Coronavirus Relief Package Relaxes Rules Allowing Withdrawals from Your 401(k) – but Tapping These Funds May Be Unwise

There’s no doubt about it: $2 trillion is a lot of money. We’re just beginning to get a clearer picture of the details buried in the massive stimulus package passed by both houses of Congress and signed into law last week by President Trump.  The unprecedented bill, passed in record time in response to the…

We’re All Riding on a Financial Roller Coaster – So, Here’s What to Do (and Not to Do) to Survive the Trip in the Best Possible Shape

Any day now, if you haven’t already, you’ll probably be receiving your quarterly 401(k) statement in the mail or on line. It won’t be pretty reading. The stock market over recent weeks has taken the whole country on a wild roller coaster ride, and with all the turmoil it’s hard to know what the average…

IRS Update: Treasury Secretary Announces 90-Day Delay in Tax Filing Deadline Due to Coronavirus Fallout

The coronavirus is upending all aspects of life in the U.S. in early 2020, but finally there’s a bit of good news. Treasury Secretary Steven Mnuchin announced a few days ago that taxpayers will be getting a break in the form of a 3-month reprieve in filing federal taxes. Instead of the familiar April 15th…

Are You Financially Ready to Retire? Here are Eight Warning Signs That Might Suggest the Answer is No

You’ve dreamed about it. You’ve planned for it. But now that retirement is approaching, you might be asking yourself – “Am I ready for it?” In our research here at AgingOptions, we come across a wide range of articles on the topic of retirement readiness, most recently this one from the current edition of USNews.…

Investor’s Business Daily Says These are the Five Biggest Retirement Mistakes People Make – But We Think Something is Missing

As we at AgingOptions scan the headlines for relevant articles to bring to your attention, we run across many that have titles like, “Six Things You Must Do Before You Retire,” or “Four Things You Must Look for in a Financial Planner.” This week we came across another, on the website of Investor’s Business Daily,…

Kiplinger: Paying for Long-Term Care from Your 401(k) Could Put You in Danger of a Major Tax Bite

If you’re like most retirees, a significant portion of your retirement savings is in pre-tax accounts such as a 401(k), 403(b) or IRA. And like most retirees you’re probably concerned about how best to cover any future long-term care costs that might arise. According to this 2019 article from Kiplinger, if you were counting on…

“A Uniquely American Phenomenon” – Crippling Medical Debt Puts Millions Under Severe Financial Pressure

It’s a financial burden that in other countries would be “unfathomable,” say the health care policy experts. Millions of Americans, even many with insurance, are finding themselves with “crippling amounts of medical debt.”  Those are some of the sobering phrases we found in this 2019 article from The Atlantic that we first shared with you…

Supporting Mom and Dad: AARP Survey Finds One-Third of Adults in Their 40s, 50s and 60s Give Financial Help to Aging Parents

They helped you when you were little and supported you through your teens, your college years and possibly into young adulthood. Now it seems that a significant number of adult kids are returning the favor and helping to support their aging parents financially. That’s the conclusion from a newly-released AARP survey, highlighted in this New…

LTC Insurance May Not Be Enough: You Need These Long-Term Care Safeguards to Protect Your Retirement

Here on the AgingOptions blog we’ve written many times about planning for long-term care. It’s a vitally important topic that all too many people would rather avoid, for many reasons. Nevertheless we felt it would be timely to share this recent CNBC article on the subject, written by reporter Darla Mercado. When it comes to…

As You Make Your Retirement Plans, Don’t Overlook the “Harsh Reality” of Senior Debt

In our “spend now, pay later society,” going into debt is considered normal. Advertisers would have you believe that maxing out the credit card and dipping into home equity to finance the American dream is the patriotic thing to do. But debt can be a heavy burden, especially as we approach retirement. As this recent…