The IRA is a great retirement savings vehicle; money grows on a tax-deferred basis and that’s a good thing. Eventually, though, you have to pay the IRS piper when you choose to withdraw funds for retirement or when you’re forced to withdraw the Required Minimum Distribution at age 72.
Let’s...
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...
Planning for retirement. There’s a lot of work that goes into it. You want to make sure you’ve saved enough, got things paid off if possible. You certainly want to know what your expenses will be so your retirement budget doesn’t blow up.
One of the line items with the...
The financial industry is in a state of flux, scrambling to adjust to the new normal thrust upon it by COVID-19. Most financial representatives are still working from home, talking to clients by video chat rather than the age-old norm of face-to-face, wondering if this is the way things...
Last week was one of the worst weeks in the history of the US stock market. Thursday’s plunge was the worst one-day loss other than the crash of 1987. Friday’s recovery was stunning as well but big rallies are typical of bear markets and that is, unfortunately, where we...
1975 was a big year in financial annals when Americans were given a brand new way to save for retirement in something called an Individual Retirement Account—an IRA. You could put money into the account before taxes and the money got to grow tax-deferred. You didn’t have to pay...
The clock is ticking and it gets louder the closer you get to the magic age of 65. That’s when you sign up for Medicare. But there’s more than one way to receive Medicare coverage.
There are Medicare Advantage plans, sometimes referred to as all-in-one plans, because they provide medical...
Oh, you’ve seen it. Things that used to be popular fade away as they’re replaced by something newer, shinier, flashier, or more high-tech. Things like the Walkman, Pet Rocks, and Fanny Packs now exist only in the land of extinction, next door to the island of misfit toys.
But a...
“I
can’t wait to get on Medicare!” I’m hearing that more often from people
approaching 65 years old. Since the passage of the Affordable Care Act (ACA) in
2010 health insurance has become anything but affordable. I know people paying
more for their health insurance than they pay for their mortgage. On top...