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An inherited RIA requires you to take annual distributions no matter your age, but there are different rules depending on your relationship to the late account holder and how old they were when they passed. We break down some of your options.

Your options when you inherit an IRA from your spouse

There are several options for you if you inherited an IRA from a spouse. However, those options do change depending on how old your spouse was.

If your spouse was under 70 ½ years of age

You have four options for your inherited IRA.

  1. Transfer the inherited IRA and assets into your own IRA — With this option, you will transfer the inherited assets into your existing or new IRA. Money is available immediately, but there are still withdrawal penalties if you do so before age 59 ½. …


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Holidays look a little different this year, but that doesn’t mean you can’t stick to your budget. Every year the increase in only holiday shopping increases, but this year it’s expected to increase by unprecedented amounts. Due to COVID-19 and statewide restrictions, many are choosing to shop online this year. Similarly, many are also facing unemployment, so holiday shopping plans may take a hit. Let’s look at some ways to save money around the holidays without sacrificing any of the fun.

Set up a holiday budget

The last couple of months of the year are when we tend to throw our budgets out the window. It’s easy to go into the holiday season with the best intentions of sticking to a budget, but when the time comes, it’s common to get wrapped up in the holiday spirit and spend extra funds that we haven’t budgeted for. The single best way to not overspend and save money around the holidays is by making a realistic budget and sticking to it. …


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No one likes thinking about end-of-life situations, but it’s essential to take care of some necessary items to make things easier on your family when you die. It will save a lot of heartache and time on your loved one’s part if you have everything in line.

Have a will in place and update it accordingly

Making a will doesn’t have to be complicated, but many Americans put off writing one for several reasons. Generally, there are rules in place where the deceased belongings will go to in the case of larger assets. This includes items such as bank accounts, retirement accounts, and other life insurance policies.

When it comes to wills, these are your two biggest…


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If you’re a senior or nearing retirement age then your financial needs will differ from those who are in their 20s, 30s, or 40s. It’s important that you find the right advisor to suit your individual needs.

Can all financial advisors be senior financial advisors?

It’s true that most certified financial planners have experience with retirement planning regardless of if it’s their area of expertise or not. Financial planning is essentially your current strategic plan based on your current paycheck, how you spend and budget, and making smart (but sometimes risky) investments to help ensure a healthy financial future.

Those who are nearing or at retirement age are less likely to take part in higher-risk investments. Also, as you approach retirement age, it’s important to maximize your ROI so that you can cover costs, inflation, and other unexpected expenses throughout your retirement. The balance between a lower investment risk while still maximizing your return can be tricky, so an advisor skilled in retirement planning can help you make the right decisions. …


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The 2020 US presidential election has already had effects on your finances. It’s important to be prepared for any potential financial changes that could come with the presidential elections and how to prepare for them.

Are my investments in the stock market stable?

Generally in the year leading up to presidential elections, the market tends to show a more muted performance-that is the market underperforms slightly. For the most part, this doesn’t affect portfolios in a major way, but it is something to keep in mind.

2020 has been a rollercoaster year for the stock market, with unprecedented highs and lows. The coronavirus pandemic and subsequent economic fallout, along with the CARES act and government stimulus bill have created an unstable market bouncing up and down. After President Trump recently ended up in the hospital with COVID-19, the market took yet another tumble. …


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2020 has been a difficult year for many American’s finances. However, mortgage rates keep falling to record lows. When should you refinance your home?

Mortgage rates are falling at a record pace due to COVID-19

The COVID-19 pandemic has caused mortgage loan rates to fall pretty dramatically. Throughout the course of 2020, mortgage rates have hit a record low four times this year. On average, a 30-year fixed-rate mortgage loan has dropped to around 3.13% APR. The combination of more Americans working from home and low-interest rates have caused an increase in houses selling fast.

Should I always refinance my mortgage if interest rates are lower?

For many, it seems like refinancing your mortgage as rates fall is an obvious choice. But, there are some considerations to keep in mind that may make a new loan not worth it. If you are in the house that you see yourself staying in for the long term and not planning on moving in the next five to ten years, then it’s probably worth it to refinance. If you’re planning on selling soon, refinancing probably isn’t the best option, as fees will accrue and will be more than you would potentially save. …


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Salary negotiations can be tricky no matter where you are in your career. However, it’s important to approach negotiations when you are close to retirement age with both confidence and caution.

Know your value

The most important part of negotiating your salary is knowing your value as a worker. As you approach retirement, you are in the unique position of having decades of experience under your belt. Your salary should reflect that. It’s true that younger workers may bring new ideas to a workplace, but your experience is just as important. …


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The Open Enrollment period is coming up and if you are near or at retirement age, you may be thinking about your options. Healthcare costs are a huge source of stress on retirees, so it’s important to know your options.

What is Open Enrollment?

Open Enrollment is the time period where you are able to review your health insurance plans and make changes as you see fit. You may want to sign up for a new health insurance provider, change your current plan, and more. These changes will begin the following year, on January 1.

What are the retiree options for health coverage?

You have options for health coverage when you retire. Your health insurance can continue through COBRA for up to 18 months after you retire. Most workers sign up for Medicare Part A or B before they retire so that they do not lose health coverage. Finally, supplemental health care insurance can come into play if you want more coverage than what is being offered. …


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The COVID-19 pandemic has shown us the importance of having a care plan to utilize when needed. While future pandemics are uncertain, there may be times where staying home is the safest option. If you are in a high-risk group, staying home during cold and flu season is beneficial. Here are some things to think about when putting together your care plan and how it can financially benefit you.

Have someone who can check in on you

If you live alone, have a friend, family member, or caregiver check in with you every day. This doesn’t have to be a long ordeal, a quick call, text, or email does the trick. If you are staying home because you are in a high-risk group and aren’t joining in the activities you normally do, then consistent check-ins with others are a must. …


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If you’re close to retirement or have already retired, you may feel like you can finally relax while living out your golden years. However, there are retirement risks that could threaten your standard of living in retirement. We take a look at the top 5 retirement risks and how to prepare.

You overspend and your savings accounts suffer because of it

Millions of Americans overspend and even more, don’t have a budget. It’s easy to overspend when you are working and have an income coming in. You might find yourself in consumer debt or not allocating enough savings to retirement or emergency funds. This becomes even more critical once you are at or approaching retirement age because you will be living on a fixed income that doesn’t leave much room for unexpected purchases. …

About

Senior Finance Advisor

Your retirement planning resource. We connect individuals, seniors, retirees and families to local investment and financial advisors. Call today: (888) 346–0211

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