It’s
the end of an era, at least for Baby Boomers. Some have already retired; many
more can see the finish line of their working years. For Boomers with highly
appreciated company stock in their 401(k) a major decision is whether to do an
IRA rollover, leave the money in the employer plan,...
Go to an attorney for a Will and you’ll get not one document, but several—the Will, a Durable Power of Attorney, a Health Care Power of Attorney, and what may be the most overlooked and under-appreciated of the documents, a Living Will. The Will lays out what happens after...
The seven deadliest words in the English language—We’ve never done it this way before. And that certainly applies to Baby Boomers whose prospects for retirement are different than any preceding generation.
Many Boomers, those born between 1946 and 1964, have made their retirement plans based on their parent's generation. The...
You may have had the same experience I had as a kid. When I wanted to know how to spell a word or what it meant, my mom would say, “Look it up in the dictionary.” But the dictionary on the shelf then would be woefully out of date...
It was called the Great Wealth Transfer, the World War II generation passing its wealth to their kids, the Baby Boomers. Well, it’s about to happen again. Cerulli Associates, a financial industry analysis company, estimates that during the next 25 years $68 trillion will be passed on to the...
Gray
divorce. Silver Splitter. Diamond Divorcee. They’re all names indicating a
growing divorce rate among older couples. While overall divorce rates in the
U.S. remained stable between 1990 and 2010, gray divorce, or divorce among
spouses age 50 and older, doubled
during the same time period. According to a study
from Bowling Green State University,...
The Power of Attorney (POA) is one of the undisputed kings of planning documents. You appoint someone as your agent and give them authority to act on your behalf if you can’t—authority to pay bills, manage assets, make medical decisions, etc. If your physical or mental capabilities decline to...
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 consume chunks...
You don’t have to watch television very long to realize just how many types of insurance there are. In the right situation insurance is a great tool to protect you against different types of risk that can devastate you financially.
It’s a good idea to review your insurance coverage regularly...
Believe
it or not, the penalty for failing to file a tax return exceeds the penalty for
failing to pay your taxes. Filing an extension is a way to make sure you don’t
fall into the bad graces of the Internal Revenue Service.
I’ve
talked to lots of folks who would rather give up...