Mutual Funds

You probably know some lively, spirited older people and plenty of others who seem listless and bored with life. What makes the difference? Mental health basics, together with attending to physical health surely contribute to how we age and to our vitality. Some folks who seek advice at AgingParents.com describe their elders as doing reasonably

As a taxpayer, you have one goal come April: pay the least amount of taxes you can. One way to do that successfully is by hiring an accountant to do the filing for you. This accountant can be worth their weight in gold if they discover ways to earn you a refund that you wouldn’t

Investors know all too well the inevitability of market downturns. While we hummed right along through 2021, this new year and specifically the past few weeks are a sore reminder of what can happen in dramatic fashion. The real threat of continued rising inflation and the invasion of Ukraine by Russia has started testing investor’s

After you are gone, your trustee will either need to hold assets in trust for your children or distribute the assets to them. You will not be here, so you need to make sure the trust contains instructions that express your intentions. Here are some points to think about in making these important decisions. •    Decide

Social Security benefits are a favorite target of identity thieves. Today’s thieves are more sophisticated than their predecessors who would go down streets and pull Social Security checks from mailboxes. Today’s thieves have a variety of techniques using email, fake web sites, and telephone calls. The scams will escalate as the Baby Boomers age, and

So far in the history of Illinois pension legislation that I’ve been recounting, the public and the press have little to no role, between the lack of interest and the backroom dealing. But, however much the Chicago Tribune editorial board, among others, worried in 2012 that voters would be fooled into thinking that the pension

Today’s Social Security column addresses questions about how retirement benefits accrue both cost of living adjustments and delayed retirement credits, the ability to suspend a retirement benefit and potential effects of having no income before filing. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

By Nancy Collamer, Next Avenue So far, 2022 is shaping up to be another great year for job seekers. The January jobs report showed unemployment holding steady at 4% despite the surge of the omicron variant over the holidays. Of course, this doesn’t mean everyone is having an easy time finding work. Even in this economy,

Once you cover your necessities with fixed income you can afford a little excitement. “My wife and I are 80 and 81. “Our investments are not used for regular living expenses; Social Security and pensions cover that. We use our investments for things like travel or, for instance, to purchase our car recently. “I know

How did an Illinois pension reform plan get the key unions of state and local public sector employees lined up in opposition alongside a conservative think tank, the Illinois Policy Institute? That’s the story of the 2012 proposed constitutional amendment intended to require a supermajority before passing any pension benefit increase. To pick up our

By Lazetta Rainey Braxton, Next Avenue Do you remember the point in your career when you realized that you made more money than one or both of your parents combined? The moment for me came soon after graduation when I started working in corporate America. While my parents were elated about my career and salary, the

By Sarah McKinney Gibson, Next Avenue Although you wouldn’t know it from recent headlines about raucous school board meetings and banned books, teaching history isn’t always divisive. Three social entrepreneurs — all Encore.org Innovation Fellows — are teaching history by bridging generational divides. Their methods vary — a podcast, oral histories and documentary film, the stories behind treasured pieces

As you age, you might become more vulnerable to financial losses due to fraud, exploitation by unethical relatives or friends, or simply making mistakes. Many boomers have witnessed this situation with their parents or older relatives, which should be a wake-up call.  To address your risk of diminished capacity, you’ll want to make a plan

The beauty of a Target Date Fund (“TDF”) is that you can just sit back, relax and enjoy the show. You need to do nothing. If it’s the default investment option in your 401(k), you don’t even have to make a decision to opt into it. The plan does it for you. But TDFs do

Since we’re in the midst of tax-return filing season and people keep asking, this is a good time to review one of my more popular posts. In it I answer two vital questions. How long should you keep tax returns you filed? How long should you keep the records backing up the tax returns? Most

You don’t owe gift taxes and aren’t likely to because of the lifetime estate and gift tax exclusion, so you don’t have file a gift tax return. Right? Wrong, in a number of instances. You might need to file a gift tax return, even if you won’t owe gift or estate taxes. For 2022, the

The answer is that the loss from absence of complementarity is not generally recognized, the population segment that is victimized is not identified, and the regulatory structure responsible for the separation of functions is oblivious to the harm separation of functions has caused. The bottom line is what HUD, the regulator responsible, ought to do

Mandy, age 55 is an only child who lives two hours away from her parents. They are in a rural area, a small town with few resources for seniors. Her Mom has recently been diagnosed with Alzheimer’s disease. Her father, who has been depressed much of his life, is having trouble coping with his wife’s

A funny thing happened on the way to financial independence. When the 401(k) plan appeared on corporate benefit statements in the 1980s, workers rejoiced. They no longer had to depend on the kindness of strangers when it came to investing their retirement savings. Finally, they had control. But “control” turned out to be a double-edged

Denny and Marie run a successful business manufacturing and retailing aluminum sliders. After the hassles of the pandemic – supply disruptions, PPP loans and employee turnover – they’re ready to retire. As they start to look at the prospect of endless weekends, they’re envious of their friends who are retiring as employees. These friends have

Choosing a financial advisor is a very important decision, and I usually recommend interviewing multiple advisors to find the one that best fits your needs, goals and beliefs. Not every financial advisor will be a good fit for you, and that’s okay. Everyone is different and has unique needs. However, you’ll want to trust your

I’m noticing an increasing proliferation of proprietary financial services companies—like discount brokerage firms and mutual fund families—suggesting that they do “financial planning” or will offer their would-be customers a “financial plan.” But then they go on to discuss said “financial plan” as a mere review of one’s investment holdings, as though an investment plan and

Earlier this month and late last month, I shared the bipartisan history of Illinois’ legacy of pension plan underfunding, as a broad overview as well as looking at specific pension boosts and the comments of the legislators at the time, via the floor debate transcripts. Of course, the story doesn’t end there, and the pension-boosting

Many people put a lot of time into developing their estate plans. That’s especially true when they try to establish legacies that will last for two additional generations or more. Whether these legacies are for their families through trusts or for broader society, such as through charitable foundations, you don’t want to waste all that

By Chris Farrell, Next Avenue Does the outline of this scenario seem familiar? Paige Wilson, age 60, had a long career in finance with her last position as managing director at an investment bank. She and her family lived in Richmond, Va. not far from her 78-year-old mother. Her mother was vital and energetic, but she

You could cash in a pretax IRA, a Roth IRA or a highly appreciated stock. One strategy might be much better than the others. We want to make a sizeable gift to our children—daughters in their 40s. Yes, we can afford it. Should we liquidate assets, incurring a tax? Or should we take advantage of

By Kerry Hannon, Next Avenue Ask Beverly Jones, author of the valuable new book, ”Find Your Happy at Work,” to describe a time when she was happiest at work and Jones instantly smiles. It was, she says, when she was a grad student at Ohio University working as a paid assistant to its president and researching ways for more

By Christine D. Moriarty, Next Avenue Financial professionals are paid to be the experts, but sometimes what they do not know – or do not reveal – has more of an impact on your money. When the market is going gang busters like the last two years, you would expect solid returns, but look beyond the

Over years of consulting with adult children’s struggles with their aging parents, some issues stand out to me. Some of the hardest ones are about an adult child who was abused, neglected or both by a messed-up parent. These offspring relate that the difficult parent didn’t just get that way with old age. Usually, I’m

Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake. An estate is subject to income taxes much like an individual is. The estate must file an annual income tax return for every calendar year it is open for at least part of the year. This is