Compounding. Compounding. Compounding. Just as with location in real estate, compounding is the key to retirement money growth over time. If you ask the best time to start saving for retirement, the answer most people will give you is “Now!” Or better yet, yesterday. That’s because your money earns even more money the longer it […]
Life Plan Retirement Community (CCRC) Questions To Ask Before You Sign
As retirement time gets closer, you start thinking about where you might want to live. One interesting option you might hear about is the Life Plan Retirement Community, a special type of CCRC (Continuing Care Retirement Community). But, as lovely as the pictures in the brochure may be and as tempting as the descriptions sound, […]
Should You Use Your IRA Money If You’re Out of Work?
Unless you’re independently wealthy, when you’re out of work money gets tight. And you start to think a lot about money … and where to get it. Do you borrow from a friend or family? Keep using your credit cards until they max out? Find extra work? Or do you use your IRA money. Sometimes […]
Why It Pays To Think About Retirement Before You Retire
Life seems so long when you’re young, And then one day you actually start thinking about retirement — and it’s not all that far off. How did you get there? Seems impossible. And yet there you are. Worried you haven’t done enough to prepare. Although early on you somehow assume all this will just happen, […]
Why Did My Monthly Medicare Costs Go Up?
A few years ago, someone I know got the shock of their life. Their monthly Social Security was suddenly over $300 less than usual. Since they often turn to me with finance questions, they were understandably upset when they called me. Turns out, their monthly Medicare cost (the premium) went WAY up. Why did that […]
Should I Switch? Medicare vs Medicare Advantage vs Medigap
Judy H. wrote to ask me about her Medicare coverage. She says she’s confused by all the information and choices out there. She’s not alone! She’s looking at Medicare Advantage vs Medigap (Medicare Supplement). Or should she return to Original Medicare and pay the 20% on her own? While I’m not a Medicare expert, I […]
Advantages of SEP IRA Plans for Freelancers
If you’re self-employed, you may think that a regular IRA plan is your only retirement savings option. But there’s something else you may not even know exists: the SEP IRA (Simplified Employee Pension) Plan. And it offers some real advantages to freelancers. In order to qualify for an individual SEP IRA, you must be self-employed […]
What’s the Difference Between a Roth IRA vs Traditional IRA?
Are you thinking about your retirement accounts? If so, you may be wondering what are the basic differences between a Roth IRA vs a traditional IRA. Is one type of account better than the other? How does each affect your taxes, now and in the future? And how will they affect the amount of money […]
Why Are You So Afraid To Retire?
Thinking about retiring, but afraid to retire yet? In a recent post, I talked about reasons why people (bosses) won’t retire. One of those reasons was fear, something I think most people feel (at least to some degree) as the time approaches. It’s not surprising that the mere thought of retirement is scary. Once you […]
Would You Quit Your Job If You Win the Lottery?
The guy who sold me my hot lottery ticket for a $252 Mega Millions pot asked if I’ll quit my job if I win the lottery. But before I could answer, the guy standing next to me said “Oh no! Never quit your job! A job keeps you from spending too much time thinking about […]