Retirement

A growing number of Americans are resorting to hardship withdrawals from their 401(k) accounts, a recent Bank of America report found. This signals that financial distress is on the rise. Hardship withdrawals refer to times when people take out funds from their 401(k) accounts due to immediate and heavy financial need. Federal law states these

A recent report from Bank of America BAC found that a growing number of Americans are resorting to hardship withdrawals from their 401(k) accounts, signaling financial distress is on the rise. Hardship withdrawals refer to funds withdrawn from an individual’s 401(k) account due to immediate and heavy financial need. Federal law states these withdrawals are

We are only two weeks into the Open Enrollment Period, and I have encountered four clients who are very dissatisfied. They complain that the copayment for a new drug is “insane” or “ridiculous.” In other words, they are paying way too much. These clients have two things in common. One, they are all unhappy and,

For a long time, we were entitled to only an annual credit report from the three reporting agencies: Equifax EFX , Experian and TransUnion. Now you can get a report weekly and for free. When you get a parent’s credit report, you can find a lot of information. Your aging parents may be spending more

Coordination is Critical and Often Ignored Everyone understands the need for certain critical estate planning documents such as a will (and perhaps a revocable trust), health care documents (such as a health care proxy designating an agent to make health care decisions) and a durable power of attorney for financial matters (empower a designated person

Every community has social pressures that may cause an individual to make bad financial decisions. This is true regardless of religion, race, sexual orientation, citizenship and so forth. The Orthodox Jewish community is no different in this regard. A loose definition of Orthodox Judaism is Jews who observe a kosher diet and the Sabbath. This

People with second homes might not give much thought to the estate taxes that could be due when they die; they’re often not even on their radar. A second home is supposed to be a place of respite, a happy place for vacationing. So, why interrupt that solitude with fear of death and taxes. However,

With digital nomadism taking off around the globe, people are wondering where they can travel—and stay—without having to apply for a visa. Most countries allow U.S., Canadian, and British citizens (along with many others) to enter countries for a maximum of 90 days at a time on their automatically granted tourist visa. Long-stay visas, on

By Nancy Collamer, Next Avenue My husband and I sold our Connecticut home in the fall of 2020. At the time, our plan was to rent a cottage in Bucks County, Pennsylvania, while searching for a charming country home. Alas, we moved during the height of the pandemic, when finding a decent rental was nearly

A new survey by the Nationwide Retirement Institute® confirms what many of us already suspected – inflation can be bad for your health, especially in retirement. According to the survey, inflation is forcing Americans to delay medical care and downgrade health insurance. In fact, more than half of respondents (59 percent) say they lack confidence

Across the financial landscape—the industry, the media, the blogosphere, the DIY community—virtually all attention is paid to attaining and sustaining wealth. You’ll find more than you’ll ever need or want on saving, investing, and insuring, but then what? It seems the presumption is that once you hit your number, or someone else’s, the game is

If you are eligible for a company 401(k) plan, but haven’t signed up because you can’t afford to contribute to the 401(k), I have two questions for you: Does the plan have a match? And, do you get a tax refund? If so, we need to talk. I’d also like to talk with all of

With the regularity of Halley’s comet, but more frequent, the myth of the Greedy Geezer circles our orbit. The latest is the New York Times columnist Peter Coy and well-respected economist C. Eugene Steuerle and Glenn Kramon former editor of the New York Times implying a dollar taken away from the old go to the

America’s retirement system is failing reveals the new Fed Survey of Consumer Finances. True, retirement account balances are up from 2018, but despite the increase, Americans are far behind where they need to be on track for a secure retirement. Americans aged 55-64 have a median before tax income of $82k and just $185k in

A lot of elders like to enter sweepstakes. They’re hoping for a big win, and a huge check, just as they see folks receiving on TV. What they never know is whether they are being lied to or tricked. The Federal Trade Commission tracks and reports fraud to Congress. Their most recent report highlights a

Ford Motor F Co. and the United Auto Workers (UAW) reportedly have reached a tentative agreement to end a 41-day strike at selected plants. Experts predict that the Ford deal could have a domino effect on negotiations with the other two automakers involved in the strike, General Motors GM Co. and Stellantis. The agreement reportedly

America’s retirement system is failing, reveals the new Fed Survey of Consumer Finances. True, retirement account balances are up from 2018, but despite the increase, Americans are far behind where they need to be for a secure retirement. Americans aged 55-64 have a median before tax income of $82k and just $185k in their retirement

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 3.2% starting in January 2024, far less than the previous two years’ 5.9% and 8.7%, for 2022 and 2023 respectively, but not surprising considering the reduction in inflation over the past two years. Recall that the headline Consumer Price Index

By Barbra Williams Cosentino, Next Avenue The only time I was ever aware of shopping compulsively was at the beginning of the pandemic, when everyone I knew was frantically stocking up on toilet paper, hand sanitizer and Clorox CLX cleanser. Masked and morose, I’d head to the nearest drugstore, join the line of anxious shoppers,

America’s retirement crisis could cost federal and state governments an estimated $1.3 trillion by 2040, according to recently released analysis by Pew Charitable Trusts. The World Economic Forum has noted, “For the first time in human history, people aged 65 and over outnumber children aged 5 or younger.” Much of the retirement funding shortfall is