70-Year Old IRA Owners: Avoid This Expensive Mistake

Photo credit: Simon Wijers. Unsplash.

In 2017 the first baby-boomers turned 70. Happy birthday! However, if you had your 70th birthday between January 1 and June 30 of this year, the IRS says you must take your first IRA “required minimum distribution” (aka RMD) this year as well.

Well, OK. Technically, you really have until next year. More about that below.

Improve Your Cyber Self-Defense With Stronger Passwords

5 steps to creating stronger passwords

Photo by Glenn Carstens-Peters on Unsplash

Prior to the Equifax breach, I admit to being lax in my personal cybersecurity. In my defense, it wasn’t so much that I was careless, I was just naïve to the risks that we face in our digital world.

Sure, I used passwords and followed all the basic rules. I assumed that big companies, the government and other stewards of my personal data, kept it secure in a way that I could count on.

In the past, that may have been enough, but after the recent Equifax breach, I decided to take a much more proactive approach to protecting my family’s personal information and reducing the risk of more serious problems down the road.

Your passwords – how you create them, how you manage them and how often you update them – are at the core of a strong cyber self-defense plan.

What To Do With An Old Life Insurance Policy You No Longer Need

Photo by Helloquence on Unsplash

When you were younger, a life insurance policy with a large death benefit made sense. You had a mortgage. Mouths to feed. Bills to pay. The loss of the primary breadwinner would have been devastating to your family’s financial security.

Today, things are different. The mortgage has been paid, the kids can support themselves, and your financial situation has never been brighter.

In these situations, clients often ask me what they should do with an old life insurance policy they no longer need. Often, it’s a whole life or universal life policy that has considerable cash value and requires a hefty monthly premium that seems to go on forever.

In my last post, I had cautionary guidance: “Are you absolutely, 100% sure you really, really don’t need your old life insurance policy any more?”

If you answered, “Yes!” to that question, then there are at least 7 things you could do to with that old cash value life insurance policy.

2018 Social Security Raise – Better Than a Stick in the Eye

photo credit: Vitaly. Unsplash.com.

The Social Security Administration projects a 2.2% increase for those receiving retirement benefits in 2018. While this is actually the biggest increase in years – 2017 saw an increase of only 0.3% and 2016 social security recipients saw no increase at all – it’s not likely to bump you into a new tax bracket.

In dollars, the projected increase adds up to about $28 per month for the average social security recipient.

As my grandfather, himself a longtime social security beneficiary, is fond of saying, “it’s better than a stick in the eye”.

September 21 is World Alzheimer’s Awareness Day

People worry about the financial aspects of retirement, but just as with the rest of your life, money may be the least of your concerns in retirement. Quality of life and your general well being likely take a much higher place on your priority list than the size of your investment account or what the stock market is doing.

September marks World Alzheimer’s Awareness Month. September 21 is World Alzheimer’s Awareness Day.

We all get older and our ability to live independently and manage our personal finances naturally declines as we age.  For some of us, however, these declines can be significant and well beyond the “normal” aging process.