There are potentially serious consequences if Social Security’s payroll taxes are permanently … [+] reduced or eliminated. getty President Trump has made statements recently about the possibility of reducing or eliminating the payroll tax that funds Social Security’s benefits. Understandably, these statements are generating a lot of concern among all quarters, due to the potentially
Retirement
By Chris Farrell, Next Avenue Contributor Sean Sullivan and Robert Costa To analyze President Trump’s re-election policy proposals for Americans 50+, I’d planned to do what I did for my Joe Biden post: scrutinize the party platform and talk to analysts about it. Problem is, there is no 2020 Republican platform, even though Trump told delegates
Across our country, there is no uniform message about how much we can visit and socialize with others, particularly our aging parents. We know for certain that people over 65 are at greater risk for getting sick from Covid-19 than younger people but that does not tell us what’s ok or not about visiting when
Dollar bills, calculator and 401 k Plan getty Readers, after publishing my prior article, with the clunky title, “Joe Biden Promises To End Traditional 401(k)-Style Retirement Savings Tax Benefits. What’s That Mean?” I received, generally speaking, two types of feedback: first, challenging me with respect to my statements, in general, of Biden’s plan; and, second,
WASHINGTON, DC – JULY 20: U.S. President Donald Trump talks to reporters while hosting Republican … [+] Congressional leaders and members of his cabinet in the Oval Office at the White House July 20, 2020 in Washington, DC. Trump and his guests talked about a proposed new round of financial stimulus to help the economy
What is “just enough” money to meet your needs and be happy? getty Most American pre-retirees and recent retirees haven’t saved enough money to be able to retire full time at age 65 under their pre-retirement level of income. To make up for this shortfall, they’ll either need to work longer, reduce their spending, or
getty As readers of my previous posts well know (Part 1 and Part 2), over 1,150 Florida Bar candidates have been left in a lurch because the July examination, which had been rescheduled to August 19, was cancelled on August 16 and is now going to be rescheduled to a day in October that has
Economic Security Planning, Inc. Today’s column addresses questions about how delaying until 70 might benefit a spouse, when grandchildren can be eligible to receive benefits based on the work record of a grandparent and whether the Social Security Administration may owe back pay to someone whose application hit snags. Larry Kotlikoff is a Professor of
WILMINGTON, DELAWARE – AUGUST 20: Democratic presidential nominee Joe Biden delivers his acceptance … [+] speech on the fourth night of the Democratic National Convention from the Chase Center on August 20, 2020 in Wilmington, Delaware. The convention, which was once expected to draw 50,000 people to Milwaukee, Wisconsin, is now taking place virtually due
Frustrated IRA owner, realizing that he owes taxes on a distribution that he planned to be tax-free getty Taxpayers often “borrow” funds from their retirement accounts to fill short-term financial needs, and roll over the amounts within 60 days of receipt. But, as a taxpayer found out in PLR 202033008, IRAs are not designed for
US President Donald Trump delivers remarks on the economy at an airport hanger on August 17, 2020 in … [+] Oshkosh, Wisconsin. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) AFP via Getty Images As the Republican Convention opens I expect President Trump will make the case he is best
As the CEO of a company whose mission is to help people secure retirement, I am obsessed with the unintended consequences of retirement planning and advice that focuses more on assets than income. It makes sense that the companies that produce this advice and manage the assets, from brokerages like Fidelity and Schwab to robo-advisors
Trump’s DOL is pushing 401k sponsors to include the highest cost, highest risk, most secretive … [+] “private equity” investments ever devised by Wall Street in retirement plans offered to America’s workers, without warning of the massive dangers. getty Trump’s U. S. Department of Labor is pushing 401k sponsors to include the highest cost, highest
getty Too many people don’t take their IRA and 401(k) paperwork seriously enough, and that leads to terrible consequences. Here are two recent cases that will surprise and shock a lot of people. The first case involves an IRA owner who failed to notify the custodian that he moved. At least, the IRA owner’s new
getty On January 1, 2021, the 401(k) world as you know it will be reborn. It may start out slowly at first, but ultimately the popular retirement savings vehicle will change. And you should be happy. It’s very possible, if not likely, the new and improved “401(k) 2.0” will allow you to benefit from broader
getty Historically low interest rates can generate historic tax benefits. At least one of these tax benefits can be reaped without giving up immediately any cash or property: a charitable contribution of a remainder interest in a home, vacation home, or farm. Ownership of property can be divided into two portions. A lifetime interest, or
By Juana Poareo, Next Avenue Contributor getty Kaci Smith, 36, recalls the gradual emergence of her PTSD symptoms about three years ago when she’d been caring for her mother at home following her mom’s 2012 stroke. “It would be things like almost feeling like a panic attack,” says Smith, a Rochester, N.Y. teacher. “If she
By Grace Birnstengel, Next Avenue Editor “I’m sometimes a bit lonely, but I’m adjusting,” says Louise Jackson, 83, of the pandemic. Courtesy of Louise Jackson Nearly six months into the pandemic, the biggest change to Carmen and Bernie Rollins’ lives is a lack of spontaneity. The retired couple in San Bernadino County’s Upland, Calif., ages
HARTFORD, WISCONSIN – AUGUST 17: Mailboxes from across the country are stored outside of Hartford … [+] Finishing Inc. where they will be refurbished or repaired on August 17, 2020 in Hartford, Wisconsin. A viral photo of the mailboxes has been misused on social media as evidence of the Trump administration tampering with the United
WASHINGTON, DC – AUGUST 07: U.S. Speaker of the House Rep. Nancy Pelosi (D-CA) and Senate Minority … [+] Leader Sen. Chuck Schumer (D-NY) speak to members of the press after a meeting with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows at the U.S. Capitol August 7, 2020 in Washington,