Earlier today, the famous fraudster Bernie Madoff died in his jail cell. Here’s a quick synopsis for those of you who aren’t familiar: Madoff pretended to be an investment advisor, while he was actually running the world’s largest Ponzi Scheme. He would tell his investors that he ran a very sophisticated options strategy, wouldn’t ever divulge details of the strategy, and told all of his clients that his investments (and their money) were generating double digit returns, while never having…
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HEALTH INSURANCE OPTIONS BEFORE MEDICARE
If you’re planning on early retirement, especially before age 65, you’ll need to consider health insurance options. Individuals who retire before 65 years of age are still too young to get the benefits of Medicare, but it’s important to have health insurance to cover unexpected health conditions, prescription drug costs, regular checkups, or any hospitalizations. Fortunately, there are some health insurance options available for early retirees. Unfortunately, it’s often quite expensive. In my mind, that’s probably the biggest downside of…
4 Questions to Ask Yourself Before Retiring In a Different State
I speak with a number of people every week who are really close to retirement, and often they are looking to relocate and try someplace new to live. I personally love this idea, as I like to travel quite a bit. However, it’s important to do your due diligence on any new place you move to, especially when you’re about to retire. My newest podcast episode is all about that. I go over 4 Questions to Ask Yourself Before Retiring…
An Annual Tax Checkup? Free Offer Inside
I recently went to the Dentist for my annual check up and like I do often, saw a connection to our personal finances. Thanks to my amazing parents (and the braces they got for me decades ago) my teeth are pretty straight. However, I did get chastised a bit for not wearing my Night Guard to prevent grinding my teeth while I sleep. Meeting up with a professional, like a Dentist, on an annual basis not only helps prevent immediate…
Focus On Your Biggest Lifetime Expense, Not $7 Salt
Last week my girlfriend and I were out doing some shopping, getting some essentials so we (okay, she) could make something tasty for us later that night. We grabbed some organic pink Himalayan salt that was marked for $2.50, along with some other things, and get to the cash register. But once the salt is rang up, it displays a new, absurd price of $6.79. It was a classic case of an item being in the wrong section, and a…
Getting A Raw Deal On Your Social Security
My birthday is this Sunday, and my girlfriend has been asking me what I want to do to celebrate. Should we go to a fancy restaurant? Find a really cool activity or experience to enjoy? All on her dime, of course 🙂 I don’t know about you, but I like a good deal. Even when someone else is paying. That in mind, I did some searching this morning and found a great deal. Benihana (the Japanese restaurant) offers a $30 coupon…
Social Security and Taxes
To the surprise of a number of people that I’ve worked with and talked to, yes, there is a chance that your Social Security Benefits will be taxed. Currently, about 40% of people who get benefits pay income taxes on them. I know what you may be thinking: I’ve paid Social Security Taxes all throughout my earning years, and now you’re telling me that I could be taxed on it again? Yup, that’s exactly what I’m saying. It’s kind of…
3 Common Social Security Mistakes to Avoid
Social Security is a really big decision that is going to affect you for the rest of your life. But, like all government programs, it is complex, making it easy to make mistakes that keep you from getting your full benefits. Knowing the most common mistakes people make can help you get the most out of your Social Security benefits. If you’re starting to think about your retirement, here’s what you need to know about Social Security benefits and how…
Betting On Yourself
Did you catch the guy running on the field of the Super Bowl? Near the end of the boring blowout of a game, some bozo ran into the middle of the field to get his 10 seconds of fame. At first I didn’t think much of it, but my friends Jeff + Pete later told me that there was more to the story. Apparently, the guy had bet money that someone would run on the field during the game, and he stood to make…
Spousal, Widow, and Divorcee Benefits
When it comes to Social Security benefits, your marital status can make a big difference. If you are single and have never married, frankly, you have the easiest path to picking your Social Security benefits. Why? Well, you just don’t have as many options! Once you get married, divorced, or widowed, you will have a couple more options to consider. Even if you have not worked yourself, if you are married, divorced, or widowed, you may be eligible to collect…