Retirement

Today’s Social Security column addresses questions about whether having reduced income before filing will reduce retirement benefit rates, potential effects of pensions based on income not taxed by Social Security and benefits potentially available after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

Nearly two years ago, social insurance advocates were celebrating the creation of a new long-term care program in the state of Washington. Here, for instance, is what The Nation wrote in May of 2019: “The Long Term Care Trust Act, which passed the state legislature at the end of April and will be signed into

Can you retire on 10 million dollars? For many Americans, this hefty sum would far exceed retirement needs and may even lead to generational wealth. However, individuals with high incomes often require a larger portfolio to maintain their lifestyle in retirement. Or if you’re expecting sudden wealth from stock options or selling a business, you

As we kickoff 2022, there are some changes related to Social Security and Medicare that you need to know along with some insight into the future. SOCIAL SECURITY Here are some highlights of the most impactful changes Social Security filers face in 2022 and beyond: If you are already receiving Social Security benefits, you will

The American Bar Association this weekend invited me to talk to lawyers and law professors about Social Security. They had two major questions that I believe are shared by almost all Americans. Question 1: Does spending more on Social Security mean we will spend less on children? To think that increasing or maintaining Social Security

Yes, until very recently, I thought complicated and complex were pretty well synonymous, too, but after reading General Stanley McChrystal’s book, Team of Teams, I was admonished and educated.  The book, ostensibly geared toward leaders in business, walks us through the fascinating philosophical and practical framework required to bring together a myriad of the world’s

By Chris Farrell, Next Avenue Kayte Barton describes herself as a high-functioning autistic adult with mild cerebral palsy. Barton, 47, competed in every sport in the Special Olympics until she retired in 2018. She has also retired from work in her Twin Cities suburb, largely to escape the debilitating mental health strain from trying to make

By Kerry Hannon, Next Avenue Laurence Kotlikoff, the provocative Boston University economics professor and Social Security expert, has written an excellent new book, “Money Magic: An Economist’s Secrets to More Money, Less Risk, and a Better Life.” In it, he offers counterintuitive and surprising personal finance tips regardless of your age. You’ll want to hear them.

If you have a question like this one, send it in. I’ll tackle case studies that have educational value. “I am anxious to pay off my mortgage since, with the current standard deduction, there is no advantage in claiming mortgage interest. “My wife and I are retired. I am 72, with a pension along with Social Security, and have $850,000

By Michael Lubell, Next Avenue Roughly three years ago, a journalist friend of mine explained to me that I was transitioning from a full-time employee to a gigger. And I wondered, what the hell is that? He explained that it’s when you go from temp job to temp job in an attempt to earn what you

Has your financial firm inquired lately about you naming a “trusted contact”? There has been a recent renewed effort by the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA), along with the U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy (SEC OIEA), to encourage financial firms to

In late August, an elderly Asheville, North Carolina man received a terrifying call from someone claiming to be from the “Office of the Inspector General”. The caller warned the senior’s personal information had been used to facilitate a drug trafficking and money laundering scheme and all his assets would be frozen until the government could

Reducing your tax bill seems to be one of the biggest motivators for making 401(k) contributions. The good news for 2022, 401(k)-contribution limits have increased. Keep reading as we share five reasons to supercharge your 401(k) contributions in 2022. Increased 401(k) Contribution Limits for 2022 The contribution limits for the 401(k) plan have increased for

Conventional planning, in my view, is about wishful and dangerous thinking. Conventional planning was designed by Wall Street to sell product, not to obey commonsense economic principles. This is why not a single top economics or finance department teaches conventional financial planning. Economics-based financial planning is at complete odds with conventional financial advice. That assertion

Retirees and near-retirees, we are told, are taking too much risk. Here’s USA Today, in an article from mid-December: “Investing for retirement is crucial to building a nest egg that can provide financial security in your later years. Unfortunately, many people who are investing are making a big mistake with the money they’re saving for

When last I updated readers on the American Rescue Plan multiemployer pension plan bailout, back in July, the PBGC had just issued its interim final rule, subject to a comment period, and had made the decision, reasonably enough, to interpret the law, well, by following the law — or, specifically, by following “the plain meaning

Sixteen years after a forensic investigation of the Chicago teachers’ pension was first proposed by deeply concerned trustees, as well as lauded in The New York Times NYT , the pension claims it has contracted for a forensic review. Whether the scope of the investigation will finally seek answers to longstanding trustee questions regarding potential

Today’s Social Security column addresses questions about taking early reduced retirement benefits and switching to spousal benefits, moving from a survivor’s benefit to a retirement benefit and taking a retirement benefit while awaiting approval of a disability application. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

The new year has arrived and once again it’s time to make our New Year’s Resolutions. Of course, many will go with the proverbial eat healthy/exercise more, but here are some money ideas that may make 2022 a more prosperous year. Here’s a hint: to keep these close at hand, you can paste these directly

It is the first work week of 2022 and 358 very special American workers already paid their Social Security taxes, or FICA (at least if 2020’s numbers are any guide). Because they make more than $50 million a year, they hit the Social Security cap sometime in the first working day of 2022. Some American