Alzheimer's disease represents a significant threat to the security and enjoyment of our retirement years. According to some experts, by 2050 the number of Americans with Alzheimer's could be as high as 10 million, and the related health care costs may exceed $1 trillion per year. But lately there's been good news in the fight against this deadly disease. The Obama administration announced a plan to find effective treatments by 2025 and to improve care for Alzheimer's sufferers. The White House also said this month that it would devote $50 million in 2012 to Alzheimer's research and seek an additional…
Are you still reeling? August was a tumultuous money month (to say the least), but at least we can breathe a sigh of relief that it’s over. Hopefully the upcoming months will bode better. The S+P downgrade and the following correction, as well as several other market drops, hit and hurt a lot of people. Of course, if your Roth IRA was hit then you’ve also got a bit more work to do to protect yourself. As a recent SmartMoney article details, you can still un-do a Roth IRA rollover from 2010, at least until October 17, that is. Many…
If there’s any lesson to be learned from the recent debacle in Washington, D.C., it’s this: Don’t run your personal finances the way the U.S. government does. “Don’t live beyond your means, and don’t increase your debt levels, especially when heading into retirement,” said Greg Rosica, a tax partner in the personal financial services group at Ernst & Young and a contributing author to the Ernst & Young Tax Guide 2011. “Don’t emulate the federal government.” – “How the Debt Deal Will Affect Retirees” I suppose it goes without saying that the past few weeks have been a rather tumultuous…
In today’s economy, it seems that everything old is new again … albeit with a bit of a twist. Years ago, it was common for older couples – and frequently widows – to rent out rooms for extra income. Taking in boarders was a viable way to supplement income. Well, the idea is back, with a bit of a twist. As Baby Boomers face the cold, hard facts of retirement, they are increasingly changing the definition of the term to include at least some form of work. While you may not be ready to hang out a shingle on the…
If you are a Baby Boomer nearing retirement, you probably have a different concept of retirement than your parents. Retirement for you may not mean an extended vacation on some sunny shore, but rather a new phase of your working career. A phase that may, perhaps, bring more than just another paycheck, but a new sense of meaning to your life. Morningstar recently referred to this career transformation as the “encore career.” Of course, it’s not just the search for meaning that motivates Baby Boomers to pursue an encore career. As Morningstar points out, tough new economic realities have transformed…
In this article, SmartMoney’s Catey Hill takes a look into the increasing trend of mobile retirements and luxury RV’s. The article briefly examines the market, citing increased sales in Class A gas motor homes (the luxury models) and industry analysts are explaining it by looking to the recently retiring generations who have the resources and inclination (they are the generation that grew up with “On The Road.”) Indeed, the median age for RV owners is 54. The article then explores the idea and motivations of those retirees, explaining all the amenities of a luxury RV – hardwood floors, brushed steel…
The modern office runs on technology, and so too does the modern business, large and small. For the capable entrepreneur, as Reuters reports, mobile technology may even offer the means for a mobile workplace. “Telecommuting” has been around for awhile, though not always favorably (especially by employers). As the internet and mobile devices continue to shrink the globe, however, the process has become a snap and telecommuting has become a more acceptable and more popular way to work. With mobile technology, you can do your work at home, and even run your end of a business there… but why not…
Who knew that question would even be asked, let alone become so politically charged? The popular media today frightens people with blaring headlines that Social Security is bankrupt, and you are unlikely to receive a dime … countered by reassuring comments that the system has a multi-trillion-dollar surplus. So – which is it? Is Social Security a pipe dream, a shell game, a bankrupt program from which you will never receive benefit? Or is it a social safety net for those whose working years are over? A recent Morningstar article tries to answer those questions, and provides insight as to…
If you were counting on tapping the equity in your home to help finance your retirement, you may have reason to worry. A recent issue of SmartMoney points out, “With home prices falling for nearly five years, many American must consider what to do with their homes should prices continue to collapse and the equity in their homes, if they are still lucky enough to have any, disappears completely.” If you are a Baby Boomer with an eye toward retirement, your plans may be taking quite a beating right now. Warnings about shortfalls in social security and Medicare, rising health…
If you’ve been a diligent saver and keeping an eye on your 401(k) for all these years, it’s important to remember that the tax-man also has been looking on with interest and waiting for his cut. It’s simply too easy to forget, but a traditional IRA is tax-deferred until withdrawal, so that balance is deceiving. What is more, it means that the tax you will owe has yet to be decided. A recent MarketWatch article points out the strong possibility of higher tax rates for 401(k) savers once they reach retirement. The value of delaying a tax hit into retirement,…
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