Understanding Taxes on Retirement Job Income

The government does a good job of making our tax system incomprehensible to the average citizen.  

Things are even harder to figure out for people who are retired, receiving Social Security, and working full or part-time.  Most retirees don’t have a clear understanding of how much they are taxed on job income they receive from post-retirement employment. Read more

Fixed and Variable Annuities More Attractive to Baby Boomers

I read a report this week that sales of fixed annuities in 2008 were up 60% in 2008 over 2007.  In the last quarter of 2008 alone, fixed annuity sales were $34.1 billion, up 90% from a year earlier, according to data from the Beacon Research Publications Inc.

Meanwhile, indexed annuities increased 12% to $7.2 billion, and immediate annuities sales were $2.4 billion, up 22% from 2007.

This tells me that baby boomers are increasingly turning away from the ups and downs of the stock market.  Instead they are looking at ways to use their retirement funds to purchase a secure income for life. Read more

Restaurant Discounts for Boomers and Seniors

I don’t know about you, but I am not too proud to take advantage of any discount that is offered to me for being in the over-55 age group.  I joined the AARP for that reason as soon as I was eligible.  Other people I know are reluctant to exploit their advancing years.  Big mistake in my opinion.  Saving 5% or 10% just by showing your driver’s license is a sure winner to me. Read more

Problems in College Savings and Pre-Paid Tuition Plans

If you are one of the many baby boomer parents who invested in state-run prepaid college tuition plans, it’s probably time for some due diligence.

Colleges and universities are strapped for cash because of the recession.  At the same time, severe market losses have impaired the ability of pre-paid tuition plans to meet their obligations.  In some cases, the accrued plan liabilities now exceed plan assets. Read more

Free Retirement Investor Education

I came across a few opportunities this week for retirement investors to obtain information and education.  Some of these resources are new and others are just new to me.  The bonus is that all of these investor education resources are free.  So, I figured that it would be helpful to share what I learned with my fellow baby boomers and other readers. Read more

Retirement Rx – A Plan for Living the Rest of Your Life

This is my review of Retirement Rx, a book that presents a “prescription” or plan for living a happy and fulfilling “rest of your life.”

This book is not about financial planning, although that is part of the “prescription.”  Instead, it is more about implementing or fine tuning personal and life-living characteristics that are key to whether you have a positive retirement experience. Read more

Free Help for Household and Technology Product Repairs

Baby boomers typically own a lot of “stuff” around the house.  It seems that one thing or another is always in need of repair.  If its a kitchen appliance or some electronic gadget, our tendency is to just throw it away because the actual or perceived cost of repair exceeds the value of the gadget that is broken. Read more

Finding the Right Financial Planner

Market losses and chaotic market behavior increase the need for accurate and unbiased retirement and financial planning advice. Tax rates will have to sharply increase to pay for recent government rescues and bailouts.  Baby boomers and others seeking to accumulate and preserve wealth will adjust their financial goals and reconsider present and future money strategies and tactics to achieve those goals. Read more

Paying the Debts of Family Members

“Am I obligated to pay the debts of my spouse, child or other family member?”  I see or hear someone ask this question often.   Baby boomers confront this more and more with elderly parents who may die owing medical bills or money on credit cards or car loans.  Parents may wonder if a child’s debt can become their own.  I have investigated and have some thoughts on these issues.  In many cases, the answer to the question depends on the nature of the obligation or debt. Read more

Selling Baby Boomer Expertise for Online Income

I am a firm believer in the value of alternative income streams.  For a baby boomer, we need that other income to boost our savings, cushion us against job cut backs, and to supplement our retirement income.  For lots of us, the “three-legged stool” of retirement income – investments, Social Security, and pensions – is wobbling on one leg. Read more

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