Retirement

As you gather with friends and family under the annual fireworks display every July Fourth, do you or anyone else in your crowd stop to wonder how our Founding Fathers felt about financial independence? Sure, you all know what they thought about forming an independent nation. That act gave them (and you) the freedom to

Did you know there is still a place in the U.S. that requires you to sit in your car and wait for an attendant to pump your gas? It’s called New Jersey, and when Oregon passed a bill last week ending its 72-year ban on self-service gas in parts of the state, it left the

When private practitioners and solo entrepreneurs begin building their venture, the exit plan from the business is often furthest from their mind. But, as time goes on, this mindset can leave a significant hole in their financial picture, especially if they believe the business cannot function without them. In such cases, it values the most

Jetset retirement destinations are beautiful, welcoming, safe havens that offer exclusive lifestyle opportunities—ideal for discerning retirees who are looking to live large in retirement. An important point of difference between jetset retirement and regular overseas retirement is that budget is not a dealbreaker for the former. Jetset retirees recognize that the best possibilities to get

If you haven’t taken your required minimum distribution from your traditional IRA yet for 2023, have you considered your options now that half the year is gone? What if you don’t need that money to help pay your current expenses? A “QCD” could be a valuable option for you if you have a charity you

Opening a Roth IRA for your child is a great way to put them on a path toward a financially stable future. But it’s not as simple as opening a basic savings account. Before you go to the bank, here is what I think you should know: What’s a Roth IRA? A Roth IRA is

A long-neglected factor to consider when choosing a residence is becoming more and more important to those who relocate in retirement. Because many people don’t consider the factor, it’s causing a lot of financial pain. The overlooked factor is homeowner’s insurance, something that most people take for granted when buying a home. The problem is

When it comes to retirement planning, you may have heard a lot about the benefits of tax-advantaged retirement accounts, how to choose investments, and maybe some of the details of any pension plans that you’re fortunate enough to have. But what about Social Security? After all, this program is a major source of income for

You have worked all your life, what kind of wealth are you likely to have? Here is the thing. Most older adults and households nearing retirement don’t have any significant stock holdings; people nearing retirement don’t have large amounts of home equity; most people nearing retirement have small or nonexistent retirement plans. Wealth Is Falling

Background In a recent case owners of a closely held business got bad news. It is common to have a closely held business own life insurance on the owners (e.g., shareholders if it is a corporation). When an owner dies the business uses the life insurance proceeds on the owner’s life to buyout the equity

Have you made any mistakes with your money? If so, I have some good news for you: Financial planning is, at its core, an exercise in mistake management, and failure is far from fatal. My friend and colleague, Heather Fortner, the CEO of SignatureFD, a financial advisory firm that manages about $7 billion for roughly

There are two tools available for passing the bulk of your financial legacy. The best choice for one person might not be optimum for another. Either a will or trust can be the foundation of your estate plan. If it’s a trust, it’s usually a revocable living trust. They’re not exclusive. Most estate plans have

Most people (69% of men; 81% of women) experience some sort of unexpected event after they retire, according to a recent survey conducted by Age Wave and Edward Jones. As a result, a very high percentage of retirees (93%) agree that preparation, flexibility, and willingness to adapt are keys to thriving in a potentially long

The world’s current richest person can teach all of us how to prepare our heirs to inherit, though our estates are going to be substantially less valuable than his. Parents frequently worry that their children aren’t prepared to inherit the wealth that likely is coming their way. Whether the inheritance is likely to be a

California’s evolving effort to build a public long-term care insurance program includes an important, and potentially far-reaching, feature: The insurance fund would be allowed to invest some assets in stocks. This would be a dramatic change for both social insurance and long-term care insurance. For example, Social Security is allowed to invest only in Treasury

The Bureau of Labor Statistics estimates that over the next decade the labor market will continue to age, with the greatest growth coming from workers aged 55 and over. Among those aged 65 to 74, 32% expect to still be working in 2030, compared with 27% in 2020 and 19% in 2000. According to a

There could come a time in anyone’s life when you are unable to speak for yourself. It can happen with aging, and the risk of stroke, cognitive impairment, accident or other cause. When a person has appointed someone to act on their behalf for medical decisions, that person must step up and speak up for

Maybe your uncle had a heart attack as soon as he retired. Or your newly-retired friends feel depressed and lost without structure to their day. A cheerful article in Harvard Health News arguing that working longer provides mental stimulation and staves off chronic disease may have led you to believe that retirement killed your uncle

The heirs of an estate can be liable to pay the estate or income taxes (and perhaps other obligations) of the estate. A recent court case involved the estate of the founder of Gulfstream, the aircraft manufacturer. The founder, Allen Paulson, died in 2000 with an estate valued at about $200 million that primarily was

Medicare Advantage PPO (preferred provider organization) plans give members the flexibility to choose physicians, so they have coverage wherever they go within the United States or its territories. Even though non-contracted physicians don’t have to see every member (except in emergencies) and out-of-network services can cost more, PPO plans are a popular option, making up