RETIREMENTGUY

As the mother of six kids, including one with a disability, my mom was organized, to say the least. She carefully calibrated her schedule to accommodate her many responsibilities, and she relied on lists, always lots of lists, to keep everyone and everything on track. My sisters and I once found a checklist of to-dos, complete with addenda for packing the suitcases and food, that she had written before a family vacation. It was as detailed as if she had been a military genera

For a lot of retiree households, required minimum distributions are a nonissue. People need to pull money from their retirement accounts for living expenses, and they don’t need the government to prompt them to do so. Their spending is what it is. For affluent retiree households, however, RMDs can be a pain in the neck. The early years of retirement are often low tax years, as income from work has stopped and retirees have a lot of control over how much they take from their p

Our conversation on The Long View podcast with Spencer Look and Jack VanDerhei covered many retirement topics, but the discussion about long-term care really struck a chord. Spencer said that long-term-care costs have a “really, really big impact” on retirement preparedness. How big? Their research for the Morningstar Center for Retirement & Policy Studies shows that about 40% to 45% of the population are at risk of retirement shortfalls, but when long-term care is excluded,

The late stages of the year are a natural time to take stock of where you are and what you still want to accomplish by December 31. Families who use this season to think clearly and act deliberately can start the new year in a stronger position. The key is to start now. Giving yourself ample time to review your balance sheet and your personal and financial goals for the coming year will allow you to make thoughtful adjustments before January 1, if needed. An early start will

Medicare Part B enrollees are set to receive a one-time $90 rebate delivered automatically over the next few weeks, President Trump announced on October 2. Created in 2008 as a flexible budget tool for provider payment adjustments, the Medicare Improvement Fund (MIF) is now being tapped by the federal government to issue direct cash rebates to Medicare beneficiaries. In 2027, Medicare Part B premiums are estimated to rise by $6.60 per month to $209.50, according to the 2026 M

We do see people follow the pattern of go-go, slow-go, no-go. And so, in the go-go phase, often, spending is high, and we’ve planned for that. We built in extra spending, and we’re taking a set of baseline expenses and assuming it’s going to go up each year, typically 3% for living expenses, 5% for healthcare-related expenses. All of that is baked into their cash flow planning, the amount of money we say that they’re going to need each year. But where I often see people not n

Many of us spend our working years diligently building our retirement account balances, with the goal of feeling confident that it will be enough to support us throughout our later years. Despite that, even investors with a comfortable level of savings often struggle to feel secure about tapping their retirement accounts. Justin Bailey, a Utah-based regional vice president of planning solutions with Fidelity, says many affluent clients tell him they want a portfolio that can

Travel the country in an RV. Build the wine cellar in the basement. Who doesn't have big dreams for when they retire? But instead of paying for these items outright, like so many retirees do, the smarter approach may be to rent instead. Just ask any RV owner who can't afford the gas. Or the homeowner who spent thousands on power tools for one project, only to never use them again. Cash is king in retirement, and to keep more of yours, here are five things retirees are better

One of the biggest decisions retirees make — when to claim Social Security benefits — would be described differently under a bill that may soon become law. The Claiming Age Clarity Act, a bipartisan bill that changes certain terms to describe the ages when a worker may claim Social Security retirement benefits, passed the Senate on Tuesday. The bill is now on its way to President Donald Trump for his signature. The White House did not respond to CNBC.com’s request for comment

Today on the podcast, we welcome back Jean Chatzky. Jean is the author of a new book about retirement planning called The Forever Paycheck: The New Retirement Strategy to Spend More, Worry Less, and Never Run Out of Money. In addition, she has written several other New York Times bestselling books about money and investing. She’s also CEO of HerMoney.com and host of the podcast Her Money with Jean Chatzky. She served as the financial editor of NBC Today for 25 years and is th

Medicare Advantage plans, also known as Part C, offer beneficiaries an alternative to original Medicare and have successfully enrolled millions of eligible Americans. However, 2026 was another tough year for Medicare Advantage plans and their customers, with many beneficiaries expressing their frustrations. Factors driving the dissatisfaction include narrower access to provider networks and higher prescription drug and outpatient care costs. "While some stand-out performers a

The average Social Security check varies significantly by state. However, state averages can be misleading because they can be influenced by more than general economic conditions and opportunities in a particular state. While the cost of living can drive wages up, the bigger number doesn't correlate with increased buying power or disposable income. Retiree migration also skews Social Security check averages in certain states. For example, New Jersey, California, New York and

If you have millions saved in your 401(k) and IRA, that feels like a win, and it is. But there's one way a large balance quietly works against you: The more money sitting in tax-deferred accounts, the more likely the IRS is to tax the maximum allowable portion of your Social Security check. That happens by default, unless you plan around it. Most people who reach this point spent decades doing everything right: Saving consistently, maxing out their 401(k), following the advic

For many families, the Great Wealth Transfer starts long before an inheritance. Many adult children are becoming their aging parents' go-to financial decision-makers. The shift from adult child to the family's Chief Financial Officer (CFO) can happen suddenly after discovering unpaid bills, a suspicious bank wire request or an aging parent falling prey to a scammer. Or the job can be created out of necessity after realizing mom and dad's financial life has grown too complex t

Key Takeaways Withholding taxes from retirement withdrawals can simplify tax payments and help avoid penalties. Retirees should take advantage of lower tax rates in early retirement. The years before required minimum distributions are an ideal time for Roth conversions. Tax-smart withdrawal strategies can improve retirement portfolio efficiency. Managing IRA balances early may help limit future IRMAA costs. Christine Benz: Hi, I’m Christine Benz from Morningstar, and welcome

Most retired couples rely heavily on Social Security benefits. When one spouse dies, there's often a major loss of their benefits. The surviving spouse will get either their own benefit or the survivor benefit (the deceased spouse's benefit), whichever is higher. If one spouse's benefits are low, the impact on income will be small. But when both spouses are collecting substantial benefits, as is often the case, there will be a significant reduction that could last for many ye

Retirement planning has often been presented as a math problem: accumulate a certain nest egg, apply a withdrawal rate, and hope the numbers hold up for 25 or 30 years. In my latest book, The Retire Sooner Method, I take a much broader view: Financial preparation remains essential, but our research suggests that a more fulfilling retirement may also depend on how people plan for purpose, relationships, health, and the daily structure of life after work. https://www.forbes.com

Caring for a loved one with a disability often means thinking about retirement alongside long-term caregiving and financial support. Today, Christine Benz will talk about some of the key planning decisions that can help you prepare for both. Christine is Morningstar’s director of personal finance and retirement planning. She’s also the co-host of The Long View podcast and author of How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement. https://www.morningst