Wealth
We all hope that as we age we will have the financial security to take care of our needs. Many older adults need to continue working long past retirement age while others choose to just keep working. Some have lost their retirement income due to market changes while other did not have it to start with. Those who are financially set need to make wise choices to maintain their savings.
To help seniors and their families make better decisions, our expert finance contributors cover the topics of work, personal finance, retirement and consumer issues.
Put your estate planning moves to work!
Like everyone else, you want to leave a legacy. To make it happen, though, you need to do some estate planning. First and foremost, communicate your wishes in writing. This means you need to draw up the appropriate legal documents, such as a will and a living trust. You’ll also want to position your investments to benefit your heirs. For example, you can stretch your IRA to extend its key benefit — tax-deferred earnings — for succeeding generations. In addition, you’ll want to establish a power of attorney and health care directive while you’re still healthy.
To make these and other moves, you’ll need to assemble a team of professionals, including your tax, legal and financial advisors. So get the help you need, take your time and develop the estate plans that can protect your family. - Read the full article
Conservative Savings... Or Lifetime Retirement Income?
If you are approaching retirement, a key element of your retirement strategy may involve choosing the best way to secure a predictable source of retirement income; one that’s guaranteed to be there when you need it, for as long as you need it. As you explore ways to achieve your income goals, you may have considered a variety of conservative financial vehicles designed to protect your retirement nest egg, such as bank savings and money market accounts, certificates of deposit (CDs) or deferred fixed annuities.
Each of these investment vehicles is considered a conservative choice and each offers unique advantages. But only the deferred fixed annuity is specifically designed to provide guaranteed retirement income for your lifetime.* - Read the full article