to retire; concerns that...
It may be one of the biggest misconceptions people have about Medicare—thinking that when they’re eligible they can enroll and then they’re set for life—set it and forget it. Nothing could be further from the truth. Never changing your Medicare plan can be a costly mistake.
Why Wait? Jiab Wasserman  |  November 1, 2018 MY MOTHER-IN-LAW Doris passed away last year at age 90. In the last few years of her life, she often mentioned that she felt guilty spending any of her money, let alone splurging. She wanted to leave the money to her children, even when her children...
Maybe it’s your dream—accumulate enough money to retire early and live happily ever after. You never have to work again and can do whatever you want whenever you want. That’s the basis of the FIRE Movement—Financial Independence, Retire Early. There’s lots of chatter all over social media about FIRE....
It’s shocking to say, but a large percentage of future retirees are woefully misinformed about Social Security—how they claim benefits, when they claim benefits, and how much they’ll receive—just to name a few Social Security topics. Financial author Mary Beth Franklin just reviewed the latest annual survey of people retired and those...