Retirement

Senate Majority Leader Mitch McConnell walks to his office after leaving the Senate Floor on … [+] December 21 Getty Images On Sunday, President Donald Trump signed a $900 billion stimulus bill expected to address the health and economic fallout of the COVID pandemic. The relief measure includes a one-time $600 payment per eligible adult

Start 2021 with New Year’s resolutions that can really improve your life in retirement. getty It’s likely you’ve seen or made typical New Year’s resolutions that could make your retirement better: save more, spend less, lose some weight, and so on. While those resolutions can definitely help improve your life, following are four New Year’s

The controversy over the deductibility of payroll expenses by Paycheck Protection Program (PPP) loan recipients has finally been settled, less than a week before the end of the year.  The Consolidated Appropriations Act, 2021, signed into law Dec. 27, 2020, allows deductibility of … [+] payroll expenses by Paycheck Protection Program loan recipients. getty Deductibility

There’s finally certainty around the medical expense deduction for 2021 and beyond. getty Got high medical expenses in a low-income year? Congress heard your plea. As part of the $1.4 trillion spending bill Congress passed yesterday, millions of Americans will get a permanent break on the deductibility of out-of-pocket medical expenses. The threshold for claiming

happy new year 2021. getty 2020 is coming to an end. If you’re on Medicare, here are some tips to help ensure you’re on the best track for the new year. 1. Check your drug plan’s pharmacy network carefully. Two things happened during Open Enrollment that merit giving some attention to your drug plan’s network.

By Richard Eisenberg, Next Avenue getty All things considered, 2020 turned out to be a pretty good year for small investors in many mutual funds, exchange-traded funds (ETFs) and 401(k) plans. The Standard & Poor’s 500 index of stocks is up about 15% through mid-December; the Dow Jones average rose has risen by nearly 6%

getty It is said that the Americans who stormed the beaches of Normandy and saved the world from the ultimate evil are members of the “Greatest Generation.” I believe the name can also apply to the many people who lived through World War II in Europe and moved to the United States to create a

Sound wisdom to help retirees live a healthy, financially secure, and fulfilling long life. getty Pre-retirees and retirees have always faced several serious retirement planning challenges. On the one hand, it’s great that many people are living much longer lives than their ancestors. On the other hand, it’s not easy to be financially secure, physically

By Donna Mitchell, Next Avenue Entrepreneur Dawn Kelly Courtesy of Shante Carlan Before Dawn Kelly, 58, launched her quick-serve restaurant The Nourish Spot in Queens, N.Y. in 2017, she had been downsized from a corporate public relations job. She needed to figure out a way to continue working but was unsure about almost every aspect

Carefully coordinate your strategy to deploy savings in retirement with the IRS rules on required … [+] minimum distributions. getty The IRS recently finalized new regulations that determine the minimum amounts that retirees must withdraw from their retirement accounts and include in their taxable income. These new rules will apply to withdrawals made during 2022

getty It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios. There are only a few instances when a trust as beneficiary avoids this problem, A recent IRS ruling gives an example,

Amid this surging pandemic, millions of people justify travel, visiting aging loved ones, and ignoring CDC warnings about spreading the disease. Thanksgiving was followed by a surge in cases, a percentage of which result in hospitalizations. The predictable effect is that hospitals are overwhelmed, there are not enough nurses and doctors to staff the overflowing

National Family Caregivers Month, celebrated in November, is over —and before you ask, ‘Who knew?’, read on. December follows with the annual Home for the Holidays Campaign, on behalf of the nation’s Aging Network—and this year, to help navigate these challenging times the focus is on directing older adults and family caregivers to the nation’s

Economic Security Planning, Inc. Today’s column addresses questions about divorced spousal benefits and what they mean for other benefits available on a person’s record, when continuing income is counted, disability and retirement benefit amounts and a possible reason for extra payments. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

getty The widow(er)’s penalty tax is one of the least known yet most onerous of the retirement Stealth Taxes. I frequently warn people about the solo years, the years after one spouse has passed away. The surviving spouse has to maintain the household with one less Social Security benefit and perhaps a decline in other

Free Financial Planning Clinic Retirement planning sign at Hyatt Regency Hotel. (Photo by: Jeffrey … [+] Greenberg/Universal Images Group via Getty Images) Universal Images Group via Getty Images Despite rumors older people maybe skittish about working and being out in the world before they can get the COVID-19 vaccine, planning to work longer in old

Topline After a year of massive volatility, the bull market’s record streak has room to grow next year, Wall Street observers say; here’s how high top Wall Street firms expect the broad-market S&P 500 will climb in 2021. A pair of traders share a laugh on the New York Stock Exchange floor. ASSOCIATED PRESS Key

Signing Last Will and Testament. getty You may have spent part of the pandemic updating your estate plan and getting your financial house in order, but did you ever stop to think about whether your adult child needs a will? Most people don’t think their children need a will until they get married or have

One of the most common questions people ask me is “How much do I need to save for retirement?” An accurate answer requires that I ask a lot of questions, so I understand their particular circumstances and assumptions about the future. To begin with, it’s necessary to know how much they’ve already saved, their risk

For business owners, the Roth IRA may be a very attractive savings vehicle. getty Roth IRAs and 401(k)s (called DRAC, or Designated Roth Account) are common wealth-accumulation tools. There are multiple ways to utilize a Roth, and they offer significant financial planning opportunities, notably the elimination of Required Minimum Distribution (RMD) friction (‘tax friction’) and