Published: December 22, 2019

Congress has passed, and the President has signed, a spending bill that includes the SECURE Act, which makes a number of changes in retirement planning rules. Here are some highlights:

1. Minimum distributions from IRAs and retirement plans, required to begin soon after age 70 1/2, may be postponed until age 72. This change applies to those who reach age 70 1/2 after December 31, 2019.

2. Participants in IRAs and retirement plans may withdraw up to $5,000 without penalty (but with tax) to pay the costs of the birth or adoption of a child.

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Published: June 10, 2019

How To Prepare For The Retirement Years


Ages 25, 30, 35, 40 – save more spend less

Save as much as possible on a pre-tax or tax-advantaged basis

(Why think about retirement at these young ages?  Because, with a little luck, you’ll be old someday)

Age 50 – increase savings in retirement plan by the catchup amount

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Published: December 18, 2018

A client visited today and asked what advice we give to husbands and wives about financial responsibilities when one spouse has died. It's still often one spouse's task to pay bills and make household arrangements, and if that spouse dies first, what can be done to assist the survivor? My suggestion was just what I have done. Although my wife is familiar with our bills and the various contracts we have for maintaining our home, it makes sense to put that information into a separate "guidebook".

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Published: September 5, 2018

An article in the September 4, 2018 Wall Street Journal discusses the question of what people will spend in retirement. Its author is connected with something called the Center for Advanced Hindsight, which I suppose is humorous. The article indicates that the center brought together a large number of people and asked them what they thought their expenses would be in retirement. Because they had heard the figure of 70% of pre-retirement expenses, that's what they said. So far, not very scientific.

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Published: May 22, 2018

A recent program presented by the Probate and Trust Law Section of the Philadelphia Bar Association offered suggestions on a safe withdrawal rate from accumulated assets during retirement. After much analysis, the author concluded that 4% was probably a safe rate of withdrawal to ensure that retirees don't run out of assets during the rest of their lives. This is an important concept, and there are other points to consider. As I've written before, it makes sense to summarize what your expenses will be during retirement.

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Published: May 15, 2018

Many publications report on the prevalence of elder financial abuse in our society. It can arise from misuse of powers of attorney, guardianships, and estate and trust administrations, as well as out and out scams. Many institutions are working on this problem, including the US Department of Justice, the SEC, FINRA and state agencies. In future blogs, we will discuss the suggestions made by these agencies to avoid elder financial abuse, but let's start with, why is this such a significant problem now? Here are a couple of basic reasons:

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Published: May 2, 2018

A number of years ago, I spoke at a seminar organized by some clients, called "Sign here, my dear". The point of the seminar was that spouses, in most case wives, know very little about family finances and are often just called upon to sign documents without knowing what they are. In my practice, I continue to see this mismatch of financial information in many situations. My experience is that this is rarely done for a bad purpose, but more often because one spouse has more financial skills and doesn't want to burden the other.

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Published: April 16, 2018

The more articles and blogs I write about planning for retirement, the more advice I get from people who have retired or are in the planning stages. Since the concept of retirement is still a mystery for many, I thought I would pass along some advice I have received:

1. Health maintenance. There is probably nothing more important than preserving your health in retirement as long as you can. Visit your doctor(s) on a regular basis, and consider even taking their advice. Exercise, eat right; you know this drill.

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Published: March 15, 2018

The Financial Industry Regulatory Authority, universally known as FINRA, is a not for profit organization (not a government agency) that regulates member brokerage firms and the brokers that deal with the public. All securities firms that are not regulated by another self-regulatory organization (the New York Stock Exchange, for example) are required to be a member of FINRA. A Securities Helpline for Seniors (844-57-HELPS) is currently maintained by FINRA, through which older investors can seek assistance for issues relating to brokerage accounts.

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