Your questions on trusts, taxes and QCDs
Q: I am confused by the advantages, if any, of using qualified charitable distributions (QCDs) to contribute to charity after I reach 70½, as I am not required yet to take minimum distributions from my IRA. I have read different conclusions. Some sources indicate that there are no tax advantages. In your columns, you have indicated that there are tax advantages. Which is correct? A:... READ MORE
Tips for job hunting during middle age
Losing a job is stressful. Like many people in our area, I am a displaced federal employee. I worked as a scientist in the federal government for the past 20 years and was laid off last year. Needless to say, it is devastating. As I look for a job now, I realize how difficult and frustrating it is, as a person in my mid-50s, to find employment in this terrible job market. Here’s... READ MORE
Why index funds and ETFs are good for retirees
Older adults likely began their investing careers before exchange-traded funds (ETFs) existed and have stuck with traditional mutual funds. But as retirement approaches, many investors look at their portfolios with a fresh set of eyes and make adjustments. The more I work with in-retirement portfolios, the more I like ETFs and traditional index funds for several reasons: Good for... READ MORE
Scammers impersonate utility workers
Pepco, along with more than 100 energy companies across the U.S. and Canada, wants to remind customers to stay vigilant against energy-related scams designed to steal money and personal information. While scams do occur throughout the year, fraudulent activity and scam attempts generally increase during the holiday season. Pepco encourages customers to be extra cautious this time of year ... READ MORE
Write your own will or hire an attorney?
Dear Savvy Senior, Can you recommend some good online resources for writing a simple will? I’m 70 and divorced and want to get my affairs organized, but I hate paying a high-priced attorney fee if I can do it myself. —Don’t Have Much Dear Don’t, A last will and testament is an important document to have because it ensures that your money and property will be distributed... READ MORE
Best ways to pay for grandkids’ college
Q: I want to help pay for my grandkids’ college. Should I make a large lump-sum 529 plan contribution or spread the funds out evenly over the years? A: A lot of people experience sticker shock when they sit down to look at college costs today. For the 2025-2026 academic year, U.S. News & World Report puts the average cost of tuition and fees at a four-year, public in-state school... READ MORE
Timing is key for initiating survivor benefit
Q: I am 64 and recently widowed. I plan on working until age 70 before I apply for a Social Security benefit. I currently earn $150,000 per year. Are there any disadvantages in applying for a survivor benefit now? I understand that applying for a survivor benefit now will not prevent me from applying for my work benefit at age 70. Is that correct? I intend to apply for Medicare when I... READ MORE
How to maximize your end-of-year philanthropy
The end of the year is a time to reflect on the past and make positive changes. It’s also a time when we think about giving back to the causes we care most about. But amid the holiday season’s crunch, many donors fail to make a thoughtful plan for their philanthropy. They may see a cause their friends and family are supporting and quickly open their wallets. Although any act of... READ MORE
Should you prepay for your own funeral?
Q: A good friend recently died and it made me wonder, should I prepay for my own funeral? Is it worth it to set up now while I’m in my 50s? A: I’m sorry to hear about your friend. Sometimes it takes a loss to make us face our own mortality — and the costs that come with it. Chances are, you’ve put a lot of thought into planning for different milestones during your lifetime — ... READ MORE
What you need to know about annuities
Retirement researchers are often enthusiastic about annuities, but many consumers are reasonably skeptical. Christine Benz, Morningstar’s director of personal finance and retirement planning, discussed basic information about annuities and their pros and cons. (This interview has been edited for length and clarity.) Q: How do income annuities work, and how are they different from... READ MORE
