The Roth IRA changed the whole retirement savings perspective. Since its introduction, it has become a fixture in many retirement planning strategies. The key argument for going Roth can be summed up in a sentence: Paying taxes on retirement contributions today is better than paying taxes on retirement savings tomorrow. Here is a closer look…
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Your Social Security income could be taxed. That may seem unfair, or unfathomable. Regardless of how you feel about it, it is a possibility. Seniors have had to contend with this possibility since 1984. Social Security benefits became taxable above certain yearly income thresholds in that year. Frustratingly for retirees, these income thresholds have been…
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An estate plan has three objectives. The first goal is to preserve your accumulated wealth. The second goal is to express who will receive your assets after your death. The third goal is to state who will make medical and financial decisions on your behalf if you cannot. Over time, your feelings about these objectives…
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According to the insurance industry group LIMRA and the nonprofit Life Happens, 43% of Americans have no life insurance. Why don’t more young adults buy life insurance? Shopping for life insurance may seem confusing, boring, or unnecessary. Yet when you have kids, get married, buy a house or live a lifestyle funded by significant salaries,…
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Picture an 18-wheeler, its 4,000-cubic-foot cargo trailer filled to capacity with stacks of $100 bills. The driver shuts and locks the trailer, closing the door on roughly $10 billion. Now imagine that truck driving off to a landfill, where that $10 billion will be dumped, shredded and buried, rendered useless. As the day goes on,…
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No woman wants to end up impoverished, out of options, left to fend for herself on the streets. Only a tiny percentage of women from affluent households will experience this retirement nightmare, but that does not mean the risk should be dismissed. This is the financial circumstance you may fear more than any other. What…
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How many words have been written about retirement? It’s a preoccupation for many, and we devote so much time, thought, and energy toward saving for the last day we go to work. Saving and investing in such a way that we no longer have to work may seem ideal at first, but it raises a…
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CFP®Board Consumer Advocate Offers Tips on Dealing with a Turbulent Global Economy With Britain’s recent vote to leave the European Union, the stock market experienced a 700-point decline. In moments like these, the urge to do something with your U.S. and international equities can be overwhelming. In a recent article posted to LetsMakeaPlan.org, CFP®Board provides…
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We are becoming more familiar with the notion of financial abuse targeting elders – scams and other exploitation targeting the savings of people aged 60 and older – but many may think, “it won’t happen to my family” or “my relative is too smart to be taken in by this.” These assumptions are only wishful…
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How will you pay for long-term care? At the moment, you may not be able to answer that question – but long-term care insurance can provide an answer for you. Why are baby boomers opting to make long-term care coverage an important part of their retirement strategies? The reasons to get an LTC policy at…
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