For Americans born in the 1970’s and beyond, these are unprecedented times. For most Americans, these are uncertain times. For retirees, whose income is being assaulted by high inflation and loss of purchasing power, it’s unlucky and unfair, making them unhappy and forcing some into unretirement.
According to the Bureau...
Health Savings Accounts (HSA) for retired folks. Isn’t that a novel idea? But it’s being considered in Congress—The Health Savings for Seniors Act, H.R. 3796.
As it stands right now, the only people eligible for an HSA are those aged 65 years and younger who have a high-deductible health insurance...
Let me ask you a question. When your time on earth is over, who do you want to benefit from your estate? Who do you want to get the results of all your years of hard work, saving, and planning? Most people would probably choose family, and rightly so....
The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one. They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays, and non-covered items—in other...
After 40 years, a new chapter is being written in the saga of high inflation. Some of us are old enough to remember the ugly story the last time in happened. But for millions of Americans, this is their first rodeo. As the price of everything has gone through...
Happy Birthday! You’re turning 65. There’s cake and ice cream, presents, and your application for Medicare. Yep, this is when you sign up for the federal health insurance program you’ve been paying for all your working life. Signing up isn’t difficult, but there are things you need to know...
It’s been pounded into us that having a successful retirement requires advance planning—financial planning, Social Security planning, retirement income planning, and estate planning. And now, there’s another component to be considered—planning what happens in the event you have a decline in mental capacity.
The Administration for Community Living estimates there...
In 2022, Social Security recipients got a 5.9% cost-of-living adjustment (COLA). That was the largest increase in 40 years. The COLA coming in 2023 may be even bigger.
Social Security calculates cost-of-living increases based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from...
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...