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

What to do if you have debt in retirement

By Kate Ashford
Posted on March 28, 2024

A growing number of older adults are in debt in retirement, according to the 2022 Survey of Consumer Finances from the Federal Reserve. Among people ages 65 to 74, the share with debt rose to 65% in 2022, up from 50% in 1989 (the first time this question was asked). For people 75 and over, 53% report holding debt in 2022 versus 21% in 1989. This is a big challenge, since people’s... READ MORE

Estate and inheritance taxes vary by state

By Elliot Raphaelson
Posted on March 22, 2024

Federal estate taxes apply equally to all, no matter where in the United States they live. But state estate taxes and inheritance taxes vary significantly among states. Estate taxes are paid by the estate based on its size at the time of the estate owner’s death. Both federal and state estate taxes have exemptions. Taxes, if any, are based on the size of the estate above the exemption... READ MORE

What do you think of Medicare Advantage?

By Kiplinger Consumer News Service
Posted on March 19, 2024

The Centers for Medicare & Medicaid Services (CMS) is asking for your help as it seeks to increase the transparency of the privately managed Medicare Advantage (MA) plans and to strengthen the program’s data capabilities. While traditional Medicare — Parts A and B — covers a large portion of medical expenses after you turn 65, there are things Medicare doesn’t cover [Ed.... READ MORE

Five potential uses for medical cannabis

By Suzy Cohen
Posted on March 08, 2024

Cannabis is an herb often referred to as marijuana. Most people think of it for recreational use, but it has medical benefits just like other herbs. In 1839, Irish physician Dr. William O’Shaughnessy introduced cannabis to Western medicine. After that, it was used as one of our primary go-to medicines for more than 200 years. Its use has been controversial for decades. Unlike the... READ MORE

Retiring isn’t easy — even for specialists

By Liz Weston
Posted on March 07, 2024

A couple of years ago, I wrote a column about how to have a retirement worth saving for. It ended with a quote from personal finance educator Barbara O’Neill, who reflected on how the pandemic disrupted many retirees’ plans. “It wasn’t just two years lost; it was two good years,” O’Neill said then. “You don’t know how many of those you have left.” One of my younger... READ MORE

Skip the cooking and have meals delivered

By Jim Miller
Posted on March 01, 2024

Dear Savvy Senior, Can you recommend some good healthy meal delivery options for seniors who don’t cook or get out much? My 80-year-old father, who lives alone, has a terrible diet, and I worry about his health. —Concerned Daughter Dear Concerned, There are actually a wide variety of healthy meal delivery options that can help non-cooking seniors who live at home. Here are... READ MORE

Find room for philanthropy in any market

By Peter J. Klein
Posted on February 26, 2024

We have all been feeling the squeeze as of late, and philanthropy is feeling it, too. The costs of things we buy, be it food, clothing or even entertainment (have you seen the price of a baseball game recently?) seem only to go one way — higher. Economists blame inflation, pandemic remnants and supply-chain challenges. We’re left with two issues: The things we buy are increasing in... READ MORE

Don’t be fooled by ‘simple’ scam emails

By Jamie Feldman
Posted on February 20, 2024

Scams have become ubiquitous in the digital age and are becoming more difficult to spot. According to the Better Business Bureau, the most recent iteration includes some key details that, to the blind eye, may fool you into thinking it’s legit. Like many other scams, this one comes via email and will appear to be from someone you know. “The message looks harmless and casual — like... READ MORE

Enlist an entourage to make life easier

By Katherine Reynolds Lewis
Posted on February 07, 2024

If it takes a village to raise a child, it can take a small town to support an aging adult. As we get older, the range of professionals and services we rely on for physical, financial and daily living support expands and shifts. They are your entourage as you age. Who will be your entourage? The people and services that support you fall into these categories: Health care. For much... READ MORE