Financial Planning throughout Aging
Financial Planning throughout Aging

You say it’s your birthday…happy birthday to you! If you’re old enough to have read those words to the tune of a popular Beatles song, you should be aware of key birthday milestones that hold financial significance.

Even if the words didn’t recall a familiar tune, listen up because some birthdays (and half-birthdays) represent financial opportunities and responsibilities — and a few give you only one opportunity to get it right. Miss the moment and the oversight could cost you in terms of financial penalties as well as missed opportunities.

Key age milestones in your financial life

  • 50 — The action starts when you reach half a century of accumulated wisdom. This year you can begin making additional contributions to retirement accounts. These “catch-up contributions” are additional amounts taxpayers 50 and older can deposit in IRAs, 401(k) accounts and other qualified plans, over and above the standard limits. Catch-up contribution limits allow those who turn 50 or older in 2020 to…

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Times they are a-changing…or maybe not. We aren’t still living in a trite 1960’s TV show that is rerun on Nickelodeon, and yet that’s almost what it seems like when it comes to gender and money.

With almost two decades of clients as case studies to draw on, I’ve had plenty of opportunities to observe through a critical lens how the people that come through my door for financial planning assistance view money. …

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Time is passing and our largest population demographic, the Baby Boomers (born from 1946–1964), is aging at a rapid rate. This group is stress-testing our current Social Security system. Their financial advisors are also being tested, as the cohort retires and begins to find out whether their portfolios were truly built to stand someone living to 90 or beyond. This aging group is requiring long-term health care by the thousands and is ill-prepared to handle the financial costs of this care, unbeknownst to their high-income earning Gen X kids.

After all, it’s uncomfortable and borderline inappropriate to talk to your parents about their financial situation, right? …


Meredith Moore

Tireless worker. Financial Advisor Guru. Speaker. Writer. Leader. Personal Growth Junkie.

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