A recent WTOP article asked, “Are you ready for 8,000 days or more in retirement?” The article notes that the years we spend in retirement are increasing, because we’re staying healthier and living longer. It’s not unlikely for those in their mid-60s today, to have a life expectancy of another 20 to 30 or more years. Along with this good news come the...
Continue ReadingYou can designate a charity as the beneficiary of your IRA. When your pass away, the charity will receive those funds. When you die, the charity can show the bank a certified copy of the death certificate, fill out the proper forms and will be entitled to the IRA funds. Easy! There’s no need for the charitable organization to...
Continue ReadingBeneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as...
Continue ReadingKiplinger’s article, “When to Take Your First Required Minimum Distribution From an IRA,” explains that when you must take your Required Minimum Distribution (RMD), depends on whether your birthday falls before or after July 1. It also depends on whether you want to use your option to delay taking your first withdrawal. Generally, you must begin taking your RMD from a traditional...
Continue ReadingBloomberg’s recent article, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” found that a majority of married women (56%) still leave major investing and financial planning decisions to their spouse, according to a report titled “Own Your Worth” by UBS Global Wealth Management. The study shows that it’s not just older women moving into the more traditional gender roles of their...
Continue ReadingWhile you want to live a long and healthy life, you might not want to live too long. That’s because you’ll need to have saved enough money to take care of yourself until the end of your life. The Washington Post recently reported in its article, “Your long life could be the death of your retirement savings,” that one thing is certain:...
Continue ReadingA 2016 Fidelity study found that 38% of parents say they don’t talk to their adult children about retiring, because the conversation never comes up. Motley Fool says in its recent article, “3 Tips for Talking to Your Parents About Retirement,” that the importance of having retirement talks with your parents can’t be overstated. A Fidelity survey found that 93% of adult...
Continue ReadingThe new tax law will greatly decreases the number of people who will be subject to the federal estate tax. This does not mean you don’t need an estate plan. In fact, you need to review your plan now. Forbes’ recent article, “7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside,” says that even if one’s estate is unlikely to...
Continue ReadingChances are that your biggest expense in retirement will be taxes. KSL.com discussed this issue in its recent article, “5 retirement tax traps that could needlessly cost you thousands of dollars!” According to the article, you shouldn’t ignore the one thing that could have the greatest impact on your savings and investments: taxes. Here are some retirement tax traps that could needlessly...
Continue ReadingInvestigators at the Washington State Attorney General’s office allege that so-called “free lunch” seminars were used to ultimately sell complicated investments and cash in on commissions. As KOMO News reports on its website in the story, “State lawsuit accuses estate-planning company of being a deceptive “Trust Mill,”” the lawsuit filed in King County Superior Court names CLA Estate Services, Inc., CLA USA Inc.,...
Continue Reading