Friends Talk Money

Since the 1990s an increasing number of people are getting remarried at a later age. Couples who are entering second marriages at this point in life need to fully understand the financial implications. How much wealth and debt will they bring to the union? Whose home will the newlywed couple live in? How do you make compromises on everyday spending and bill payments? And what should each person do...

Recent research from the Employee Benefits Research Institute reveals that those most worried about financial security during retirement are Gen-Xers between the ages of 42 and 57 years old. With the market experiencing its worst start of the year since World War II, many are wondering whether the two-decade bull market is coming to an end. Others are worried that they'll have to work longer than...

If you want to work part-time in retirement, it's never been easier to find the kind of job you want. And it's not just lower-paying, physically demanding jobs at retail stores and restaurants. With employers desperate to find workers, many are putting aside their biases against experienced and technically savvy older workers and allowing many to work at home or on their own schedules.  And if you...

Ric Edelman, author of the new book "The Truth About Crypto" thinks everyone should have 1% of their investments in cryptocurrencies, including retirement investors. But the U.S. Department of Labor has concerns about allowing crypto in 401(k) retirement plans, just as Fidelity says it plans to let employers allow employees to put up to 20% of their 401(k)s in Bitcoin. The "Friends Talk Money" hos...

Securities regulators estimate that at least 5 million elderly Americans become victims of financial fraud and other scams each year. With this kind of abuse only expected to increase, these regulators are strongly recommending that seniors formally appoint one or more children, relatives or friends as "trusted contacts" with their bank, brokerage company, financial advisor and other financial ins...

The S&P has been very volatile since January, after reaching many record highs over the past seven years. It's hard for any investor not to feel overwhelmed and worried during these turbulent times. Watch nationally known financial commentators and co-hosts of the award-winning podcast Friends Talk Money, Terry Savage, Richard Eisenberg and Pam Krueger discuss how to stay focused during this marke...

Mental health studies have shown that those who do nothing after retirement increase their chances of suffering from clinical depression by 40%. That's why many retirees are choosing to "unretire." This doesn't necessarily mean going back to work full-time. Instead, it's about filling your day with activities that bring you satisfaction.  But to unretire successfully, you need to plan ahead, perha...

When it comes to COVID tests, vaccines and medical treatments, the way traditional Medicare Parts A and B pay for these expenses is not always clear cut. For example, right now Medicare only pays for four at-home COVID test kits that you order directly through  covidtest.org . However, the Biden administration recently announced that in early spring Medicare will cover the costs of eight free test...

If you think that the stock market has been going through extreme positive and negative price swings over the past few weeks, you're not imagining things.  When volatility occurs, however, it's important to resist the urge and flee to safety. Remember that, over the long term,  stocks have delivered better long-term returns than bonds and cash. The question is: What percentage of your portfolio sh...

Fifty-four million Americans are over the age of 65. And extended life expectancies, coupled with low birth rates, are moving us toward a "super age" where more Americans will be over the age 65 than under age 18. With higher percentages of people likely to live well into their 90s, your retirement nest egg may need to last 30 years or more. Depending on how much you've saved and how you plan to l...

Go to any library or your local bookstore and you'll see shelf after shelf of books offering practical education on various financial planning and investing. Sorting through these choices can be overwhelming, so Pam, Richard and Terry are here to help by sharing recommendations for  money-themed books they have learned the most from. These books will help you fortify your personal knowledge of how...

From donating appreciated stock to establishing a donor-advised fund to contributing part or all of your Required Minimum Distribution from an IRA directly to a charity, there are many ways you can support the nonprofit organizations and causes you care about while also receiving significant tax benefits. However, before you give to any charity, it's important to conduct background research to mak...

Whether it's higher prices at the gas pump or at the supermarket, we're all feeling the impact of inflation in different ways. Most economists predict that inflation will continue into next year, which could create extreme hardships for seniors living on a fixed income or for those who have had to use more of their retirement assets than they planned for. With the high likelihood of the Fed raisin...

While those approaching retirement often calculate the total income they may receive from Social Security, pensions, 401(k) plans and taxable investments, many fail to consider the impact of federal and state taxes. For example, if you and your spouse file jointly and your combined income is more than $32,000, up to 85% of your Social Security benefits could be taxable. If you have a pension, you'...

From specialized piggy banks for younger children to establishing custodial brokerage accounts or Minor Roth IRAs for teenagers, there are a variety of ways you can give your kids a head start on understanding the importance of saving, investing and appreciating money this holiday season. And don't forget the most important gift of all—a college education, which you can make more affordable by est...

Since the start of the COVID-19 pandemic, 42% of consumers have increased the amount they owe for mortgages, student loans and car loans. The one bright spot is that the average amount of credit card debt has fallen during this time period. However, 54% of consumers with credit cards don't pay in full each month and 18% owe more than $20,000. And the growing popularity of online "Buy Now, Pay Late...

During the annual Medicare open enrollment period, from October 15 through December 7, you can make many changes in your Medicare coverage. But it's important to understand the potential impact of making changes—or making no changes at all. First, if you're in a Traditional Medicare program, you should sign up for a Medicare Part D prescription drug program within six months of enrolling in Medica...

What makes people happy during retirement? Research shows that while financial security isn't the most important thing, it's near the top of most retirees' lists. But it's also important to think about what your life after full-time work will be like. Do you have social connections with whom you can share good stories and reach out to in times of need? Do you have enough outside interests, from ho...

The best time to start thinking about where you may want to live during retirement is long before you retire.  While many people spend a lot of time pondering the kind of home they want to live in, they often don't spend enough time researching the state, town or neighborhood where it may be located. But location may be the most important factor that determines how happy and healthy you'll be in y...

Even though tax-deferred Traditional IRAs have been around since 1974 and tax-free Roth IRAs since 1997, you don't hear a lot about them these days.  Yet, for many people, especially those who are self-employed or don't have retirement plans at work, IRAs still represent one of the best tax-advantaged ways to save for retirement. As long as you have earned income and your total annual income isn't...

There's a common axiom that most financial decisions are based 1% on facts and 99% on emotions. Fear and stress of any kind, whether they're job-related, pandemic-related, or financial security related, can impact our spending, saving and investment behaviors. Negative emotions lower our confidence, and the less confident we feel, the more likely we are to give into impulses, whether it's spending...

Social isolation, greater use of technology and the flood of stimulus checks and government aid programs during the COVID-19 pandemic have led to a dramatic increase of people victimized by cybercrime and financial fraud. Fraud reports received by the Federal Trade Commission in 2020 increased by 24% over 2019's figures, from 1.7 million to 2.1 million. More and more Americans many of them elderly...

Vanguard Funds' John Bogle once said, "Investing should be boring." During sustained market rallies, when the S&P 500 seems to hit new record highs every week, this often seems like good advice: Just set it and forget it. The problem comes when the market suddenly hits a period of turbulence. When this occurs, spooked investors often make bad mistakes—like selling stocks and stock funds at a loss....

According to Michael Clinton's new book, Roar: into the second half of your life (Before it's too late), those who are approaching retirement should focus less on the idea of leaving the full-time workforce and more on what they can do to find the most fulfillment during this time. Whether it's working part-time, starting a new business, taking up a new hobby, traveling, volunteering for causes yo...