Retirement

We have been asked to explain the reason why some financial institutions ask for the name of a person that is often referred to as a “trusted contact.” There is frequently confusion about what rights that person has, specifically if they have access to any account their name is provided for.  The simple answer is,

In the context of bank accounts and who their beneficiaries are, TOD means transfer-on-death, and POD means payable-on-death. These types of designations can play an important role in your estate planning by enabling banks to transfer funds directly to your heirs without the need for probate.  This has a broader ramification than you may imagine.

Retirement is different from your working years–you’re no longer putting in time and collecting a paycheck regularly. Creating a sustainable paycheck in retirement is, however, an art worth mastering. Without a full-time employer, retirees are left with the task of cobbling together a sustainable cash-flow strategy that will not only cover their expenses, but also

According to the US Census Bureau, about 1 in 5 people over the age of 60 have married at least twice. However, all marriages are not created equal. The Schwab Center for Financial Research lets us know that “Unlike those just starting out in life, many older individuals have adult children, substantial assets, and established

We’re inundated with so many changes to rules related to retirement, that we oftentimes tell ourselves we can just ignore them and “focus on them later.” However, there are some changes you might want to pay attention to now. For example, the changes made by the Secure Act:  Firstly, the Secure Act interest and penalties

Continuing on from last week, did you decide what kind of retiree you are? Regardless of whether you think of yourself as the Dynamo, the Philanthropist, the Homebody, or the Adventurer, it is recommended that you start building your strategy early.  Along with newfound freedoms, retirement can also mean confronting uncomfortable topics and scenarios. The

“What kind of retiree are you?” An interesting concept that we had some fun diving into, and wanted to share it with you.  Are you “The Adventurer”? Do you want to stay active, are you in good health, and have you always wanted to fill up your passport pages?  Are you “The Philanthropist”? Do you

How should couples save for retirement if only one is working? Saving for two when one is the primary or sole breadwinner can be challenging. It takes proper strategizing that goes beyond just watching your spending. Often, couples think that there will never be a time when they can actually just enjoy life. Thankfully, that’s

Sometimes there is value in knowing. Social Security was never meant to cover all your expenses in retirement, and, unless you work in the public sector, pensions are rare. Knowing there’s another payment coming in like clockwork every month, or that your savings have some protection from a volatile market, can ease possible worries about

Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either.  However, given that you don’t have the income from a job