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In this episode, we tackle Richard’s question about why it might make sense to use IRA (non-Roth) accounts first to pay for long-term care expenses. We’ll explain the reasoning behind this...
Health care and inflation are among the factors that can derail retirement budgets....
My wife and I have been Verizon customers for over 20 years and, now that we’re retired, are looking for ways to reduce our monthly expenses. My mother was on our plan and recently passed away s...
You might need to save more than you think you do. Here are some expenses that might be larger than you expect, along with ways to ensure you save enough....
I am getting close to pulling the pin, but my house was built in 1994 and it’s showing its age. It needs new windows, a new garage roof, a new furnace and a roof. And to top it off, we have a ca...
Is anyone familiar with this idea by William Bernstein ? He says to set up a part of your portfolio to cover necessary expenses in retirement and then invest the rest. Include all safe payouts like So...
Exam preparation often involves securing textbooks and study materials, and making a time and effort commitment. But it’s important not to see this as just a cost - but rather as a strategic inv...
Fidelity’s 16th Annual Resolutions Study finds unexpected expenses and inflation are top…...
I’m retiring in a few weeks, and we’ll have enough in our taxable (brokerage) account to cover 3-4 years. I decided to keep about a year’s expenses in a HYSA, and put the rest in a t...
Being financially independent means having enough passive income to cover your essential or desired living expenses. A common guideline is to aim for a net worth equal to 25 times your annual expenses...
Most people think of Medicare – not Medicaid – when considering government health care for older Americans. However, Medicaid, the program that covers the medical expenses of the poor, spe...
We own our home and will retire in 2-3 years (me at 70, my wife at 65). We have adequate retirement income to cover expenses. We live in a small town that is unfortunately quite a ways from either of ...
The most effective way to save for retirement is through a workplace-based retirement plan, but many workers lack access to one. To help close this gap, a number of states have adopted programs that r...
Long-term care is a reality that many retirees will face, but the question is—how will you pay for it? In this episode, we break down the three primary ways to cover long-term care expenses. We&...
I’m 60, and I’d planned to retire in 18 months at 62. Our current savings is about 20x our expenses, but I was hoping to get to 25x. Well, our company has offered many of us a voluntary se...
The earlier you start planning, the more control you have over your future, empowering you to make informed decisions and feel more secure....
This post is a follow-up to our post of April 16, 2022 regarding planning for non-recurring expenses in retirement, with emphasis in this post on long-term care costs. We also build on the example dis...
Paul and Sandra McCrossan live on such high ground in Toronto that their neighborhood is a popular rest stop for migrating birds. But sodden ground affected their aerie when the city experienced its h...
Underestimating expenses is a good way to run out of money. Learn about commonly overlooked retirement expenses. You'll be surprised by #1. The post 10 Major Retirement Costs Overlooked by a Many Amer...
It's likely that most of us will need some kind of long-term care as we age, so it'd be a good idea to start planning for those expenses now....
I'm 60M, two kids still in high school, just bought a house to ride out the high school (and college? dunno) years. I have good income and decent-not-great retirement accounts for my age. My kids also...
The Internet is awash with talk of money-saving tips. Myriad savings guides, articles, and booklets on how to keep more of your own money adorn the World Wide Web. Truthfully, most of us gloss over th...
Long-term care is the major uninsured expense for most retirees. Neither private health insurance nor Medicare covers long-term care expenses, although Medicare provides for care in a skilled nursing ...
As stated in the title. What is the optimal amount of money to keep in liquid cash while one is in retirement? I currently have about 3.5 years' worth of expenses in a combination of a money market ac...
Be sure to read our latest Advisor Perspectives article about the “buckets” used to fund essential and discretionary expenses in retirement under the Actuarial Approach....
Managing expenses is critical for any business, especially for healthcare providers facing rising costs and lower reimbursement rates. Nitra offers ... Read more...
How much do retirees really spend in retirement? Does the Social Security Primary Insurance Amount (PIA) continue to rise with inflation? Is all the talk about higher future tax brackets just fear-mon...
Hello! I’m eligible to retire at 60, but I worry it’s still too early. I’ll have a modest pension at that point (won’t cover all my expenses by any stretch) 401k, and health in...
Should 70-year-old Bob live off of capital gains and dividends from his mutual funds plus Social Security, or should he sell poor-performing mutual funds for living expenses and reinvest the cap gains...
I’m planning on working until the age of 70. I’m 54 now and I love my job. I get plenty of time off for travel, etc. My current expenses are 4k a month. I should get around 3k in SS,if I w...
Amidst a recent whirlwind of car maintenance expenses with my trusty nine-year-old Range Rover Sport, I embarked on a quest to find the most budget-friendly car brands for long-term upkeep. With my fi...
Photo credit: coop It’s a little known fact that certain costs for caregivers, licensed or unlicensed, may qualify as medical expenses for tax deductions. Maintenance and personal care service c...
Managing expenses is critical for any business, especially for healthcare providers facing rising costs and lower reimbursement rates. Nitra offers ... Read more...
For those that keep track/spreadsheet expenses, are you able to share your total all-in medical/healthcare cost for a year? I'll be retiring end of this year. Husband already is retired but on my comp...
As I'm beginning to plan for retirement, I've read plenty of articles and used several calculators to determine what we'll need as the magic number to retire. Here's the thing though, they're ALL base...
One factor retirement scenarios do not take into account is climate change and it's impact on quality of life, expenses and longevity. Will more frequent wildfire smoke exposure trigger pathologies so...
With cash flow running tight, I've embarked on a mission to trim unnecessary expenses from my budget. In times of surplus cash before my home purchase, I hadn't scrutinized my expenses for years. It's...
Now that cash flow is tight, I've reviewed all the expenses where I could potentially cut. One such expense is a private sports club membership. I joined the club in February 2023 when it was raining ...
Running a business often means juggling many financial responsibilities. And one that gives me nightmares is managing expenses across ... Read more...
How much does it cost to raise a child? According to the USDA, it costs on average $310,000 USD (adjusted for inflation) to raise a child from birth to the age of 17. That’s $18,235 per year or ...
I am pulling the retirement trigger in 12 months. I’ve planned for expected expenses and I have an emergency fund for unexpected expenses. But what kind of things am I likely to run into? Unexpe...
I officially retired at the age of sixty-one in the summer of 2021 after a rewarding career of four decades. ... Read more...
Hello, wise and helpful people :) I'm (Single, no dependents, M58) planning to retire at 60 in the fall of 2024. My pension will cover 86% of my living expenses, and the remaining 14% will come from i...
When you retired was there something you splurged on? I know a lot of us try to pay everything off and cut expenses during retirement. On the other hand I feel like we work hard all of our life to enj...
When it comes to managing our personal finances, many of us struggle to keep track of our income, expenses, and savings. But with the rise of artificial intelligence (AI), managing our finances has be...
After a decade of retirement when we watched our net worth grow steadily, we began to indulge in the luxury of ignoring our monthly expenses. But the double-digit market decline last year coupled with...
Here are three examples of places where you can invert your budget allocation to spend less on basic necessities and more on the things you enjoy....
How much will your expenses be in retirement? With soaring inflation, increasing longevity rates, the potential of higher future taxes, and the skyrocketing cost of healthcare and long-term care, your...
I’m a few years from full retirement. I currently pay $1100 a month in healthcare insurance for spouse and I under the ACA (self employed). We have a $7000 deductible and both max our HSA accoun...
In my post a couple of weeks ago, A Month-Long Panama Trip for 3 for an Unbeatable Price of Less than $1,500!, a reader named Ian asked in the comments what our expenses in retirement have been &ndash...