Retirement

The pandemic has had a slew of unintended impacts to almost every facet of life…even Social Security. Retirement planner Beau Henderson, with RichLife Advisors in Gainesville, Ga., says the biggest trend he has seen during the coronavirus pandemic is people being forced into early retirement.  “Because there is so much uncertainty in the workplace, with
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If ever there was a year that offered retirees the opportunity to get a gut check on their finances, this is it. For many people, their lives, finances and their spending habits were all changed in dramatically – and some say permanently – by the pandemic. In addition, there were changes in tax laws affecting
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The presidential election has been decided, but uncertainty remains in the post-election outlook for impact on retirees and pre-retirees. Much still depends on what happens in the Senate, where the balance of power will depend on two runoff elections in Georgia. But two big issues loom large: taxes and stocks. Taxes and You Americans often
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Year end is fast approaching, and besides the pandemic, there are two other things on your minds – the holidays and charitable giving.  The best advice from financial advisors is that charitable giving should be part of your estate plan to get the most benefits. Here are a few tips to maximize your giving and
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Bette Davis once famously said old age isn’t for the fainthearted.  She’s right about that, but she never said anything specific about getting older….and I sure could have used a heads-up.  For one thing, if anyone had told me my hearing would deteriorate with age, I would have danced a bit farther away from the
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For Americans turning 65 today, there is a 70 percent chance you will need some form of long-term care at some point in your life. But three quarters of Americans don’t have a long-term care insurance policy, many because they can’t afford them. One of the problems is that the policies are cheapest when you
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If you Google “The 2030 Problem” you get some 203 million hits. What is this clearly compelling danger on the horizon? It’s us.  According to this abstract (one of many) the impact of aging Baby Boomers will be challenging because of the sheer size of our age cohort, the spiraling cost of health care, and
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By now, most people know that financial planners recommend you keep three to six month’s expenses tucked away in case of emergency or unemployment. It may be even more imperative for retirees, considering that many have not saved enough and no longer have a regular paycheck if something does happen. “Unexpected expenses still come up,”
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Pensions, once a bedrock of our retirement system, are basically gone in the private sector, replaced by employer-sponsored 401(k) retirement plans. Workers must now figure out for themselves how to make their money last. But most people are not saving enough, despite the fact that they are living longer. A survey by GOBankingRates found that
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Note: The pandemic has many people, particularly seniors, concerned about finances; regular contributor Penelope S. Tzougros, PhD, ChFC, CLU, here discusses one option getting a lot of attention. You are humming along and all is well. Then the real estate taxes increased-again. The phone and cable bills increased too, but after a few long conversations
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Your home is lovely, familiar and packed full of memories. It’s a haven you never want to leave. It may also be a hazard to your retirement. After considering physical, financial and social issues, you might find that a move is appropriate.  Physical issues: adapt the house Over the many years you’ve lived there, the
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At 92, Ike Baker refuses to retire. He’s been a host at McDonalds in Dayton, Tennessee, for the past 21 years and intends to continue for another 10. He greets customers with a smile and a cheery word, making sure they have everything they need, and may be one of the oldest workers at the
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Most of us will pay thousands or even tens of thousands into life insurance policies. All that money spent comes with an implicit trust that when we pass, our spouse or other loved ones will see a payout for all those years we loyally paid premiums. Unfortunately, that doesn’t always happen. Life insurance companies are
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You can plan ahead for aging on your own terms and mitigate the aging process without the loss of your personal freedom or independence.  The Boomer generation is the first to have readily accessible tools that enable smart strategies to age in place, saving tens of thousands per year in assisted living by aging safely
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Gwen Garvey can’t wait for school to start. She doesn’t know how many classes she will take or what topics she will study, but she still can’t wait. As soon as the catalog comes out, she’s deciding. And if history repeats, she will likely take several classes. Garvey, 75, lives in the Beaufort, South Carolina
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