Today's column addresses questions about eligibility to take retirement benefits at 70 after taking spousal benefits at full retirement age, filing early as the lower earner or delaying and finding current and future benefit estimates after filing for other benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner. See more Ask Larry [...]

The coronavirus has wreaked havoc all across America, with skyrocketing unemployment, a volatile stock market and countless businesses going under. One group that has been hit particularly hard has been retirees, or those looking to retire soon. Between loss of income, dropping 401(k) values and general uncertainty, it’s been a hard time to plan a stable financial future. Find Out: How To Protect Your Retirement Savings During the Coronavirus Pandemic Yet, there [...]

If you're a college football fan, perhaps you've thought about retiring to Alabama, once fans can once again congregate past COVID restrictions. But there are also non-football reasons to spend your golden years in the Yellowhammer State — like relatively low taxes for retirees. While most people end up paying the highest income tax rate, it's not too bad at only 5%. Plus, Social Security benefits and payments from traditional [...]

When you're planning for retirement, it's fun to contemplate all the travel, rounds of golf and restaurant meals you have ahead of you. You've earned it! However, many retirees don't take into consideration the cumulative impact of federal and state income taxes on withdrawals from their nest eggs. Most forms of retirement income — including Social Security benefits, as well as withdrawals from your 401(k)s and traditional IRAs — are taxed [...]

After years of long work hours, responsibilities at home with the kids and busy schedules, retirement can be a great time to reconnect with a spouse — so long as they’re aware of each other’s goals for this next chapter. Retirement Tip of the Week: Before you even think about leaving the workforce, talk to your husband or wife about your ideas for the future, and ask to hear about [...]

The COVID-19 pandemic and shutdown upended our lives on multiple fronts. While enduring widespread unemployment and the economic downturn, many Americans leaned on their retirement accounts to help make ends meet. If you experienced retirement savings setbacks, consider using these strategies to refill your retirement bucket in 2021 and beyond. Reassess your situation “If you had to take a 401(k) loan or withdrawal, empty an IRA out or dig into [...]