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Morrison's Money Minute Newsletter

OCTOBER 2018

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

 

Debra Firstname sig

 

 

 

 

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.

Read More


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.

Read More


“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.

Read More


Did You Know?

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…

  • Why people who claim Social Security early often live to regret it
  • Saving a few pennies on index funds could cost you many dollars
  • You’re probably going to need a lot more than you think to retire
  • Here’s what you need to know about Medicare if you’re still working
  • …and more!

And don’t miss Debra’s Updated Dictionary of Useful Financial Terms!


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“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

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.

Read More


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

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.

Read More

 


Don't Forget

Buy the mini-book! 

Dictionary of Useful Financial Terms