How to spend your money without guilt
Want to spend a little extra money in retirement without the guilt? There are some strategies you can use. Think of them as “permission to spend” rules. They can allow you to splurge a little without throwing your retirement savings plan off track or causing you sleepless nights worrying about outliving your money. After all, we’ve been conditioned to save as much as possible, so... READ MORE
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
Life insurance helps protect IRA values
Unfortunately, the SECURE Act of 2019 made it more difficult for the beneficiaries of IRAs and other retirement accounts to postpone distributions from these inherited accounts. No longer can most non-spouse heirs “stretch” these accounts out over their lifetimes and thereby preserve favorable tax deferral options. Instead, as a result of the new law, if you inherit an IRA from... READ MORE
Surviving spouse? Protect your finances
The death of a spouse is traumatic. Rather than having time to grieve, the surviving spouse has to make decisions and handle a daunting number of legal procedures and forms when all they really want to do is take the time to process their loss. Adding to the unpleasantness, they often quickly discover the financial implications. In what’s known as the widow’s penalty, losing a spouse ... 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
