How to teach adult children about money
Jane and John, who are parents to four adult children, have amassed substantial wealth during their careers. To experience their children enjoying some of this wealth — and to take advantage of the current high federal estate tax exemption amounts, which could potentially be reduced — they would like to give away some of it during their lifetime. However, they are concerned that... READ MORE
How to invest in cryptocurrency indirectly
Cryptocurrencies are inherently cryptic — it’s right there in the name. And if you follow Warren Buffett’s advice to never invest in businesses you can’t understand, it may be hard to justify investing in a currency made of math instead of gold. But it’s also hard to ignore some cryptocurrencies’ astounding performance: The price of one bitcoin jumped from just under $5,000... READ MORE
Tax-smart strategies for gifts to charity
While each of us has our own very personal motivations for, and approach to, giving, Americans as a group continue to be the world’s most charitable nation. In 2020 alone, annual charitable gifting in the United States totaled over $471 billion (with gifts by individuals comprising 69% of that total). And even though income and estate tax advantages aren’t the main reasons driving... READ MORE
Buying insurance to fill Medicare’s gaps
Each year, older adults have important decisions to make regarding their Medicare coverage. Original Medicare provides a number of great benefits to enrollees, but this coverage does have some gaps. For instance, Part B will cover only 80% of your medical expenses after you hit the deductible, with no out-of-pocket maximum. That means you could be on the hook for a significant bill if... READ MORE
Meet Virtual Expo’s Social Security expert
Economist Mark J. Warshawsky, a keynote speaker at this year’s Virtual 50+Expo, has been focused on the coming insolvency of Social Security for most of his career. “Changes are needed. It’s an old-fashioned program,” said Warshawsky, senior fellow at the American Enterprise Institute in Washington, D.C. “Action needed to be taken years ago, but our system is pretty... READ MORE
Now is your chance for Medicare changes
Despite what you might think — based on the year-round onslaught of Medicare commercials and the flyers arriving in the mail — you can’t just make changes to your Medicare coverage any time you want. Most people who want to make adjustments must wait for the Medicare Annual Enrollment Period (AEP), which runs from Oct. 15 to Dec. 7 each year. That’s when you can do things... READ MORE
What to do should a financial crisis arise
As the economy struggles to regain its footing after the pandemic recession, many Americans are facing serious financial problems. If you are one of them, I recommend an excellent new book by Washington Post personal finance columnist Michelle Singletary. It is very easy for individuals facing financial problems to make poor decisions. For such people, What to Do with Your Money When... READ MORE
The smarter way to pay estimated taxes
If you’re still working, you probably don’t need to worry about estimated tax payments. Withholding on your paychecks should ensure compliance with the tax system’s pay-as-you-earn demands. But if you’re retired, chances are you need to make estimated payments. You’re basically supposed to figure how much tax you’ll owe for the current year and send it along to the IRS in... READ MORE
Replace funeral with a celebration of life
Some older adults tell their families, “I don’t want a funeral; I want to have a party.” Others request no funeral or party at all. But some families feel that doing nothing isn’t quite right. In any of these circumstances, a funeral celebrant can help create a “celebration of life” tribute ceremony that can be a beautiful, healing experience for everyone who... READ MORE
Volunteer options you may not know of
My earlier column on fulfilling ways to spend retirement continues to generate inspirational responses from readers, many of whom have sung the praises of volunteering. You also named service groups that you have found rewarding. I’ll cite a number of them for those of you in search of a cause that strikes a chord. Many of your efforts focus on children. After working for more than... READ MORE
Money 2024
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