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
Life insurance has advantages over IRAs
Although Ed Slott (IRAhelp.com) is an expert in IRAs and other retirement plans, he consistently points out that permanent (that is, whole or universal) life insurance has significant advantages for long-term retirement planning. The ramifications of the SECURE Act of 2019 only magnify these advantages in contrast to investing through taxable retirement accounts. Here are some aspects of ... READ MORE
How to select the right financial adviser
Figuring out what to look for in (and where to look for) a financial adviser can feel overwhelming, whether you are looking for the first time or interested in changing who you work with. When evaluating the top factors to consider, people commonly point to someone who gets good investment returns or who has a lot of credentials or experience. These are indeed important aspects, but... READ MORE
