Today’s column addresses questions about what stopping work a number of years before filing means for later Social Security retirement benefit amounts, whether spousal benefits automatically convert to retirement benefits at 70 and how the earnings test can affect early survivor benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
Mutual Funds
“No one enjoys being wrong,” Daniel Kahneman told Adam Grant, who recounted their conversation during a recent interview, “but I do enjoy having been wrong, because it means I am now less wrong than I was before.” Grant describes Kahneman, the psychologist seen as the originator of and greatest contributor to the field of behavioral
The Covid-19 pandemic made many pre-existing economic inequalities worse, including the precarious situation of Black and non-white workers and the pressures on women to juggle work and care responsibilities. The pandemic also magnified economic pressures on vulnerable older workers, and our post-pandemic economic and equity policies must include them. Why do older workers matter to the economy? First, they make up
Recently, President Biden unveiled his 2022 budget request. Shortly afterwards, and for the first time since the Obama Administration, the U.S. Treasury Department released its General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, better known as the “Green Book.” As was widely anticipated, President Biden’s budget calls for some significant changes to the capital
By David Jarmul, Next Avenue Reed Kimbrough, 70, a former Army pilot and management executive, and his wife Charlcye, 65, who worked in broadcasting and sales, traveled widely before he retired in October 2018 and she in March 2020. They leapfrogged from Colorado to New York City and internationally from China to South Africa. A year
By Ivy Eisenberg, Next Avenue Countless people have launched a second act in their 50s. But how many have attempted a third? Had I not been kicked to the curb at 56, I might not be living my best life now in my third act — eight years later. Prologue I knew half a century ago
The Covid-19 pandemic has had far-reaching financial impacts. It is important to understand the pandemic’s effects to help mitigate additional financial consequences that may develop in the future. One big revelation is that the pandemic exacerbated the growing economic inequality our society experienced over many decades. The negative impact of the Covid-19 pandemic has been
By Kerry Hannon, Next Avenue There’s nothing small about the U.S. Small Business Administration (SBA). Isabella Casillas Guzman, who was sworn in March 17 as its 27th Administrator and the first Latina in that role, gets it. “I want all small businesses to feel like the giants that they are in our economy,” Guzman told me
Today’s column addresses questions about potential survivor’s benefits available to spouses and children based on a worker’s record, how disability benefits are calculated and the availability of benefits based on an ex’s record. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets
Leading cryptocurrency exchange Coinbase has partnered with small-time 401(k) plan provider ForUsAll to offer employees crypto exposure through their retirement plans. Employees of participating companies will be allowed to use a “crypto window” — similar to the brokerage window offered in many conventional 401(k)s — to invest up to 5% of their retirement funds in
In this new, post-pandemic, economic environment, I believe tax-efficient investing will be more important than ever. We’ve seen common loss-harvesting tactics, perhaps even the advanced idea of tax alpha, but frequently overlooked is the concept of tax location: where to put the assets to maximize after-tax return. With the upheaval in quicker-term investing (think meme
Today’s column addresses questions about when spousal benefits can become available based on a spouse’s Social Security record, whether a foreign pension will reduce divorced spousal benefits and when a non-covered pension may cause Social Security benefits to be reduced. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
When parents reach a certain age, or level of need, perhaps you want to find someone to help them as they lose independence. Advertising abounds about how wonderful a home care agency is or how enticing life in assisted living can be. Maybe you know someone who took care of another relative or friend and
The global pandemic has changed the way lawyers interact with clients. Meetings are now routinely held virtually and many people have adapted to the convenience of meeting from home. While virtual meetings will become part of the new normal, there is often no substitute for in person interactions. Many people prefer in-person meetings, and for
There seems to be a notion floating around that elders in Europe and parts of Asia have access to services we do not have here, that we in the United States have overlooked our older citizens’ welfare and happiness where other developed countries have systems and services we do not. Is that the case? Maybe.
Are you considering converting part or all of your traditional IRA or 401k accounts to a Roth account because you’re worried that future income tax rates will increase? If you are, you’ll want to conduct a careful analysis to determine whether it’s realistic to expect that you’d be paying taxes at a higher rate in
Retiree Sylva Coppock had some strong interests and hobbies before she left the workplace in her early 70s. She had worked as a desktop publisher, graphic designer, and executive assistant. When she retired, the plan was to just pursue hobbies. “I loved doing ancestry research,” said Coppock. “I spent a great deal of my free
Earlier today, the FDA gave its approval to a new Alzheimer’s medication, the first to be approved in nearly 20 years: aducanumab, given the brand name Aduhelm. The wife of one patient, cited in the New York Times NYT credited it with slowing disease progression “enough to allow him to participate in tasks like choosing
If you inherited an IRA recently — or are following tax developments after the enactment of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) — you’ll be pleased to note that an IRS Publication error has been fixed. IRS Pub. 590-B Error Fixed IRS Publication 590-B for tax year 2020,
You’ve got to be on LinkedIn, Twitter, Facebook and Instagram—and have a newsletter, blog, podcast and a YouTube channel, right? If you’re a financial advisor today, this is likely the message you’ve gotten from what feels like an onslaught of self-styled financial advisory consultants and coaches. But while I absolutely agree that each advisor should
Introduction to Morrissette The recent Tax Court decision in the Estate of Morrissette v. Commission, T.C. Memo 2021-60 (May 13, 2021) put the kibosh on a complex insurance tax plan and handed the IRS a victory. The case has been nicknamed in the tax planning community as “Morrissette II” since it follows a case for
Hurricane season begins this month. Soon talking about the weather and the impact of climate change will not be about simply making conversation, but about planning and, for some, urgency and action at a life stage popularly described as a time to retire and relax. David and Rachel were years ahead of everyone else in
By Chris Farrell, Next Avenue Enjoyed a meal with friends at a restaurant recently? Booked a trip for your summer vacation? You don’t need government data to see that the economy is gathering momentum with the Covid-19 vaccine rollout; Wall Street and Corporate America are exuding confidence about it. Yet not everyone shares their optimism, including
By Nancy Collamer, Next Avenue American workers are heading back to the office. Nearly half of employers expect to reopen their workplaces during the third quarter of 2021, and an additional 25% hope to do so by the end of the year, according to a recent Gartner IT survey of 258 HR leaders. For some, the return to
By Deborah L. Jacobs, Next Avenue At an age when other people might be thinking of retirement, Robert Carmack and Morrison Polkinghorne, now 68 and 55, moved from Sydney, Australia to Cambodia in 2014 with a dream and a plan. The goal was to lower their expenses and operate three well-established businesses from overseas. Polkinghorne, an Australian
Today’s column addresses questions about the earnings test, working and filing early, withdrawing a benefit after filing for it and proving marriage to and divorce from a deceased ex-spouse. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security
According to the most recent report, from 2020, the Medicare HI (Hospital Insurance, or Part A) Trust Fund is projected to be emptied in the year 2026. That’s well before the Social Security Trust Fund’s projected insolvency in 2034, and when that happens, Medicare will only be able to pay 90% of Part A benefits,
At a friend’s BBQ the other day, I was approached by a soon-to be-retiree. Normally, I get cornered at social gatherings by folks looking for a hot stock tip or my thoughts on cryptocurrency. This gentleman, however, came with a much different intention. He wished to discuss his current predicament, a strong concern about inflation
Inflation in the United States has been mostly modest since 1982. That means that for 40 years, Americans have not had to worry much about the price of goods and services changing from year to year or the devaluation of the U.S. Dollar. However, signs are pointing to the possibility of inflation soon, so it
Mortgage forbearance temporarily eliminated your mortgage payment obligation, which may have saved you from foreclosure, but you are now back on your feet and facing repayment options. One of those options, offered by both Fannie Mae FNMA and Freddie Mac, is deferral of the payments that had been missed. This is explained by Freddie Mac
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