Switch banks for higher savings interest

By Michael Joseph, CFA
Posted on June 13, 2024

Interest rates are pretty high these days. That’s great for retirees who need their savings to generate income. But don’t assume that just because rates are high you’re automatically getting them. The going rate at many banks and brokerage houses is abysmally low. The national average interest rate paid on savings is 0.45% (as of May 2024), according to the Federal Deposit... READ MORE

What pet insurance covers (and doesn’t)

By Sarah Schlichter
Posted on June 12, 2024

If you’ve ever spent a fortune at the emergency vet, pet insurance might sound appealing. By paying some of your vet expenses, these policies can save you money and help you make care decisions based on what’s best for your pet rather than what you can afford.  But insurance doesn’t pay for everything. Before you buy pet insurance, you’ll want to understand exactly what it will... READ MORE

Investing in rare books and manuscripts

By Elliot Raphaelson
Posted on May 29, 2024

If you are a bibliophile, you may want to consider collecting rare books and manuscripts. The markets for rare books and manuscripts are currently very active. For example, in 2022, book and paper auction sales totaled $1.06 billion, according to Rare Books Hub. I’ll explain some issues to consider if you are interested in investing in rare books and papers. One advantage of... READ MORE

How identity thieves exploit your trust

By Sandra Block
Posted on May 27, 2024

Con artists are disguising themselves as well-known brands to steal your money and personal information. Want to know what to do about it? Kiplinger spoke with Doug Shadel, managing director for Fraud Prevention Strategies, LLC, a Seattle-based consulting firm. He served as strategy director for AARP’s Fraud Watch Network for nearly 20 years. You’ve been on the front line of... READ MORE

How to leave a Medicare Advantage plan

By Kate Ashford
Posted on May 24, 2024

About half of Medicare Advantage members left their plans by the end of five years, according to a 2023 study from Brown University School of Public Health. Most switched to another Medicare Advantage plan, but not necessarily because they liked Medicare Advantage. Returning to Original Medicare can be tricky after you first sign up for Medicare Advantage because you may not be able to... READ MORE

Spending retirement savings confidently

By Jacob Schroeder
Posted on May 23, 2024

It can be difficult for financially conservative people to spend retirement savings after a lifetime of cautious saving. Finance personality Dave Ramsey stirred controversy recently by advocating for an 8% retirement withdrawal rate, double the traditional 4% rule. Although some of the criticism was warranted, it did highlight an interesting issue: While many people aren’t saving... READ MORE

It’s not your parents’ retirement anymore

By Kate Ashford
Posted on May 13, 2024

Now that retirement spans more years than ever, you might need to rethink how you envision that stage of your life. Although Americans are retiring a little later than they did 30 years ago, they’re also living longer. Retirement isn’t a blip on the life radar — it’s a significant chunk of time. While your parents may have retired and never worked another day in their lives,... READ MORE

The biggest regrets financial planners see

By Andrew Rosen, CFP®, CEP
Posted on May 02, 2024

The old adage is to live with no regrets. It is a great mantra, to be honest, and we regret the things we don’t do much more than the things we do. Thinking back on my life, I have two large regrets. First, I regret not doing study abroad in college over winter break, as I sat home and missed out on the experience of a lifetime. Second, I definitely regret not having those... READ MORE

Five steps to take before marrying after 50

By Kate Ashford
Posted on April 30, 2024

Getting married when you’re an older adult comes with complications: You and your spouse may have assets from years of working, and you may have children from previous relationships. Tying the knot could affect your Social Security benefits if you’re widowed or divorced. You will need to update estate documents and beneficiary designations and may even want to consider a prenuptial... READ MORE

Four questions to ask your financial planner

By Kate Ashford
Posted on April 16, 2024

Only one-third of men correctly estimated how long a 60-year-old man in the U.S. could expect to live, according to a 2022 TIAA Institute survey. And fewer than half of women got it right for a 60-year-old woman. Advisers call this longevity literacy — understanding how long you’ll live in your retirement years. It’s a crucial part of your retirement strategy, and it’s important... READ MORE