What pet insurance covers (and doesn’t)
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
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
How identity thieves exploit your trust
Con artists are disguising themselves as well-known brands to steal your money and personal information. Want to know what to do about it? Kiplinger spoke with Doug Shadel, managing director for Fraud Prevention Strategies, LLC, a Seattle-based consulting firm. He served as strategy director for AARP’s Fraud Watch Network for nearly 20 years. You’ve been on the front line of... READ MORE
How to leave a Medicare Advantage plan
About half of Medicare Advantage members left their plans by the end of five years, according to a 2023 study from Brown University School of Public Health. Most switched to another Medicare Advantage plan, but not necessarily because they liked Medicare Advantage. Returning to Original Medicare can be tricky after you first sign up for Medicare Advantage because you may not be able to... READ MORE
Spending retirement savings confidently
It can be difficult for financially conservative people to spend retirement savings after a lifetime of cautious saving. Finance personality Dave Ramsey stirred controversy recently by advocating for an 8% retirement withdrawal rate, double the traditional 4% rule. Although some of the criticism was warranted, it did highlight an interesting issue: While many people aren’t saving... READ MORE
It’s not your parents’ retirement anymore
Now that retirement spans more years than ever, you might need to rethink how you envision that stage of your life. Although Americans are retiring a little later than they did 30 years ago, they’re also living longer. Retirement isn’t a blip on the life radar — it’s a significant chunk of time. While your parents may have retired and never worked another day in their lives,... READ MORE
The biggest regrets financial planners see
The old adage is to live with no regrets. It is a great mantra, to be honest, and we regret the things we don’t do much more than the things we do. Thinking back on my life, I have two large regrets. First, I regret not doing study abroad in college over winter break, as I sat home and missed out on the experience of a lifetime. Second, I definitely regret not having those... READ MORE
Five steps to take before marrying after 50
Getting married when you’re an older adult comes with complications: You and your spouse may have assets from years of working, and you may have children from previous relationships. Tying the knot could affect your Social Security benefits if you’re widowed or divorced. You will need to update estate documents and beneficiary designations and may even want to consider a prenuptial... READ MORE
Four questions to ask your financial planner
Only one-third of men correctly estimated how long a 60-year-old man in the U.S. could expect to live, according to a 2022 TIAA Institute survey. And fewer than half of women got it right for a 60-year-old woman. Advisers call this longevity literacy — understanding how long you’ll live in your retirement years. It’s a crucial part of your retirement strategy, and it’s important... READ MORE
What to do if you have debt in retirement
A growing number of older adults are in debt in retirement, according to the 2022 Survey of Consumer Finances from the Federal Reserve. Among people ages 65 to 74, the share with debt rose to 65% in 2022, up from 50% in 1989 (the first time this question was asked). For people 75 and over, 53% report holding debt in 2022 versus 21% in 1989. This is a big challenge, since people’s... READ MORE
