Don’t hold alternative assets in your IRA

By Elliott Raphaelson
Posted on August 19, 2024

In a recent column for InvestmentNews, IRA expert Ed Slott highlighted the potential problems of holding alternative assets in IRA accounts. [Ed. Note: The term “alternative assets” generally refers to illiquid assets, such as real estate, artwork, collectibles and non-publicly traded investments.] Slott explained that, in a recent case involving the estate of the late actor James... READ MORE

Beware AI-generated audio, video fakes

By Courtesy of ZeroFox.com
Posted on August 13, 2024

The person at the other end of that video call certainly looks and sounds legitimate. Maybe it’s your grandchild or someone you’ve bonded with in the past. Yes, it’s odd that they’re asking you to send them money or provide sensitive personal information, but you trust them. Just one problem: They’re not real. Their image and voice have been generated through artificial... READ MORE

Why you most likely need a digital will

By Jim Miller
Posted on July 18, 2024

Dear Savvy Senior,  My wife and I had our estate plan — including a will, power of attorney and advance directive — drawn up about 10 years ago, but recently read that our plan should include a digital will too. What can you tell us about this?  —Almost 80  Dear Almost,  If you or your wife spend much time online, adding to your estate plan a separate digital will —... READ MORE

How to protect yourself from cybercrime

By Jim Miller
Posted on July 15, 2024

Dear Savvy Senior,  I spend a lot of time online. I love the convenience of paying bills, shopping and keeping up with my grandkids on Facebook and Instagram.   But a few months ago, my computer was infected with malware, and I just found out some cyber crook opened up a credit card using my identity and went on a shopping spree. Do you have some simple tips to help me stay safe... READ MORE

Book covers every aspect of retirement

By Elliot Raphaelson
Posted on July 10, 2024

I frequently read and review books for readers of my column. I recently read Retirement Watch: The Essential Guide to Retiring in the 2020s (Regnery Capital) by Bob Carlson, a retirement expert. I recommend it.  Retirement Watch covers all the essential components of retirement planning, including the main reasons why some retirement plans fail, mistakes retirees make regarding... READ MORE

Expect to inherit an IRA? Plan ahead

By Antwone Harris, MBA, CFP®
Posted on June 26, 2024

Individual retirement accounts represent an important part of the legacy many of us intend to pass on, but inheriting an IRA presents challenges that demand adequate planning and strategies. Notably, the SECURE Act and, more recently, SECURE 2.0 Act have ushered in sweeping changes to retirement and estate planning, especially for those inheriting retirement accounts. Under the new... READ MORE

Mediation for family caregiving conflicts

By Jim Miller
Posted on June 24, 2024

Dear Savvy Senior, Are there any services that you recommend that can help families resolve conflicts over the care of an elder parent? My 86-year-old father was recently diagnosed with early-stage Alzheimer’s disease, and to make matters worse, my sister and brother and I have been perpetually arguing about how to handle his future caregiving and financial needs. —Conflicted... READ MORE

Switch banks for higher savings interest

By Michael Joseph, CFA
Posted on June 13, 2024

Interest rates are pretty high these days. That’s great for retirees who need their savings to generate income. But don’t assume that just because rates are high you’re automatically getting them. The going rate at many banks and brokerage houses is abysmally low. The national average interest rate paid on savings is 0.45% (as of May 2024), according to the Federal Deposit... READ MORE

What pet insurance covers (and doesn’t)

By Sarah Schlichter
Posted on June 12, 2024

If you’ve ever spent a fortune at the emergency vet, pet insurance might sound appealing. By paying some of your vet expenses, these policies can save you money and help you make care decisions based on what’s best for your pet rather than what you can afford.  But insurance doesn’t pay for everything. Before you buy pet insurance, you’ll want to understand exactly what it will... READ MORE

Investing in rare books and manuscripts

By Elliot Raphaelson
Posted on May 29, 2024

If you are a bibliophile, you may want to consider collecting rare books and manuscripts. The markets for rare books and manuscripts are currently very active. For example, in 2022, book and paper auction sales totaled $1.06 billion, according to Rare Books Hub. I’ll explain some issues to consider if you are interested in investing in rare books and papers. One advantage of... READ MORE