Archive - 2018

1
Planning Ensures that Your IRA Beneficiaries Benefit
2
No Application Required
3
What to Consider When Considering A Second Home
4
Don’t make this mistake with your 401K
5
Avoid Unexpected Caregiving Costs

Planning Ensures that Your IRA Beneficiaries Benefit

Dos and Don’ts for Leaving IRA Assets to Your Loved Ones” to help people ensure that their hard work and estate planning efforts really benefit the people they care about.

Much, but not all of the advice, relates to how you designate  your IRA beneficiaries. This involves preparation on your part but this diligence ahead of time can save your heirs a lot of grief later. Here are just a  few of Morningstar‘s suggestions:

It seems very basic to say this but first you need to designate a beneficiary. If you haven’t actually named beneficiaries, start there. …

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No Application Required

Generally, in order to begin receiving Social Security benefits, you must submit an application to the Social Security Administration. Similarly, an application is required (in general) in order to receive Medicare benefits. But there are some circumstances where you can begin receiving Social Security benefits or Medicare without the need for an application.

In general, these cases are situations where you’re already receiving Social Security benefits on another program, such as Social Security Disability Income (SSDI), and you’ve reached Full Retirement Age (FRA).

When a Medicare application is not required
  • If you’re already receiving Social Security retirement benefits or SSDI
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What to Consider When Considering A Second Home

Second Home

My wife and I took our long-awaited vacation at Turks and Caicos last week. Apart from enjoying the white sandy beaches and the cool breezes, I also noticed there was so much enthusiasm in fellow-vacationers about owning a second home at the beach front. And, the confidence that they could afford such a commitment was high. I wondered why – and then answered my own question: Perhaps, these two financial factors had a role to play: 1) the 9-year long bull market rise (despite some notable and recent slides), and 2) interest rates that remain historically low.

Hence this blog

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Don’t make this mistake with your 401K

It’s no secret that I love Roth IRAs. Don’t tune out because you think you make too much money to have one!

Let me count the ways they’re great:

  • No required minimum distribution at 70 ½, so you can leave the money to grow into old age if you wish.
  • Grows tax free and you pay no taxes on any of it when you withdraw after 59 ½.
  • Can always withdraw your contribution tax free.
  • Can be used for medical emergencies and a $10,000 down payment on a first house (but don’t—leave it alone for retirement!)
  • Your heirs will pay
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Avoid Unexpected Caregiving Costs

In “The Hidden Costs of Caregiving,” Barron’s discusses some things readers may not be prepared for when taking care of a loved one who is ill or aging or both. Even when you or your loved one have done the financial planning needed or have long-term care insurance to pay for medical care, the money can be quickly depleted by unforeseen expenses:

 “About half of long-term care costs are paid out of pocket—not by Medicare or insurance—adding insult to (literal) injury. Barron’s talked with caregivers to see where those unexpected expenses can pop up, and how to

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