It’s a name change, but a necessary one. What we’ve always called Retirement Planning is quickly becoming Longevity Planning as Americans live longer because of better lifestyles and improvements in medicine. My own family is a perfect example. My great-grandfather died when he was 65. My grandfather was 82 when...
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...
Remember that sage financial warning, “It’s not how much you make. It’s how much you keep.” Truer words were never spoken when it comes to retirement income. And taxes, federal and state, are one of the biggest determinants in just how much retirees have to live on. Here are some...
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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,...
Think hard! There must have been something good that came out of your marriage to your ex-spouse, but for the life of you, you can’t think of anything. Social Security may be the answer. One of the obscure rules of the Social Security system allows you to receive a Social...
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...
As a long-forgotten TV detective used to say, “Just the facts Ma’am, just the facts.” In any discussion about Roth IRAs there can be lots of what for’s and how come’s and what if’s. But here, we’re going to look at basic Roth IRA facts to see if a...
The definition of retirement is changing. Baby Boomers are figuring out that retiring doesn’t mean sitting down and doing nothing. Now and going forward, retirement is about changing gears and pursuing ideas and passions you’ve not had time for. Sometimes changing gears means continuing to work, to give back from...