It used to be relatively simple. Prior to 2020, if you inherited an IRA from someone, rather than having to liquidate the account and pay taxes on the balance, you were allowed to “stretch” the annual required minimum distributions (RMDs) over your life expectancy. Then came the SECURE Act (2020) and the IRS interpretation of…
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I’ve written numerous articles over the years about strategies for maximizing your Social Security (SS) benefits. But the number one decision all retirees face is when to start taking payments. Which is better: to start as early as possible or to delay benefits for as long as you can? There will always be claimants who…
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As a financial planner I discuss retirement goals with virtually every client. Those that don’t plan to remain in their own homes typically talk about moving to a retirement community or an assisted living facility. Yet there’s a growing body of evidence suggesting that segregating older people, particularly by age, may not only shorten their…
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It’s open enrollment time again. Ordinarily when someone turns age 65 they should sign up for Medicare, or else risk having a late enrollment penalty applied to future premiums. But the rules are quite different for people still working. I will attempt to simplify them as briefly as possible. First, here are some basic Medicare…
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