Retirement

Economic Security Planning, Inc. Today’s column addresses questions about when it’s possible to file for spousal benefits, who can still file restricted applications for spousal benefits only, divorced spousal benefits after early retirement benefits and eligibility for disability benefits close to full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and

getty Medicare premiums and other costs will increase in 2021, the Centers for Medicare and Medicaid Services (CMS) recently announced. But the CMS reported earlier that premiums for the private sector version, Medicare Advantage plans, will decline for 2021. The basic monthly premium for Part B, which covers most doctor’s services and similar non-hospital care,

getty Have you seen it? It’s kind of hard to miss. The stock market has been acting “unusual” in many ways these past two weeks. It may be signaling a harbinger of things to come. There’s a significant difference between market volatility and market rotation. In the former, most recently experienced this past March, the

By Richard Eisenberg, Next Avenue Raymond Jetson Next Avenue Raymond Jetson’s passion, which led him to be a 2020 Influencer in Aging, is motivating older Black men to mentor Black youth and young adults. The pandemic’s brutal impacts on the African American community have only intensified Jetson’s efforts. “It exacerbated the inequities that we reflect

Many people approaching their retirement years will need to be resilient and resourceful. getty An acquaintance in her early 60s was proud that she had saved $100,000 towards her retirement. In her case, it was a terrific accomplishment, since she’s a single mom with moderate income. She asked me for suggestions to help her plan

If you’re considering early retirement, you’re in good company. COVID-19 has been a catalyst for older Americans to leave the workforce voluntarily due to their high risk of infection. Quitting a job poses financial challenges for early retirees who suddenly have fewer years to accumulate assets and more years to live without a regular paycheck.

getty Year-end tax strategies are common and impactful tools to help you leverage the tax code and better plan for your future. Using concepts like Roth conversions, charitable giving, tax loss harvesting, minimizing capital gains, and making sure you maximize all possible savings to tax deferred accounts can all be helpful in maximizing your savings. This year

What will retirement look like for those trying to live on just Social Security Benefits? getty There are people out there who can survive on Social Security alone. Maybe they have always been living on a small income. Perhaps, they have paid off a home or have other ways to live frugally. For the rest of

If you are the parent of a college student who does not file a tax return and whom you are not claiming as a dependent on your tax return, there is an important deadline looming.  This Saturday In order to receive an Economic Impact Payment of $1,200 from the U.S. Treasury, the student needs to

I talk a lot about Roth 401(k)s and IRAs in articles, podcast episodes, and even client meetings. … [+] Generally, that message is for someone in their early 20s who is new to the corporate world and probably not making a lot of money. getty I talk a lot about Roth 401(k)s and IRAs in

getty Readers, I have been remiss. I have been watching reports of major pension funds overseas divesting from fossil fuel corporations, and have been placing the topic on my to-do list, intending to share this development with readers “someday.” Last year in Norway, for instance, the $1.6 trillion Government Pension Fund Global will divest from

Closeup shot of a woman with white shirt holding red heartshape alarm clock indoor. Female hands … [+] holding alarmclock. Shallow depth of field with focus on the alarm clock. getty During the course of a typical busy life, it’s easy to feel overwhelmed by all of its daily demands. With job changes or losses,

Student loans are a huge problem in our country, with the national student loan debt reaching a … [+] record-breaking $1.6 trillion. getty Student loans are a huge problem in our country, with the national student loan debt reaching a record-breaking $1.6 trillion. But, at the same time, pensions are becoming less and less common

Medicare Announces Costs for 2021. Getty Working with your advisor to update your financial plan for next year? Maybe, sitting down to do your budget? Here are Medicare’s 2021 costs. Prepare to spend more.  Costs that apply to any Medicare beneficiary There are some costs that everyone who has Medicare for healthcare coverage must pay. 

getty Out-of-control medical expenses are one of the greatest fears of retirees and pre-retirees. Many people are concerned that high medical expenses could deplete their nest eggs . But most people can put a lid on how much they spend out of pocket on retirement medical expenses, and there are a couple of tools that

getty Reformers have long bemoaned the manner in which poor workers pay too high a “marginal tax rate” when both “regular” taxes and government benefit phase-outs are combined together. A recent article at Accounting Today summarized the situation: “About a quarter of lower-income workers effectively face marginal tax rates of more than 70 percent when

getty Something odd happened last week. Something dramatic. Something that hasn’t happened in more than a decade and, arguably, not to this degree in nearly twenty years. It’s called “rotation.” It’s not a new thing, and it has certainly occurred in much narrower market segments. But this is the first time in a long time

Millennials are staying single longer and having children later – that has implications for … [+] caregiving and life in retirement. getty “One may be the loneliest number that you will ever do.” Despite the lyrical lament by the 1970’s rock band Three Dog Night, it appears that more people than ever are choosing singlehood.

IRS announced the retirement contribution limits for 2021. getty The Internal Revenue Service (IRS) recently announced some adjustments to the income limitations on retirement account contributions for 2021. These changes were in the works regardless of who won the 2020 presidential election. President-elect Joe Biden has laid out ambitious plans to improve retirement savings rates,

getty On October 26th the SBA sought formal approval from the Office of Management and Budget to make use of two new forms, SBA Form 3509 and 3510, to request that PPP borrowers who received a loan of $2,000,000 or more must answer a series of questions that will be used by the SBA to