Delaying RMDs can end up costing more

By Jackie Stewart
Posted on November 23, 2021

It took more than four decades for Congress to raise the age for required minimum distributions (RMDs) in 2019 from 70½ to 72. Less than two years later, Congress is considering raising it again. The Setting Every Community Up for Retirement Enhancement Act of 2019 had bipartisan support, and experts believe that Congress’s encore, the Securing a Strong Retirement Act — already... READ MORE

Warning signs of potential identity theft

By Better Business Bureau of Central Virginia
Posted on November 18, 2021

Identity theft is stressful, and it can do tremendous damage to your finances. It’s important to recognize the signs early. The earlier you notice something is amiss, the faster you can take action to minimize the damage. The Better Business Bureau identifies the following signs to help you recognize signs of identity theft as soon as possible: —You receive statements or bills in... READ MORE

How to teach adult children about money

By Indrika Arnold
Posted on November 17, 2021

Jane and John, who are parents to four adult children, have amassed substantial wealth during their careers. To experience their children enjoying some of this wealth — and to take advantage of the current high federal estate tax exemption amounts, which could potentially be reduced — they would like to give away some of it during their lifetime. However, they are concerned that... READ MORE

How to invest in cryptocurrency indirectly

By Alana Benson
Posted on November 15, 2021

Cryptocurrencies are inherently cryptic — it’s right there in the name. And if you follow Warren Buffett’s advice to never invest in businesses you can’t understand, it may be hard to justify investing in a currency made of math instead of gold. But it’s also hard to ignore some cryptocurrencies’ astounding performance: The price of one bitcoin jumped from just under $5,000... READ MORE

Tax-smart strategies for gifts to charity

By Martin Schamis
Posted on November 12, 2021

While each of us has our own very personal motivations for, and approach to, giving, Americans as a group continue to be the world’s most charitable nation. In 2020 alone, annual charitable gifting in the United States totaled over $471 billion (with gifts by individuals comprising 69% of that total). And even though income and estate tax advantages aren’t the main reasons driving... READ MORE

Buying insurance to fill Medicare’s gaps

By Jackie Stewart and Kimberly Lankford
Posted on November 11, 2021

Each year, older adults have important decisions to make regarding their Medicare coverage. Original Medicare provides a number of great benefits to enrollees, but this coverage does have some gaps. For instance, Part B will cover only 80% of your medical expenses after you hit the deductible, with no out-of-pocket maximum. That means you could be on the hook for a significant bill if... READ MORE

Meet Virtual Expo’s Social Security expert 

By Margaret Foster
Posted on November 02, 2021

Economist Mark J. Warshawsky, a keynote speaker at this year’s Virtual 50+Expo, has been focused on the coming insolvency of Social Security for most of his career. “Changes are needed. It’s an old-fashioned program,” said Warshawsky, senior fellow at the American Enterprise Institute in Washington, D.C. “Action needed to be taken years ago, but our system is pretty... READ MORE

Now is your chance for Medicare changes

By David Olsen
Posted on November 01, 2021

Despite what you might think — based on the year-round onslaught of Medicare commercials and the flyers arriving in the mail — you can’t just make changes to your Medicare coverage any time you want. Most people who want to make adjustments must wait for the Medicare Annual Enrollment Period (AEP), which runs from Oct. 15 to Dec. 7 each year. That’s when you can do things... READ MORE

What to do should a financial crisis arise

By Elliot Raphaelson
Posted on October 28, 2021

As the economy struggles to regain its footing after the pandemic recession, many Americans are facing serious financial problems. If you are one of them, I recommend an excellent new book by Washington Post personal finance columnist Michelle Singletary. It is very easy for individuals facing financial problems to make poor decisions. For such people, What to Do with Your Money When... READ MORE

The smarter way to pay estimated taxes

By Rocky Mengle and Kevin McCormally
Posted on October 26, 2021

If you’re still working, you probably don’t need to worry about estimated tax payments. Withholding on your paychecks should ensure compliance with the tax system’s pay-as-you-earn demands. But if you’re retired, chances are you need to make estimated payments. You’re basically supposed to figure how much tax you’ll owe for the current year and send it along to the IRS in... READ MORE