Retirement

Representative John Garamendi (D-CA) recently introduced a new bill that could change how the Social Security cost-of-living adjustments are calculated. The bill titled “Fair COLA for Seniors Act of 2021” would require the Consumer Price Index for the Elderly (CPI-E) to calculate what could be described as a fair Social Security cost-of-living adjustment for the

Are you maxing out your employer’s retirement plan contributions? Did you know you might be able to put additional money into your plan after-tax? (The 2021 annual IRS limit for the total of all annual contributions is the lesser of 100% of your compensation or $58k plus $6,500 if you’re age 50 or older.) If

What do Americans believe about Social Security? A new poll by Nationwide Financial, with splits by generation, gives us some answers. Here are four key items from the survey: Millennials are much less informed about the general nature of benefits: on average, this age group (ages 25 – 40) guessed that the full retirement eligibility

When we talk about estate planning in 2021 and beyond, what are we doing with our wealth and investing if tax rates start going up? How has technology changed the estate planning process? Should you sell a business or change your succession plan in light of potential legal changes coming from D.C.? Estate planning is

Rising inflation has been cause for concern after the most recent June consumer price index reading increased 5.4% from a year earlier. This was the largest jump since August, 2008.  Investors therefore are seeking a hedge against inflation as speculation grows that this may be more than transitory. A sector investment into commodities, specifically a

As markets remain volatile, inflation creeps up, and taxes are poised to rise for wealthy taxpayers, a growing number of investors are expressing concerns about their prospects for life in retirement. A recent study on the biggest risks to retirement security looked at the top concerns among investors who plan to retire in the next

When you are in your 20s, retirement is a lifetime away. So why do young adults already find themselves stressed about reaching financial independence? A poll from Credit Ninja revealed some very interesting insights, including certain states where retirement worry starts as early as 19. The results. In the poll of 3,000 people, the main

“Not everything that can be counted counts, and not everything that counts can be counted.” Albert Einstein Indeed, this is hardly the only quote of Einstein’s that relates to personal finance, and almost certainly not his most famous. That award likely goes to: “Compound interest is the eighth wonder of the world. He who understands

Aging brings many changes but one thing we all have in common at any age is the need for connection and a sense of purpose in our lives as adults. As people age, they sometimes feel a loss of purpose. We, as family members can do something about that. Some habitually unhappy folks are not

As I’ve said before, the first step to rehabbing your finances is admitting you have a problem. And I know what you’re thinking. You’re thinking, okay Nicole, I’ve admitted it, I have a problem, I’m shouting it from the rooftops, but what happens now? Maybe the old you had some bad money habits, and you

A key and controversial provision of President Biden’s tax overhaul proposal would cost families billions of dollars in additional taxes is the proposed shift from ‘Step-up’ basis to ‘Carryover’ basis. In addition, death and gift would be deemed transactions, so heirs would face massive tax bills. These changes, though seemingly small, would add up to

The web site ProPublica recently reported that billionaire Peter Thiel has a Roth IRA with a value of more than $5 billion. That has leaders in Congress up in arms and talking about passing laws that could affect your IRA. The web site says it obtained IRS data or taxpayers’ filed returns, though it didn’t

“Loneliness and social isolation in older adults are serious public health risks affecting a significant number of people in the United States and putting them at risk for dementia and other serious medical conditions.” ADVERTISEMENT That’s from the CDC, in their informational content titled, “Loneliness and Social Isolation Linked to Serious Health Conditions.” The material

Today’s column addresses questions about whether it’s possible to collect both a retirement benefit and a survivor’s benefit at the same time, whether benefits for disabled adult children depend on when the parent files and whether paying back SSA tax will increase benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the

The pain of inflation is often harshest on the budgets of retirees on fixed incomes. The only bright light of the recent spike in the consumer price index is the potential for a more significant Social Security cost-of-living adjustment (COLA) this year. Estimates of the Social Security COLA in 2021 (for 2022) have been in

One of the trends that has emerged during the COVID-19 pandemic is the growth in the number of new, young investors, spurred on by easy-to-use investment apps and developments such as stock slices – the ability to buy a piece of a high-priced stock as opposed to a whole share. ADVERTISEMENT They have entered the

As I’ve said before, the first step to rehabbing your finances is admitting you have a problem. And I know what you’re thinking. You’re thinking, okay Nicole, I’ve admitted it, I have a problem, I’m shouting it from the rooftops, but what happens now? Maybe the old you had some bad money habits, and you

In 1974, the Oldsmobile Ninety-Eight was a popular car – and the Employee Retirement Income Security Act (ERISA) was enacted to govern the US pension system. A lot has changed since 1974. Oldsmobile no longer exists, for one thing. The “typical” American family comes in many more shapes and sizes. And American workers are unlikely

Most people follow the straightforward path of real estate: We buy, we own our home, we live there for a number of years, the house appreciates in value, and we sell it. Do we pay taxes on that appreciation? For most Americans, the answer is no. This is due to Internal Revenue Code, section 121,

Social Security is a program you get the joy of paying into your entire working life. The prospect of this valuable retirement income stream not being there once you leave the workforce is alarming to many Americans. As it stands now, it is not a question of “if Social Security will run out of money” but