Retirement doesn’t eliminate expenses, it changes them. From healthcare gaps and home repairs to helping family and living longer than expected, here are eight costs that often catch retirees by surprise.
A required minimum distribution (RMD) is the amount you must withdraw each year from most retirement accounts once you reach a certain age. Learn how RMDs work and why.
An annuity is a contract with an insurance company that pays you guaranteed income — either for a set period or for life. Learn how annuities work, the main types, and when one might make sense for retirement.
A pension is an employer-promised monthly retirement benefit for life. Learn how pensions are calculated, who still has them, vesting rules, and the lump-sum vs. monthly choice.
Medicare doesn’t just arrive automatically at 65 — you have to plan for it, apply for it, and make a series of decisions that will affect your healthcare costs for the rest of retirement. And the decisions you make (or miss) in the years before 65 can cost you thousands of dollars in permanent late … Read more
Retirement savers are among the most targeted victims of financial fraud in the United States. Older adults — who tend to have more accumulated wealth, may be less familiar with digital threats, and are often more trusting of authority figures — lose billions of dollars to scammers every year. Knowing how to recognize and resist … Read more
One of the most difficult challenges in retirement isn’t saving money — it’s spending it. Retirees who spent decades building a nest egg often feel paralyzed about drawing it down, especially when markets are volatile. The bucket strategy is a way to organize your retirement savings so you can spend confidently, even in down markets, … Read more
Inheriting an IRA can feel like a financial windfall — until the tax bill arrives. The rules governing inherited IRAs have changed significantly in recent years, and getting them wrong can cost you tens of thousands of dollars in unnecessary taxes or IRS penalties. Whether you’re a surviving spouse, an adult child, or another beneficiary, … Read more
Divorce is complicated enough without the added challenge of dividing retirement accounts. A QDRO — Qualified Domestic Relations Order — is the legal mechanism that allows a retirement account like a 401(k) or pension to be split between spouses as part of a divorce settlement, without triggering the usual taxes and penalties. If you’re going … Read more
When you claim Social Security is one of the most consequential financial decisions you’ll make in retirement — not just for the monthly benefit amount, but for how it shapes your entire withdrawal strategy. Claim early and you’ll rely more on your portfolio in later years when the market may not cooperate. Claim late and … Read more