Retirement lessons learned over my career
I worked 34 years before retiring and have been retired from full-time work for 29 years. I have made some good decisions and some not so good, and I hope you can learn from both. First, I will discuss what I believe were good decisions. When you look for full-time employment, see if you can find an employer that offers a defined benefit plan. Although most employers no longer offer... READ MORE
You’ve saved up; do you have an income plan?
Retirement planning is often compared to climbing a mountain. The ascent — the accumulation phase — is about building your wealth, while the descent — the distribution phase — is about strategically living off those savings. The sequence of returns risk One of the most significant challenges during the descent is managing sequence of returns risk, which refers to the impact of the ... READ MORE
Make a giving plan that won’t break the bank
Making decisions about gifting can evoke many emotions. As you think about the legacy you want to leave, you may feel a sense of urgency to make a positive impact in the lives of your loved ones and on the world. In my discussions with retirement-age clients about charitable giving, I like to quote a flight attendant’s warning before takeoff: Put your own oxygen mask on first — before... READ MORE
How to allocate a well-balanced portfolio
The 60/40 portfolio, consisting of 60% U.S. stocks and 40% U.S. Treasury bonds, has become the cornerstone makeup of most portfolios ever since John Bogle of Vanguard released the company’s Balanced fund several years ago. Generally, in most years the 60/40 portfolio has provided good returns, with some years going below expectations, such as.when the selected stocks in a 60%... READ MORE
What you need to know about retirement
Christine Benz, the director of personal finance and retirement planning for Morningstar, has written an excellent book that I highly recommend. The book, How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement, is based on interviews with leading experts in all phases of retirement. What makes Benz’s book different from most retirement planning guides is that she... READ MORE
Who’s best to grant power of attorney to?
Appointing someone to act on your behalf under a power of attorney (POA) is one of the most important decisions you'll make in your estate planning process. The POA grants significant authority over your finances, healthcare or both, so choosing wisely ensures that your wishes will be respected and carried out effectively. Here’s a deeper look into key qualities to look for in the... READ MORE
What financial planners wish you knew about Social Security
Only about 1 in 8 adults know when they’ll be eligible for full retirement benefits through Social Security, according to the Nationwide Retirement Institute 2023 Social Security Survey. And compared to 2014, fewer people age 50 and up now know whether they may be eligible for Social Security benefits based on an ex-spouse’s record (they may) or if Social Security may offer benefits for ... READ MORE
Scammers are getting away with theft
The scammers are winning. Sophisticated overseas criminals are stealing tens of billions of dollars from Americans every year, a crime wave projected to get worse as the U.S. population ages and technology like AI makes it easier than ever to perpetrate fraud and get away with it. Internet and telephone scams have grown “exponentially,” overwhelming police and prosecutors who... READ MORE
How long to keep tax records and other files
Dear Savvy Senior, Is there a rule of thumb on how long someone should keep their old financial paperwork? I have file cabinets full of old receipts, bank and brokerage statements, tax returns and more that I would like to toss. —Recently Retired Dear Recently, It’s a great question. As we get older and our financial life gets more complicated, it’s difficult to... READ MORE
What to include in an estate plan
Many individuals, even those with significant assets, are negligent in establishing a comprehensive estate plan. A will, although necessary, is not sufficient. In this column I will discuss wills and other documents that you should consider. Consult with your attorney about including the following documents in your estate plan. Will: A will is the document that contains a written... READ MORE
