THE ONGOING CORONAVIRUS pandemic has pushed many people to make long-delayed decisions about estate planning. Many people will try the do-it-yourself route via various websites or books. Internet DIY websites make it easy to download forms, but there are mistakes people make when they try do-it-yourself estate planning. Here are some issues do-it-yourself estate planners might run into: You need to know what to ask. Sometimes your situation is complicated. Estate laws [...]

You'll probably count on Social Security to provide you with a fair amount of retirement income. In fact, your benefits could end up constituting your main income source. As such, it's important to approach Social Security strategically. Here are three things you can do to make the most of your benefits and enjoy retirement to the fullest. 1. Delay your filing as long as possible The monthly Social Security benefit you're entitled [...]

LOW- AND moderate-income workers who save for retirement in a 401(k) plan or individual retirement account could qualify for the saver's credit. This retirement savings contributions credit can be claimed in addition to any tax deduction you earn by contributing to a traditional retirement account. Here's how to qualify for the saver's credit on your 2021 tax return: Check the saver's credit income requirements. Save in a qualifying retirement account, such as a [...]

When you’re starting out, your credit score has a big impact on your financial health. It directly affects your ability to get a credit card or a loan, and it’s the first thing lenders check when you apply for a mortgage. But what if you’re retired? You might not think your score matters much once you reach your golden years, but it does. In fact, maintaining good credit after you’ve [...]

You've probably spent a good portion of your life planning for (and perhaps worrying about) retirement. But once you're actually there, will you be able to enjoy it? According to the Holmes-Rahe Stress Inventory, retirement ranks No. 10 in a list of the top 43 stressors -- and that's after death, divorce, and going to jail. You certainly didn't work that hard all your life, only to wind up overwhelmed [...]

Pre-retirees and retirees have always faced several serious retirement planning challenges. On the one hand, it’s great that many people are living much longer lives than their ancestors. On the other hand, it’s not easy to be financially secure, physically healthy, and emotionally fulfilled for 25 to 30 years in retirement. And the current pandemic only makes living well in retirement more difficult. Fortunately, we can learn from people who’ve [...]