Retirement Watch Weekly
How to Shelter Your Estate Plan from Disasters – The Importance of Estate Planning Forms, Documents and Insurance
It can happen to any of us… It doesn’t have to be a historic outbreak, hurricane, flood, or wildfire. You could be at risk from a broken water pipe, a tree falling on your home, or some other event. Bottom line: You don’t want short-term events to cause a permanent reduction in your financial security. […]
Bob’s Journal for 4/30/20
Major Changes Are Coming to Long-Term Care Insurance Major changes in long-term care insurance are slipping through unnoticed, and that’s causing people to miss opportunities. For several years, I’ve been recommending hybrid long-term care insurance (LTCI) policies instead of traditional LTCI. Hybrid policies are annuities or life insurance policies that provide long-term care benefits. The […]
Welcome to the Hibernation Economy
We’re not in a recession or depression. We’re in a great hibernation.Economic downturns usually are triggered by tighter monetary policy or speculation that creates major imbalances. Occasionally, an external shock to the system, such as the coronavirus pandemic, causes the economy to decline.That, in many ways, is the good news. Governments ordered the decline economic […]
CARES Act Expands Charitable Giving Tax Breaks
Tax incentives for charitable giving were expanded in the CARES Act. The incentives provide additional giving opportunities for taxpayers who aren’t cash-strapped as a result of the hibernation economy and want to help those who are in financial distress.The regular rule limits the annual tax deductions for charitable gifts. Individuals can’t deduct more than 60% […]
Medicare Is Updated for the Coronavirus Pandemic
Medicare expanded its coverage in response to the coronavirus pandemic. Telehealth services are the major additional benefit under Medicare. These services enable beneficiaries to consult with doctors and receive some types of treatment without having to leave their homes and visit medical facilities. Telehealth services can be delivered through telephone, online via computers or other […]
The Surprising Estate Planning Step for Social Security Benefits
Social Security benefits are one of the items that fall through the cracks in many estate plans. In this issue we already discussed the importance of having a financial power of attorney, so someone manages your finances when you aren’t able to do so. You also might need someone to manage your Social Security benefits, […]
Congress Makes It Easier to Take Emergency Cash From Retirement Plans
Some provisions of the CARES Act allow people to take cash out of retirement plans and accounts during the crisis with fewer restrictions and penalties than usual. Keep in mind that a retirement plan might not make the new flexibility available to its participants. The employer sponsoring the plan decides whether or not to adopt […]
Your Questions Answered: How the CARES Act Changes RMDs
By far the questions I’ve been asked the most recently concern a major change that was made in required minimum distributions (RMDs) from retirement accounts. The Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act rolled through Congress in about a week and was signed by President Trump on March 27. The major focus of the […]
