Estate planning is only for old, rich people. Estate planning is scary. Estate planning is so easy you can do it yourself. Wrong. Wrong. And, so wrong, unless you want your family duking it out in front of Judge Judy. Simply put: An estate plan is a set of legal documents that allows you to … [Read more...] about Why and how to make an estate plan, even if you’re not rich
As retirement gets closer, Americans know they need to save more. But what is the best approach for the over 50 crowd? As you near the end of your working life, are you better off putting money in a company 401(k), an individual retirement account or a health savings account? The self-employed, who … [Read more...] about Best savings options for people near retirement
For many, investing is scary. Memories of the financial crisis and stock market crash of 2008 and 2009 and the tech bubble burst in the early 2000s scare many consumers away. On top of that, the myth that you need a substantial amount of capital to start investing persists. With worries … [Read more...] about How to find extra money to invest this year
Many Americans fear they’ll never be able to retire, but there are those who are able to retire early, saying goodbye to the rat race before they hit 60 and pursuing their true passion. For many, that passion includes continuing to work, but at their own pace and doing something they truly … [Read more...] about Early retirement: How 3 people did it
As the baby boomers get older, they face an important question: Who is going to take care of them when they can no longer care for themselves? About 13 percent of Americans try to answer this question by buying long-term care insurance, which is a fraction of those who will need help. Yet issues … [Read more...] about Should you buy longterm care insurance?
Now that taxes are out of the way, it’s time to think about paying yourself. Whether you are saving for retirement, a college education or just some random future item, you may well be using mutual funds. Mutual funds are investments that pool money from many individuals. A professional portfolio … [Read more...] about Don’t let mutual fund fees eat up your savings
Retirement plans are supposed to be simple, but they are more complex than we'd like. That sometimes makes them seem so impossibly complicated that the best thing is just to do nothing. Doing nothing is precisely the wrong thing to do; the complexity isn't nearly as complicated as it is sometimes … [Read more...] about Managing retirement plan rollovers
For every retiree that packs up and moves to Florida, Arizona or some other warm-weather spot, another four or five prefer to stay right where they are. But as they get older, many people find themselves needing more help, whether it's a referral to someone who can fix a leaky toilet, a ride to the … [Read more...] about Age in place by joining or forming a retirement village
Retirement may seem far away, but those who are closing in on it can tell you that it comes faster than you think. What you do in the last 10 years before you retire can make an enormous difference in how comfortable your retirement years will be. "From 55 to 65, you've got time to really make a … [Read more...] about How to boost your savings as you near retirement
Dunkin’ Donuts has teamed up with AARP to offer a free doughnut to any AARP member who buys a large or extra large hot coffee. To get the deal (at participating shots), customers will have to show their AARP membership cards. … [Read more...] about Free doughnut for AARP members
Money is really tight, and you’re struggling just to survive. Then you remember that you’ve got tens of thousands of dollars in your retirement accounts. Can’t you somehow access that cash? The short answer is yes. But should you? Probably not. “If they’re going to do so, they really should be … [Read more...] about When is it OK to take money from retirement accounts?
The TV pitchmen make it sound like the easiest thing: Use your home equity to finance your retirement through a reverse mortgage, and stay in your home without ever making a payment. What they forget to mention is a reverse mortgage is not nearly that simple. While it is a great way for some older … [Read more...] about Considering a reverse mortgage? Ask these questions
As retirement approaches, you’re going to face a big decision: At what age should you claim Social Security benefits? Do you start drawing Social Security at age 62, as soon as you can, or do you wait until you reach your full retirement age, which is 66 or 67 for people born after 1942? Or … [Read more...] about When to claim Social Security
A generation ago, retirement was more defined. You had a last day of work, collected your gold watch and headed for a planned community in Florida or Arizona. But the baby boomer generation is heading into a much different kind of retirement. Modern technology has made it easier to move to another … [Read more...] about How to choose the right place to retire
Long-term care insurance is a complicated topic. If your assets are low, you may not need it because you will qualify for Medicaid with little fuss and you probably need the money you would spend on premiums to live. If you are wealthy, you're probably better off spending your own money on long-term … [Read more...] about Who needs long-term care insurance?