We LOVE for our retiree clients to live EMPOWERED Retirements, we recommend instead of mindlessly spending the SS COLA increase, that you instead think intentionally about at least 3 FUN uses; things that will put a smile on your face—1/2 hr chair massage, extra book or course purchase, deposit into grandkids’ Section 529 plan, 2 movies, etc. We celebrate positive psychology that results from intentionality.
That said, if you aren’t yet retired, this month we take a serious look at spending in retirement. The old adage of retirees spending 70 to 80% of their pre-retirement income isn’t being borne out in practice. Rather retirees often spend up to 50% MORE, especially in the first two years. Your retirement is probably still viable yet it will likely require more concentration of equities in your portfolio, something we have long espoused.
Also, for those of you still working after age 65, beware that YOU are responsible for the correct timing of your Medicare election; no sense in paying penalties for filing late!
As always, we’ll be happy to answer your retirement questions.
To Your Continued Empowerment!
Debra L. Morrison
Why people who claim Social Security early often live to regret it
For retirees, the early bird does not always get the worm
By Mark Hulbert
Your retirement standard of living could very well be worse if you claim your Social Security benefits at age 62. A new study finds that early claiming leads to a significant increase in the number of retirees living in poverty.
Saving a few pennies on index funds could cost you many dollars
Fidelity’s new zero-expense-ratio funds aren’t automatically the best bet
By Mark Hulbert
Fees and expenses are no longer one of the most important factors to consider when choosing an index fund.
“There’s never enough time to do all the nothing you want.”
— Bill Watterson, Calvin and Hobbes
Here’s what you need to know about Medicare if you’re still working
By Joe Baker
If you’re 65 or older, working and have an employer group health plan based on your current work, you may have questions about how your job-based insurance coordinates with Medicare. On our Medicare Rights Center National Consumer Helpline, such questions are among the most frequent ones we get.
Fee-Only financial planners are the only financial planners who work for you, the consumer, rather than in their own interests? Other financial planners’ fees are based upon commissions or fee + commissions; meaning they will sell you the financial products that will benefit their pocketbooks the most, regardless of whether they benefit you or not!
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In this issue… And don’t miss Debra’s Updated Dictionary of Useful Financial Terms! We know you’re busy… by Chistine Benz Thanks to the new tax laws, doing a qualified charitable distribution is more advantageous than ever. Join Christine Benz in discussing the maneuvers with Ed Slott. By Paul Brandus Be afraid. Be very afraid. At least that’s what a new study showing how much you’ll need to be OK in retirement says. Buy the mini-book!
…and “financese” can be confusing. Why not let Debra save you valuable time by sorting through the noise for you?
“One must know not just how to accept a gift, but with what grace to share it.”
— Maya Angelou
Retirees: Make the Most of Your Charitable Giving
Retirement is going to cost a lot more than you think — here’s what to do
It may be time to rethink your budget — and everything else
In this issue…
And don’t miss Debra’s Updated Dictionary of Useful Financial Terms!
by Chistine Benz
Thanks to the new tax laws, doing a qualified charitable distribution is more advantageous than ever. Join Christine Benz in discussing the maneuvers with Ed Slott.
By Paul Brandus
Be afraid. Be very afraid.
At least that’s what a new study showing how much you’ll need to be OK in retirement says.
Buy the mini-book!