Category: Financial and taxes in retirement
November 19, 2024 -- A number of people are in the fortunate position of having multiple accounts tohat could fund their retirements. They might have IRAs, 401(k)s, 403(b)s, Roths, and/or non-retirement savings and investments. But which one(s) should they tap first when they need money for retirement. Note: We are in no way an investment or financial experts, we are just laying out the issues and providinginformation for you to consider in your planning.
Complications affecting which account to withdraw from first
Before you even get to withdrawal strategies, there are other financial considerations that might apply to your decision. Among others, those include: when to apply for Social Security benefits, Roth conversions, and the state of your finances. In general we believe that in most cases it pays to wait until age 70 to start collecting Social Security, assuming you have enough to live on until then, and you and your spouse have an average life expectancy. But we could write a whole article on whether it is better to delay when you take Social Security by using your savings and investments, or let that money ride, and collect early.
Roth conversions, which allow you to tap retirement money tax free, is another complex subject, but often a worthwhile idea for people with big balances in their regular IRA and 401(k) accounts. These conversions need to thought through carefully, as you will pay taxes on any converted funds as they go in (but if you have low income or big losses you might be able to offset that).
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Published on November 18, 2024
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Category: Social Security
November 18, 2024. Bipartisan legislation that would repeal two provisions of Social Security easily passed last week in the House of Representatives. Current SS policies curtail benefits to about 2.8 million workers. The provisions that would be eliminated are the Windfall Elimination Provision and the Government Pension Offset. Currently many…
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Published on November 17, 2024
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Category: International Retirement
November 13, 2024 — Perhaps the adventure—or maybe the lower cost of living—has made you dream of retiring abroad. Or, maybe the contentious nature of American politics has you considering a change of country. Regardless of your reasons, there are many appealing options for dual citizenship or permanent residency. This article explores some intriguing countries to consider for retirement, including links to mini-retirement guides for specific destinations where available. At the end we will outline the pros and cons of retiring abroad.
Dual Citizenship: A Top Option for Retirees
Dual citizenship is often the most attractive option for retirees moving abroad, as it provides more rights and fewer restrictions than residency permits. Many countries offer residency to foreigners, but they usually impose additional financial or in-country residency requirements.
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Published on November 12, 2024
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Category: Travel
November 6, 2024 — Here’s a situation you’ve probably found yourself in more than once. You’ve just spent a lot of money on a dream trip, and along the way, the company urges you to buy travel insurance. You think: If I get sick, miss my plane, or face some…
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Published on November 6, 2024
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Category: Health and Wellness Issues
Nov. 2, 2024 — Aging experts from the Mayo Clinic think they have found a simple way to test for how well people are aging. First, you stand on both legs for 30 seconds, eyes open, then 30 more with them closed. Then you stand on your dominate foot for…
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Published on November 2, 2024
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Category: Family and Retirement
October 30, 2024 -- A reader wrote in with this unusual request for advice. It is a very common conundrum for retirees - should they move across the country to live near their adult children? Or, retire where they had planned to, and see the kids when they have the time. We thought it a good idea to put the question to the Topretirements audience to benefit from their collective wisdom, so here goes.
The couple, who are nearing retirement, live in the Northeast. Their only child, a son, married last year lives in the Midwest. He and his wife are looking forward to having children in the next few years. This past spring the son surprised his parents by asking them to consider moving to be near them, in fact sharing a house. The idea was that the parents would put up the money to build an in-law apartment or ADU (Accessory Dwelling Unit), where the parents would then live.
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Published on October 29, 2024
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Category: Bucket Lists
Oct. 29, 2024 -- Sal Hyer is a former municipal employee who retired in early 2024. One of the dreams he and his wife Lisa had was to go on a long adventure across the country. He wanted to take his pickup truck, but Lisa did not want to stay in hotels. Compromise being the soul of marriage, they bought a camper. They started in July and plan on finishing the trip early November in Ft Myers, then live in Vermont for the winter. Theirs is definitely the adventure of a lifetime, we can barely contain our jealousy.
Wrangler and Newmar Dutch Star in camp
I wanted to drive my pickup truck but my wife did not want hotels so we have an RV. I am having more fun than I thought driving the big reg. I already have 7,000 miles training and using it. The Rv is a Newmar Dutch Star class A diesel pusher, and we towed a Jeep Wrangler, which was key. It was purchased Feb 2023. It was my wife's idea to get it a year + early and it was a good one. Sal Hyer
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Published on October 28, 2024
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Category: Medicare
October 24, 2024 — If you think you might have a hearing problem (or more likely, if a family member says you do), you should get your hearing tested. Now that some models are available over the counter, hearing aids are becoming more affordable. One easy way to test your hearing and get an inexpensive hearing device is coming later this month from Apple. The AirPods 2 will provide an over-the-counter hearing aid for individuals with mild to moderate hearing loss, once a free software update slated for October 28 is installed.
The AirPods 2 are among the latest versions of Apple's popular earbuds. Not only do they work great (your editor loves his) for listening to books, music, podcasts, phone calls, etc., but later this month, they will also function as hearing aids.
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Published on October 23, 2024
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Category: Active adult communities
October 23, 2024 - Residents of Florida are concerned, rightly, about the hazards of extreme weather events like hurricanes, tornadoes, and floods. So it was interesting to see how two communities, designed to take whatever Mother Nature can dish out, and located in the center of the storm area, would fare after Hurricanes Helene and Milton. Babcock Ranch near Fort Myers, and Hunters Point on Anna Maria Island weathered both storms with almost no damage, flooding, or electrical outages.
Babcock Ranch residents sat out the 'canes in safety in a designated building for refuge, and were even joined by residents of nearby towns. There was tree damage but no loss of power in either community. Communities like these are proof that with proper planning and strong building codes, people can be safe and property protected, even in the face of the ever increasing risk of climate disasters.The New York Times recently reported on the Babcock Ranch success in its "A Climate Resistant Community Passed Its First Tests" article .
The Hunters Point Blog proudly touted how well that community did in the face of the two giant storms. The difference in outcomes for these communities vs. others in other nearby areas is telling. While lives were lost, power went down for days on end, public infrastructure destroyed, homes demolished and knocked off their foundations, there was no flooding, power losses, or injuries at Babcock Ranch and Hunters Point.
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Published on October 22, 2024
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Category: Financial and taxes in retirement
October 15, 2024 -- As if Florida condo owners didn't have enough to worry about. A deadly duo of hurricanes caused suffering and loss of human life. But Condo buildings 3 stories face other kinds of challenges, as December 31 deadlines for Florida's stringent new engineering inspections and reserve studies go into effect.
If condo and HOA boards aren't nervous about all this - they should be.
The original Building Safety Law (SB 4), and later clarified by SB 154, was a reaction to the tragic Surfside building collapse in Miami in 2021. It specifies 2 key requirements for condominium associations that will fundamentally those will affect their finances. The first is a Milestone Inspection Study, the second is the Structural Integrity Reserve Study. We will explain those in greater detail, later. But first, let's talk about how this will unfold in the real world.
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Published on October 14, 2024
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