The Looming Question of Long Term Care

When financial planners assess the sustainability of an individual’s retirement assets, one significant uncertainty looms large: the cost of long-term care. These expenses are not covered by Medicare and should not be underestimated. According to, the median monthly cost of a private room exceeds $9,500, with an annual cost of over $50,000 for a […]

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Financial Behavior in Retirement Years

Traditional retirement planning models usually assume that our spending habits will remain consistent during retirement-simply adjusting each year for inflationary increases in the cost of living, travel, dining out, and other activities.

However, is this assumption accurate? A recent study conducted by the RAND Corporation, using data from the University of Michigan’s Health and Retirement Survey, […]

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Influential Passports: A Global Perspective

A U.S. passport primarily serves as a travel document, allowing you to enter foreign countries. With an American passport, you can journey to 184 out of 227 countries and territories without applying for a visa. Considering the appeal of American tourists globally, you might assume that the U.S. passport would be the world’s most potent […]

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The Social Security Choice

If you have at least 10 years of work history, then reaching Social Security age comes with some choices – begin drawing on your Social Security benefit or wait? Should you begin to take those benefits as soon as you reach 62 years? One could invest the income received. Or, should you wait until full […]

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Social Security And Inflation

Since 1975, the Social Security Administration has adjusted benefit payments to account for inflation. The goal is to have what recipients receive to keep pace with inflation. For the past decade, these inflation adjustments have been modest, as you can see in the chart. In 2009, 2010 and 2015, there was no […]

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Costly States

Which state has the highest (lowest) taxes? The answer turns out to be surprisingly complicated.

If you look at state income taxes, and assuming a decent to high level of income, California immediately jumps to the bottom of the list. It’s highest state income tax bracket is 13.3% — higher than second-place Hawaii […]

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Future Health Care Costs

Every year, the Milliman insurance industry consulting firm issues a report that estimates the average cost of health insurance and copays across the American population. The most recent study looked at couples who are assumed to live to age 88 and 90, and takes into account premiums and out-of-pocket expenses for a Medicare Part […]

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Is It Time to Review Your IRA Estate Planning Strategies?

The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed in December 2019 as part of a larger federal spending package, included a provision that warrants special attention from those who own high-value IRAs. Specifically, the “stretch” IRA provision — which permitted nonspouse beneficiaries who inherited IRAs to spread distributions over their […]

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Tips for Targeting Your Retirement Savings Goals

What if you’re saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life’s toughest challenges, it may help to focus less on the big picture and more on the details.

Regularly Review Your Assumptions

Whether you use a simple online calculator or run a […]

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The SECURE Act Offers New Opportunities for Individuals and Businesses

The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you. Unless otherwise noted, the new rules apply to tax or plan […]

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