Retirement

Roth IRA Contribution Ranges Like a traditional tax-deductible IRA, the maximum Roth IRA contribution for 2022 is $6,000, and the catch-up contribution for those 50 and older is $1,000, for a total maximum contribution of $7,000 for those age 50 or older. Keep in mind that these maximums assume you have earned income at or

A recent Tax Court Case, Smaldino V. Commissioner Of Internal Revenue, T.C. Memo. 2021-127, November 10, 2021 has lots of important lessons on how to do an estate plan properly. These lessons are particularly important for those that did planning in a rush in 2020 and 2021 fearing dramatic changes in the tax laws. Even

Having a pile of money at your fingertips can sometimes lure you into a jungle you best not enter. The problem is that, sooner or later, you’re going to look at your retirement savings account and discover you have a big pile of money. Then, you’re going to have to fight back the urge to

You’d have to be living in a cave on some uncharted isle to not have heard of Bitcoin. It’s perhaps the most well-known of all the cryptocurrencies. “Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous,” says Adam Bergman, CEO and Founder of IRA Financial in

By Richard Eisenberg, Next Avenue Editor For years, the Social Security Administration has done a pretty crummy job telling Americans how much they’ll likely receive in Social Security benefits. But I’m glad to say that the agency just replaced its text-heavy, four-page Social Security Statement with a redesigned, more useful, more visual, two-page version. As a

By Chris Farrell, Next Avenue Career transitions are hard for everyone, but the shift from military to civilian life can be particularly challenging. Soldiers coming back from the Vietnam War were too often treated as damaged goods by employers, according to research by Alair MacLean, sociology professor at Washington State University, it remains to be seen

Suppose that automobiles were marketed like retirement plans. Then the chassis, engine and tires would be marketed by different firms, and the buyer would have to put them together. Yes, this would be absurdly inefficient, yet that is exactly the case with retirement plans. The three major components – financial asset management, annuities and HECM

By Richard Harris, Next Avenue It’s been a little over two years since we lost Mary Martha Corinne Morrison Claiborne Boggs Roberts to breast cancer at age 75. The story goes that her older brother Tommy couldn’t pronounce Corinne, so he gave her the nickname “Cokie” and it stuck. But when she first came to NPR in

Would you be interested in earning 7.12% annual interest on an investment that’s guaranteed by the U.S. government? And not lock up your money for years? This is not a come-on nor is it a time machine to travel back to the good old days of higher interest rates. You can now buy Series I

The Build Back Better social spending bill the House passed this morning includes a long list of important changes aimed at improving the quality of life of older adults. There is much left to be done, and even this bill may be pared back in the Senate. But following the pandemic catastrophe for older adults,

Millions of people have retired during the pandemic, but the option of older workers to retire is not equally shared across population groups. For every worker that has a choice to leave the labor force when job opportunities disappear, many other workers lack that opportunity. It often comes down to having enough savings to supplement

Today’s Social Security column addresses questions about filing options given the 2022 COLA, when survivor’s benefits can be available and determining the best options for taking spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here. Have

It’s quite amazing to consider that in the United States, half of today’s 5-year-olds can expect to live to age 100. The extra years of life that we’ve gained over the past 100 years is one of humankind’s greatest achievements. However, these gains produce their own challenges—and opportunities. The trouble is, current norms, expectations, employer

What’s new in 2022? A lot. For one, as of Friday, Nov. 5, 2021, the IRS posted new tables on IRS.gov that delineate 2022 IRA limits — some changed from 2021; some remained the same. Let’s review contributions and deductions. Contributions To Traditional IRAs Unchanged Everyone who has earned income no matter the age (even

According to the Bureau of Labor Statistics, the most recent monthly year-over-year inflation number came in at a whopping 6.2%, marking the fifth consecutive month inflation has clocked in at 5% or more. The last time inflation was this bad (1990), we were just learning what happened when Kevin McCallister found himself home alone during

Millennials are banking on the Great Wealth Transfer. The Silent Generation and the Baby Boomers, upon their death, will transfer an estimated $30 to $68 trillion to adult children. The story goes that the transfer will transform young consumers into alpha buyers of real estate, other big-ticket items, and convert them into great next-gen clients

By now, you have probably heard that every day 10,000 or so baby boomers are turning 65. The Coronavirus may have pushed millions of Americans to retire earlier than expected. Some of you reading this have already entered retirement. I’ve been helping with people’s retirement planning long enough to know that many of you are likely

Washington State’s first-in-the-nation public long-term care insurance program is headed to court. A group of employers and workers has sued the state with the goal of getting the law overturned. The lawsuit, filed on behalf of three employers and six workers, argues that the insurance program violates a long list of federal and state laws

How much income does it take to live comfortably in retirement? The answer to this question has remained much the same over the past 10 years, but the recent spike in inflation may have you rethinking the answer. As I see it, 2021’s burst of inflation is the temporary byproduct of the post-pandemic recovery.   I

My recent Forbes column on how retirement withdrawals will be affected due to new 2022 RMD tables brought some important RMD-related questions from a reader. Single With An IRA D.M., a single female, wants to know if there are gender differences in RMD distribution tables.    The answer to D.M. is “no”; the IRS tables are