Credit unions share profits with members
In the past year, the Federal Reserve has employed several interest rate hikes in an effort to stabilize the U.S. economy. Depending on your situation and financial institution, your debt may have gotten more expensive or your savings might have grown. As rates continue to change, it’s worth exploring whether you’re still getting the best offer around. Compared with big banks, a... READ MORE
Keeping up with the federal gift tax rules
Thanks to the gift tax exclusion (a.k.a., the gift tax limit or gift tax exemption), you can give money or property each year to family members, friends and others without having to pay any federal gift tax or even file a gift tax return. The federal gift tax rates range from 18% to 40%, so avoiding the tax can save you a lot of money. And not having to bother with a gift tax return can... READ MORE
Understand the new RMD Rules for 2023
Dear Savvy Senior, What are the new rules on required minimum distributions from IRAs and 401(k)s? I will turn 72 this year and want to be clear on what I’m required to do. —Planning Ahead Dear Planning, Thanks to the SECURE Act 2.0 that was passed by Congress last December, there are several new rules that affect required minimum distributions (RMDs) from traditional IRAs,... READ MORE
Beware scammers impersonating banks
Consumer scams are getting more and more creative with every year that goes by. The Federal Trade Commission (FTC) reported that consumers lost more than $5.8 billion to fraudsters in 2021, an increase of more than 70% over the previous year. And the data for 2022 is expected to be even higher when it’s released, as criminals experiment with more intricate and inventive scams. One of ... READ MORE
Devices that make driving easier, safer
Dear Savvy Senior, Do you know of any car gadgets that can help older drivers? I drive a 12-year-old car and have arthritis in my neck, back and knees that limits my mobility, making it more difficult to get in and out of the car and look over my shoulder to back-up. —Almost 80 Dear Almost, There are a number of inexpensive products you can purchase that can easily be added to... READ MORE
Best places to find a financial adviser
Last month, we wrote about “How to select the right financial adviser.” This month, we complete that article with some good places to look for one: Certified Financial Planner Board (cfp.net). The CFP Board lists vetted advisers — you can sort by criteria such as location, gender, etc. Everyone on this list will have that CFP designation, which means regular training and updated... READ MORE
How to create your retirement glide path
In investing terms, a “glide path” describes how a mix of investments changes over time. Typically, the mix gets more conservative — with fewer stocks and more bonds, for example — as the investor approaches a goal such as retirement. You also can create a glide path into retirement by making gradual changes in your working and personal life in the months or years before you plan ... READ MORE
Today’s best conservative investments
Many readers have indicated they are concerned about future returns on both stock and bond investments. Returns for both markets overall were poor in 2022, and many analysts are not enthusiastic about returns in 2023. What are the alternatives for conservative investments this year? Because the Federal Reserve is likely to continue raising interest rates in 2023, albeit at a more... READ MORE
Ways to make extra money in retirement
More than 1 in 4 retirees say they’re spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute. With inflation at 6.5% in December, it’s not surprising that savings aren’t going as far as they used to. But there are ways to bring in extra income without taking on a full-time job. Some part-time gigs — such as tutoring, pet ... READ MORE
How to find and claim forgotten assets
Dear Savvy Senior, A while back, I read an article about some online tools that can help people search for lost or forgotten money left behind by their deceased relatives, but I’ve misplaced it. Can you help me with this? My mom, who passed away in December, was always bad about keeping up with her money, so I’m wondering if there was anything she left behind. —Searching... READ MORE
Money 2025
