By Kerry Hannon, Next Avenue getty Running a home business can be lonely, especially during the pandemic. But creating a support group of other entrepreneurs working at home can be the solution — and it could boost your profits. Just ask Russ Eanes, 63, who founded the editing and self-publishing business Walker Press three years
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getty Is Social Security a “pension benefit”? Not really. It’s a social insurance program, which means something entirely different. As I I explained last month, Social Security is meant to provide a baseline level of retirement provision for all American workers. We contribute for our entire working lives, but our contributions aren’t about directly “earning”
This is the strangest holiday season of a lifetime, isn’t it? We get warnings about not visiting during holidays of all kinds and the rates of infection keep going up. Given that it’s inarguable now that the rates of infection by Covid-19, hospitalizations and ICU admissions are worse that ever, we have to consider the
getty Happiness, experts say, is U-shaped: we are, generally speaking, we are happy/full of life satisfaction as young adults but, as we reach middle age, we become less satisfied, with a trough in one’s early 50s; from this trough we rebound to every-increasing satisfaction levels as we age. It’s remarkable, really, considering the physical infirmities
Saving for two when one partner is the primary breadwinner or a stay-at-home parent can be … [+] challenging. getty How should married couples save for retirement with only one income? Saving for two when one spouse is the primary breadwinner or a stay-at-home parent can be challenging depending on your income. Fortunately, with proper
Roth IRA vs Traditional IRA Getty The year 2020 is one of the most eventful in recent times, and changes to the rules that govern retirement accounts are no exception. One of these changes is the waiver of required minimum distributions (RMDs) for 2020. As a result of this waiver, you are not required to
Houston, Texas has some of the highest effective property tax rates in the country. Image by David Mark from Pixabay The pandemic has allowed more people to work from home and surveys show that many want to make their remote worker status permanent. That gives the opportunity for some folks living in higher tax states
getty Retirement plans come in all shapes and sizes. You may think your plan is too big (or too small) to share the same concerns with smaller (or larger) plans. It turns out, however, there’s a lot in common between really large and really little 401(k) plans. This is not to say there aren’t differences
Term life insurance offers a death benefit if death occurs during the fixed period covered by the contract, when premiums have been paid and the policy remains in force. When not viewing life insurance within the framework of retirement income planning, term life insurance offers the lowest premiums to support the human capital replacement needs
CHICAGO – JANUARY 15: A woman reads a Food 4 Less sales flyer as she stands in the check-out line at … [+] the new Food 4 Less (Photo by Tim Boyle/Getty Images) Getty Images The Federal Reserve found in 2019, 37 percent of adults saying they could not cover a hypothetical expense of $400
By Richard Eisenberg, Next Avenue Charlotte Japp ADVERTISEMENT Charlotte Japp, the 30-year-old founder of the uplifting CIRKEL community platform for intergenerational networking, drew inspiration for it from what happened to her parents. “Growing up, I saw both of my parents get aged out of their careers and pretty much get forced to pivot and start
Do you have tangible things in your life that you want to protect? Do you want peace of mind, knowing that you’ll be able to recover from a loss if the unexpected happens and that you’ll be able to rebuild your life? If you’re like a lot of young adults, you’ve worked hard to build
Economic Security Planning, Inc. Today’s column addresses questions about whether widow’s benefits increase when a late spouse’s previous spouse passes away and no longer collects on the late spouse’s record, whether it’s possible to change when checks arrive and taking spousal benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University
Partial retirement – the new normal? getty People are living longer but they are not increasing the accumulated wealth needed to support a longer life of retirement. On the contrary, the swing from defined benefit to defined contribution pension plans has increased the population of those reaching retirement age without adequate provision. One result has
Dr. Annamaria Lusardi author The consequences of the pandemic are smack in front of us. COVID-19 case numbers are soaring even as economic repercussions pull harder and harder on Americans. The headlines provide a daily stark reminder of the wide-ranging implications, from growing food-bank lines to derailed educational dreams to abandoned careers. One big group
By Jon Friedman, Next Avenue getty A few months ago, I received the kind of jolt from my tax preparer that many of us will get sooner or later. He informed me that he’d decided to retire in the coming years. There’s no easy answer when you have to make an assessment that could affect
Sarah Godlewski, Wisconsin State Treasurer Courtesy: Sarah Godlewski Covid-19’s impacts are being felt in every community. While federal programs have been created to support businesses and their employees, most notably the Paycheck Protection Program (PPP), the majority of the management is being handled at the state level. Wisconsin has experienced more than 400,000 Covid-19 cases
Economic Security Planning, Inc. Today’s column addresses questions about applying for spousal benefits only while delaying retirement benefits, when someone can become eligible for retirement benefits and how filing for widow’s benefits at 60 affects the amount of the benefit. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
BOSTON, MA – SEPTEMBER 2: A Care partner helps a resident during lunch at an assisted living … [+] facility. (Photo by Craig F. Walker/The Boston Globe via Getty Images) Boston Globe via Getty Images The statistics simply are staggering. More than 728,000 residents and staff of long-term care facilities have contracted covid-19 over the
By Richard Eisenberg, Next Avenue getty Having trouble managing your finances, research has shown, can be an early sign of cognitive difficulty and even dementia. But two fascinating recent studies suggest how important it can be to your mental health and your wallet to keep up your financial literacy and your confidence about it as
One key to success when diversifying your investment portfolio to include property overseas has nothing to do with purchasing property overseas. It has to do with your exit. Here are eight strategies and tips for selling for maximum return when the time comes. Resale Tip #1: Don’t Buy Common iStock.com/Suwaree Tangbovornpichet As the adage goes,
Dusk settles over the White House, Wednesday, Nov. 25, 2020, in Washington. (AP Photo/Patrick … [+] Semansky) ASSOCIATED PRESS Now that the transition to a Biden White House has officially begun, what will his presidency mean for estate taxes? Many people have been gifting like mad these last few months in anticipation of a potential
Economic Security Planning, Inc. Today’s column addresses questions about when you can submit your application to begin benefits, Social Security’s earnings test, working part time while receiving disability benefits and what happens to money paid in Social Security taxes but not collected. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
getty The IRS recently issued proposed regulations that will reduce required minimum distributions (RMDs) on IRAs, other qualified retirement plans, and annuities. It’s a small help for retirement account owners who don’t need all the money they’re required to take from their plans each year. Most owners of IRAs and other qualified retirement plans who
Large green wave breaking in ocean getty At about the time the first baby boomers were entering their 60s, the term “silver tsunami” started being used by demographers, economists, and others who were concerned about the shifts in human population. At that time, it was being used to warn us that there would be a
When, and how, to apply for PPP Loan forgiveness. Getty The Paycheck Protection Program (PPP) was a huge component of the CARES stimulus package aimed at helping smaller businesses and non-profits stay afloat in the beginning of the pandemic. The program was fraught with administrative changes and nuances, but nonetheless 5.2 million loans were granted
Car wash owner in Baja California, Mexico Chuck Bolotin An American citizen client we recently moved to Mexico reported to me with sadness that his son told him that because my client was no longer living in the US, my client was no longer “an American.” This is not an uncommon accusation and one that
Get Forbes’ top articles on pressing issues that matter to your financial well-being—personal finance, investing, taxes and retirement—delivered to your inbox every week. Target was closed on Thanksgiving and is making Black Friday look different this year. Getty Images Prospects for a peaceful presidential transition seem to have pleased the market gods with both bitcoin and
getty How much do we need? A very common question we receive from aspiring retirees as they are deciding when to stop working and start the next chapter of their lives. As you can imagine, that number can be very different from person to person depending on a variety of factors. First, your plan needs
Holiday Zoom calls can be a great time to share lessons learned about retirement planning. getty Will you be Zooming during the holidays with your older relatives and friends instead of getting together in person? Wondering what you’ll talk about? It can be unsettling to be face-to-face on the screen with anybody for a long
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