Posts by Don


In 1970, average life expectancy at birth in the U.S. was 71 years. In 2014, it is 79 years; and by 2050, the U.S. Census Bureau projects that average life expectancy will be 84 years. Today, according to the National Institute on Aging, there are over 40 million people in the U.S. aged 65 or older, accounting for about 13% of the total population. In 1900, there were just 3.1 million 65 or older Americans, or about 4.1% of the...

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A new study finds that “leakage” from 401(k) and IRA accounts can reduce a person’s retirement wealth by as much as 25% and argues that changes are needed in these savings plans in order to plug the holes. The report, from the Center for Retirement Research at Boston College, notes that, in 2013, the typical working household with a 401(k) approaching retirement had only $111,000 in a 401(k) and individual retirement account. One big...

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Here is something every non-rich American family should know: The odds are that you will run out of money in retirement. On average, a typical working family in the anteroom of retirement — headed by somebody 55 to 64 years old — has only about $104,000 in retirement savings, according to the Federal Reserve’s Survey of Consumer Finances. That’s not nearly enough. And the situation will only grow worse. The Center for Retirement...

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Being fiscally responsible means you live by sound money principles that allow you to build a stable future for yourself and your family. An understanding of these basic financial tenants is the first step in achieving financial success. 1. Build an emergency fund. Think of an emergency fund as a security blanket for your finances. You should save up three to six months of your total expenses in an emergency fund to be able to deal...

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Before the days of estate taxes, children simply moved into the family home and took over the master bedroom after their parents died. Unfortunately, it’s not that easy anymore. There are several ways to give a home to your child. And a few are tax-free. But in order for the transaction to work properly, you’ve got to plan ahead. Here is a rundown of your options. Stay put If you plan to live in your home until you die, and your...

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