Retirement

I am 73 years old and have to withdraw the required RMD from my mutual fund IRA which is a fairly substantial amount.Can I hire a Certified Financial Planner to handle my RMD (i.e., Roth IRA, etc.) as a one-time transaction or must I hire the CFP full-time to manage my entire financial portfolio (cd, mutual funds, Social Security, etc.) for what could be a multi-year deal at about $5,000 a year?Also, if I do hire a CFP to handle all of my finances at $5,000 a year, would it be expected that the CFP would save me money and make me more money that would offset the $5,000 fee?

Trying to find out if anyone thinks this retirement plan will work.My wife and I have a modest income of just under $50k a year. I am 59 and still working. She is 58 and on Disability. I plan on retiring early at 62. Our house is paid off and we have no major debt but owe some back taxes plus some consumer debt totaling around $25k.Our combined monthly income in retirement will be about $2,500 a month.I have a small 401k that nearly matches our total debt mentioned above and I plan on using it to pay that debt off at age 59 1/2.When my wife turns 62 we plan on doing a reverse mortgage on our $200k+ home. What do you think?

We have five kids. Although we are not millionaires, I have determined that our finances at our current ages (86 and 80) are such that we can give the kids some money now, and not be left in financial straits. I would like the pleasure of doing that while we are still living. The problem is that three of our kids just scrape by, and the other two are quite well off. Have others faced this dilemma, and if so, did you give equal amounts to avoid any possible ill feelings, or did you give based on need? 

Raising the IRMA threshold  income limits are a very important issue for those of us on medicare and fixed incomes.    Is AARP putting resources towards support of this bill

3 comments ➡️To reply, click on reply button at bottom of this post. Enter your text. Click reply button again. ⬅️ Read comments and/or comment. Do YOU agree or DISagree? 🤔 Feel free to ADD to this list! (1) Social Security. (2) Company or government pension. (3) Annuities. (4) 401(k) or IRA. (5) Roth accounts. (6) Stocks and mutual funds. (7) Bonds. (8) Savings accounts and CDs. (9) Part-time retirement job. (10) Paid-off house.

I've had a funeral service business for 40 years and I like working with the people and working, but I'm getting to retirement age and think I will have to sell.  Is anyone in a similar situation where they have a company are seriously thinking about selling?

My husband and I have found ourselves just a few years from retirement and realizing our adult children are not yet financially independent and struggling in today's economy. Can any of you relate to this? The hardest part is having the conversations related to finances and the potential impact these could have on our relationships. We know we have to take responsibility for our own retirement future, but want to be able to support them in achieving their own financial success and happiness. Really want to connect with people who are sharing a similar life experience and navigating this challenging circumstance.

▶️To reply, click on reply button at bottom of this post. Enter your text. Click reply button again.◀️ ***READ comments and/or ADD a comment*** (1) Still WORKING - what are YOUR concerns while planning? 🤔 (2) RETIRED - YOUR concerns? 🤔 Thanks, Nicole 👴👵 (Retirement Forum)

Hello! I'm new to this community. How many of you pre-retirees or retirees are still supporting adult children? I'd love to know your story and if you've had success making money online?

A few days ago, I learned that there is a regulation that the federal government is proposing that would allow private equity companies to access funds in retirement accounts. Public comment on the proposed regulation ends today, June 1st at 11:59 PM.. If you have a retirement account and don't want private equity companies to access the funds in the account, then you might want to provide public comments. Here is the link to the Federal Register to provide public comment. Please share this with other people you may know.

Hi- I decided to self-direct our retirement portfolio and would like a second opinion on my AA. I had my head buried in the sand until recently when I decided to take a proactive approach to our retirement portfolio, now that we are 5 yrs from retirement. 57 yo, plan to retire in 5 yearsSet my target allocation to 70/30. Staying somewhat aggressive b/c anticipate having enough in savings for first 2 years of retirement.Using 3-fund strategy 1) US Stocks 2) Int'l Stock 3)BondAA: 1) 56% 2) 14% 3) 40%Entire portfolio approach: 3 different accounts, 1)my work 2) spouse work 3) Individual Roths. Instead of treating each account as a stand-alone, taking holistic view for 3 accts as 1 portfolio.This is our current portfolio, would appreciate any feedback/critique:

I’ve been trying to wrap my head around how the recent legislation could affect retirement income, especially when it comes to taxes, Medicare premiums, and withdrawals.A few things I keep coming back to:How long current tax rates might stick aroundHow income ties into Medicare costs (IRMAA)When it actually makes sense to take withdrawals vs waitIt feels like one of those areas where small decisions now could have a bigger impact later.I came across a free info session led by a former White House policy expert that breaks this down in a really straightforward way. One Big Beautiful Bill Webinar Retirement Income Webinar Curious if anyone here has adjusted their approach recently or is thinking about this differently.

As an oncology RN, I see how much kids do to help their parents as they age. I also see how much my sister has done for my mother. Kids are no guarantee, but they can be a great source of support and a safety net.Concerned about being able to care for myself due to physical and possible cognitive changes. Also concerned about protecting my money who might identify as someone w/o family to watch over things or about someone trying to become my guardian.

FROM THE ARTICLE. 8 Costly Tax Mistakes Retirees Make. Find out how to avoid these pitfalls. By Martha C. White, AARP. Published February 03, 2026. Retirement might free you from the grind of working daily, but when it comes to preparing your tax return, a little extra legwork can prevent you from making some expensive errors. This year in particular, retirees — and taxpayers 65 and older who are still in the workforce — have a slew of new rules, deductions and changes to keep in mind.Here are eight costly mistakes tax pros say you should avoid and their recommendations for what to do instead. USE LINK BELOW TO READ THE ARTICLE. https://www.aarp.org/money/taxes/avoid-costly-tax-mistakes/

FROM THE ARTICLE: We’ve endorsed federal legislation that addresses the financial vulnerability of women retirees. By Emily Paulin & Natalie Missakian, AARP. Published March 18, 2025. Women often earn less money than men throughout their careers and are more likely to leave the workforce to take on family caregiving responsibilities. That may leave them in a precarious position as they approach retirement.That’s why AARP is backing federal legislation that would improve financial security for older American women and provide resources to help them be independent in retirement. USE THE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/politics-society/advocacy/info-2025/protect-womens-retirement-savings.html

There is a wide and growing, gap between those who have in the world, and those who don't.  Not only is the gap growing but so is the un-willingness to address it in any meaningful way that gets toward actual resolution of the problems at hand and/or, especially, its root causes, which are many, by those who have.  The 2014 economic conference at Davos, Switzerland was supposedly focused on issues of the widening gap between the rich and poor and how to work toward alleviating it.   Almost no time was devoted to this.  Hmmmmm. In the US are many new retirees who are stuck at  minimum Social Security benefits forever, due to having to start their payments early at 62 in order to have ANY income at all.  These decisions are not made of freedom but of necessity - decisions made under duress.  With no other income, the arithmetic does not work out at all for living.  This is existence, not living!  If one is forced to do file early and

▶️‌To reply, click on reply button at bottom of this post. Enter your text. Click reply button again.◀️ ***READ the comments and/or ADD a comment*** Here are 10 affordable places to retire on the water: (1) Minneapolis-St. Paul, Minnesota. (2)Miami. (3)Tampa, Florida. (4)Virginia Beach, Virginia. (5)Jacksonville, Florida. (6)Orlando, Florida. (7)Melbourne, Florida. (8)Chicago. (9)Cape Coral, Florida. (10)Sarasota, Florida. 🗣By Rachel Hartman and Emily Brandon. Reviewed by Katy Marquardt. March 28, 2023. 👉Link to online information 

Hi - I've been working at the same university for 40 years and am in the process of trying to figure out when to retire.  However, our representative in the Benefits Office seems confused about details of the pension and retirement accounts for longer-service employees.  Many of us were grandfathered in to maintain our original pension benefits, but few people in that office have been around very long.  This has led to multiple cases of people receiving incorrect information, but the university won't address this issue.  What can we do to get accurate information?

 Hello,My goal is to in April next year to semi-retire, mainly stop working for my current company. I want to take the 401K and my Rollover IRA and pull the money out and pay taxes upfront, and then move the contents of both into what will be then a tax free account. Maybe create a new whatever type of account that allows me to pull out money tax-free. I know a high-yield Savings account where the money there has already had the taxes paid would work but 4% on a high-yield savings doesn't compare to a 10% stocks account of sorts. So I think it is better to create a new account for investing. What be the best route for my goal?

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! How to Save Like a 401(k) Millionaire. More Americans than ever have seven-figure nest eggs; this blueprint can help build yours. By Tamara E. Holmes, AARP. Published July 22, 2024. Who wants to be a 401(k) millionaire? Most of us, probably. And those who make it are growing in number. Fidelity Investments, one of the biggest retirement plan providers, reported a record 485,000 seven-figure accounts among its 401(k) plan holders in the first quarter of 2024, a 43 percent increase from a year earlier. https://www.aarp.org/retirement/planning-for-retirement/info-2024/401k-millionaire-saving-tips.html

FROM THE ARTICLE: 5 Steps for Couples to Make a Staggered Retirement Work.Spouses who don’t leave the workforce together often face financial and emotional challenges. By Diane Harris, AARP. Published April 08, 2025. It's a common dream of togetherness for older spouses: Nearly two-thirds of still-working couples expect to retire at the same time or within a year of each other, according to an April 2024 report from Ameriprise Financial.But those expectations rarely meet reality. The Ameriprise survey found that only 11 percent of retired couples leave their careers simultaneously, and 62 percent retire more than a year apart. USE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/money/retirement/married-couple-split-retirement/

 I'm trying to find out how people who have used Trust&Will to set up a Trust like it.  Would you recommend it?  Any downsides?  Anything you would do differently?

FROM THE ARTICLE: 8 Lessons Retirees Can Learn From Past Bear Markets.Downturns are never fun, but understanding historical trends can help steady nerves. By David Rodeck, AARP. Published April 22, 2025. market downturns can feel like a gut punch. Your portfolio reflects years of savings and earnings, and it’s hard to watch it spiral. What's a retiree to do at such stomach-churning times?Very little, advises Tara Lawson, a wealth strategist at U.S. Bank Private Wealth Management. “It is essential not to panic and remember that market corrections, while unpleasant, are a normal part of investing,” she says. USE THE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/money/personal-finance/past-bear-market-lessons/

FROM THE ARTICLE: 10 Ways to Fail at Retirement.Avoid these hazards to your money, health and happiness as you step away from work. By Bruce Horovitz, AARP. Published June 03, 2025 It's not hard to find information on the things to do before you retire. Buckets of ink and billions of pixels have been expended explaining them. Yet many retirees still feel bored, isolated or stressed after leaving the workaday grind behind.Maybe what they need is a bit of negative reinforcement — a fail-to-do guide, if you will. There are, after all, many things — critical things — that people manage to not do before or during retirement. Many are financial, but some involve physical, mental and emotional well-being. USE THE LINK BELOW TO READ THE ARTICLE. https://www.aarp.org/money/retirement/avoid-retirement-fails/

FROM THE ARTICLE. 13 Ways to Stick to Your Retirement Budget in 2026. How to save more and spend less in the new year. By Bruce Horovitz and Daniel Bortz, AARP. Published January 05, 2026. For retirees on fixed incomes, setting and sticking to a budget has never been more critical. Even though income is limited, many expenses are not. Health costs, for example, can be wildly unpredictable for people over 65. Rising prices of consumer goods is also putting pressure on older adults' wallets.If the past is any predictor of the future, there’s lots of budgeting work to be done. When asked what financial challenges they faced in 2024, 28 percent of Gen Xers (ages 44 to 59) and 14 percent of boomers (ages 60 to 78) said they took on debt, and 19 percent of Gen Xers and 13 percent of boomers said they depleted their savings, according to a survey by Credit Karma, a consumer financial platform. USE LINK BELOW TO READ THE ARTICLE. https://www.aarp.org/money/persona