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Financial Planning

I recently got a letter from the Social Security Administration saying I might have some money in a 401(k) plan at an employer I worked for 20 years ago. I was intrigued—but not hopeful. I thought I’d rolled over everything, but old advice is still good advice—don’t leave money...
Covid-19 has changed life forever in more ways than we can count. It has also changed end-of-life estate planning and estate modification. It can be very difficult having that conversation with a spouse who’s dying. Estate planning conversations are often put off because they are a reminder of the inevitable...
Identity theft is one of the major plagues of modern society costing its victims billions of dollars and untold man hours to recover from it. In 2020, 1.4 million Americans were successfully attacked, which translates into a victim every 3 seconds.  That’s more than double the number from the...
Hey! It’s just an IRA. What is there to know? You put money in and it’s a tax deduction, you get to take it out after 59 ½ without paying a penalty, and at 72 the IRS makes you take some out. What else could there be? In reality, there’s...
It’s the million-dollar question—What is my ideal retirement age? Some people retire earlier than intended because of job loss, personal health or family situations such as the need to care for an elderly parent. Just as circumstances may compel some to retire early, others may find it necessary to...
Social Security, even with all its problems, is unquestionably an important component of retirement income for millions of American retirees. For about half of seniors, Social Security is 50% of their income, and 1 in 4 seniors say it makes up at least 90% of their income. There are more...
Let’s update some two-thousand-year-old tax advice—Give to Caesar what belongs to Caesar, but don’t give him more than that. Today, tax deductions and credits help determine how much Caesar gets. As an old guy told me a long time ago, “If it’s in the IRS code, it’s there to...
Social Security is an important part of almost every retirement plan, whether you’ve saved enough or not. That’s why it’s important to know as much about your Social Security situation as possible. And you don’t want to wait until you’re about to retire to gather the facts and take...