Category - Retirement

1
What Will Happen to Social Security and Medicare?
2
Should You Use Income Replacement Funds?
3
Before You Buy a Variable Annuity…
4
10 Tips for Retirees in These Difficult Times
5
Disability Insurance: Why You Probably Need It

What Will Happen to Social Security and Medicare?

What will happen to Social Security and Medicare?Each year the trustees of the Social Security/Medicare trusts are required to report on the status of the trust funds. Last month, having included the effects of the recession in their projections, they released a new report. The news is not good.

Last year’s analysis projected that Social Security would begin paying out more in benefits than it would collect in taxes in 2017.  This year’s report from the Trustees of the Social Security and Medicare trust funds concludes that given the levels of unemployment now included in their model, we’ll reach that point a year earlier, in 2016.  David

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Should You Use Income Replacement Funds?

Recently the mutual fund industry has introduced a new type of financial product targeted at Baby Boomers: income replacement funds. Fidelity has initiated several of these funds and Vanguard’s versions of the same idea, known as “managed payout” funds, were rolled out earlier this month. Other companies will doubtless follow their lead; Schwab and John Hancock are reportedly working on similar products. Like any investment product, these funds will be useful for some people. Consumers should be certain that they understand these funds in order to avoid any unpleasant surprises.

Mutual funds have become familiar investment tools for most …

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Before You Buy a Variable Annuity…

I got asked the other day what I had against annuities. Let me first explain that my issue has more to do with variable annuities over fixed annuities.  Fixed annuities can serve a legitimate purpose in a retired individual’s portfolio.  (There are options that may be better though). What I do want to address in this entry is:

1) the proper location of one’s investments

2) the tax consequences of investing in a variable annuity.

Too many tax professionals do not have a good sense of the investment side of an individual’s financial life and too many investment professionals do …

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10 Tips for Retirees in These Difficult Times

001 - Couple meeting with AdvisorThe recent economic changes impact everyone and particularly those who are retired. Whether it is a drop in value of your retirement account or decrease in interest rates at the banks, everyone has noticed.

The question is what can retirees do now? Some things are fairly obvious, such as delaying a vacation or just spending less on trips.  Putting off major purchases as long as you can is helpful.  But for more subtle hints a professional opinion is useful.

Here are 10 things retirees can do in these difficult economic times.

1.     Shop your insurance program. There can be large …

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Disability Insurance: Why You Probably Need It

The Life and Health Insurance Foundation for Education makes this declaration annually, but the average person could miss it (start planning ahead for Life Insurance Awareness Month, which comes in September).  Kidding aside, the occasion prompted me to realize that I haven’t ever written about disability insurance, which most people understand only vaguely.

Life insurance is something you probably don’t need if you’re single and have no dependents. But if you become unable to work, you still need money to live whether you have dependents or not.  One way to provide for that need is insurance.

If you’re under 60, …

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