LifeLivedForward_SLICES_09

 

A compilation of insightful financial tips

relating to an active senior lifestyle.

 

  • Medicare Supplement Insurance Plans Most seniors rely on Medicare to provide their health insurance coverage. In 2015, 16.3 percent of all people in the United States were covered by Medicare1. That number continues to grow as our population ages. Medicare does not cover everything. Medicare is divided into three parts: Part A, Part B, and Part D. In general terms, ...
  • 5 Keys to Financial Success, Revisited Johnny Depp was the fifth highest-paid actor in 2016 earning $48 million1. Unfortunately, almost all of Depp’s entire $8.7 billion fortune is now gone2. A fortune that included a château in France, a four-island chain in the Bahamas, and more than a dozen other residences. Is Depp yet another victim of Sudden Wealth Syndrome? The ...
  • Healthcare Expenses in Retirement (Part 2) Staying silent allows concerns to intensify into fear According to the most recent Nationwide Retirement Institute survey, six in ten affluent, older adults fear that medical expenses will hinder their retirement plans, yet over half (52%) of respondents who already had a financial advisor have failed to discuss their medical expenses or corresponding concerns with that ...
  • Healthcare Expenses in Retirement (Part 1) The Complication You Should be Discussing, but (Probably) Aren’t. We’ve all heard similar stories: Sally and Bob were planning to go cross-country to visit their grandchildren, but the ongoing expenses from his hip surgery and follow-up physical therapy prevented them from going this year.  Frank hoped to retire last year, but even with excellent medical insurance, his wife’s radiation treatments cost so much they ...
  • Thinking of Helping Out Your Adult Child(ren) Financially? You Might Not be Helping. A recent study(1) conducted for Northwestern Mutual found one in three Baby Boomers (33%), the generation closest to retirement age, have less than $25,000 in retirement savings. A survey(2) conducted by GoBankingRates found only 23% of Americans over age 55 had saved $300,000 or more for retirement. This age group said the biggest reason for ...
  • Volatility is Not a Bad Thing. Learn to Embrace It. I recently came across an article titled “Stock Market’s Soaring Volatility Mirrors 1987 Crash.” Yikes! Does this mean another crash is coming? The article stops short of predicting a crash. It does, however, talk about similarities in the amount of volatility experienced in the 2018 stock market thus far and the volatility of 1987 before ...
  • You Can’t Simply “Will” Your Heirs to Carry on the Family Legacy. Is a life well-lived measured by the size of our bank accounts and how much property we acquired? Or is it measured by our relationships and the condition of them when we leave? What we leave behind, most importantly our words and deeds, are reflected in the lives of those we touched. Are you taking time ...
  • When and Why You Should Convert an IRA to a Roth The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated the ability to use recharacterization to reverse the conversion of a Traditional IRA into a Roth IRA. The process of undoing a Roth conversion was called a “Roth recharacterization.” This rule existed because tax payers often did not know what their total income would be ...
  • Is it Time for a Fire Drill? You Need a Strategy for When the Market Declines. We are now nine years into one of the longest bull markets in U.S. stock market history. The Dow Jones Industrial Average has risen more than 280% from the low on March 9, 2009. The question many investors are asking themselves today is “How long can this continue?” Can the market possibly continue at this ...
  • This Method Can Lower Taxes for Upper Income Taxpayers Taxpayers in the highest tax bracket should take a long-term view of tax planning. This method can help lower long-term tax liabilities. Taxpayers in the highest tax bracket should take a long-term perspective to save taxes. The top income tax rate is 37%, but it might be higher when you add the Medicare surtax. It’s no ...