Shows
Friends Talk MoneyThe High Cost of Doing Nothing: Medicare Open Enrollment Mistakes to Avoid for 2026Three-quarters of Medicare beneficiaries say choosing a Medicare plan is confusing, and nearly 7 in 10 (69%) Medicare beneficiaries have not compared their own source of Medicare coverage with other Medicare options offered in their area during past open enrollment periods, according to surveys. These actions can cost you money and limit your medication coverage and pharmacy access. In this episode of Friends Talk Money, we unpack what you need to know about Open Enrollment and your plan options, diving into the pros and cons of Original Medicare plus a supplement and Part D plan versus Medicare Advantage. We explain w...
2025-10-2255 minFriends Talk MoneyJob Search After 50: Career Change, Ageism & AI TipsNearly 1 in 4 Americans over 50 are planning a job change this year, according to a new AARP survey—but here's the surprising part: 65% haven't taken any steps to prepare.In this episode of Friends Talk Money, hosts Terry, Richard, and Pam dig into what's really driving career changes for people over 50, 55, and 60—and what older job seekers need to know to stay competitive in today's market. We cover: Why boomers and Gen Xers are rethinking retirement and launching second-act careers How to avoid the black hole of job applications and get results through networking and research Smart stra...
2025-09-1234 minFriends Talk MoneyGen X's Retirement Shock: The Truth About Healthcare CostsGeneration X is often called the "forgotten middle child" between Boomers and Millennials, but with 65 million Gen Xers moving into their 50s and early 60s, they're facing a massive financial challenge: skyrocketing healthcare costs. In this episode of Friends Talk Money, Pam Krueger, Terry Savage, and Richard Eisenberg unpack why healthcare, not retirement savings, is now the #1 financial concern for Gen X. From high insurance premiums and long-term care to hidden out-of-pocket costs, we break down: Why Gen X is more worried about healthcare than retirement savings How rising costs are squeezing families still raising kids...
2025-09-0422 minFriends Talk MoneyOlder Americans Are Starting Businesses—and Why It's Getting HarderMore Americans in their 50s, 60s, and beyond are starting businesses than ever before—but they're also facing new, mounting challenges. In this episode of Friends Talk Money, we unpack what's fueling this surge in encore entrepreneurship and how recent policy shifts—especially cuts to the Small Business Administration (SBA) and new trade barriers—are making it harder for older founders to succeed. Special guest Hedy Ratner, co-founder of the Women's Business Development Center, joins us to discuss how older entrepreneurs, particularly women and minorities, are being affected. We cover: Why older Americans are launching businesses in record numbers How Tru...
2025-08-2132 minFriends Talk MoneyThe 'One Big Beautiful Bill': What It Really Means for Your Taxes, Medicare & RetirementThe 2025 Budget Bill — aka the "One Big Beautiful Bill" — is now law. But behind the headlines and hype, how does it impact your taxes, Social Security, Medicare, estate plan, and healthcare costs? In this episode of Friends Talk Money, Pam Krueger, Terry Savage, and Richard Eisenberg break down what really matters — no politics, no spin, just the facts that can help (or hurt) your financial future. What you'll learn: What the $6,000 senior tax deduction really does — and who qualifies Whether your Social Security will still be taxed Big changes to the SALT deduction and why it m...
2025-07-1828 minFriends Talk MoneyHow AI Is Revolutionizing Long-Term Care PlanningArtificial intelligence is quietly reshaping the way we plan—and pay—for long-term care. In this new episode of Friends Talk Money, Richard, Pam, and Terry sit down with Lily Vittayarukskul, Co-Founder and CEO of Waterlily, for a candid conversation about what most people get wrong about long-term care and how AI is changing the game. In this episode, you'll learn: Why most Americans underestimate the true cost and likelihood of needing long-term care How Waterlily uses AI and over 500 million data points to predict your personal care needs The real numbers behind self-funding vs. insurance for...
2025-07-0937 minFriends Talk Money4 Big 401(k) Changes in 2025: What You Need to KnowSpecial Guest: Lisa Gomez Big changes are coming to your 401(k) and workplace retirement plans in 2025 — are you ready for them? In this new episode, the Friends Talk Money team sits down with retirement policy expert Lisa Gomez (former Assistant Secretary of Labor for Employee Benefits Security) to unpack what's changing and how it could affect your money. We're covering: How catch-up contributions are getting a big boost for people aged 60-63 Why Roth 401(k)s are becoming a bigger deal — especially for higher earners The growing trend of adding private market and crypto investments inside reti...
2025-06-2538 minFriends Talk MoneyWhat's in Your 401(k)? It's Time to Look.If you're like a lot of people nearing retirement, your 401(k) or 403(b) is probably the biggest part of your savings. But do you actually know how it's invested—or how much risk in stocks you're taking on without realizing it? In this episode of Friends Talk Money, we're going to look more closely. Ron Surz, a long-time retirement investing expert and president of Target Date Solutions joins us—and he's not afraid to call out where he thinks popular target date funds are falling short. He'll walk us through what he believes is a better way to s...
2025-06-0237 minFriends Talk MoneyThe Truth About Financial Advisors: Friends Talk Money Co-Hosts Interview Pam KruegerIs your financial advisor truly working in your best interest — or theirs? In this eye-opening episode, the Friends Talk Money team turns the mic toward their own co-host, Pam Krueger, as she reveals the personal story behind Wealthramp, the platform she created to connect investors with trustworthy, vetted financial advisors. Pam shares the shocking truths she uncovered about conflicts of interest in the financial industry and why too many investors unknowingly work with advisors who don't prioritize their clients' financial well-being. Learn how Wealthramp is disrupting the traditional advisor model by putting integrity, transparency, and fiduciary responsibility fr...
2025-05-0546 minFriends Talk MoneySocial Security: True or FalseIn this episode of Friends Talk Money, we're joined by Phil Moeller, renowned journalist and co-author of Get What's Yours: The Secrets to Maxing Out Your Social Security. Phil dives into all things Social Security—unpacking the latest changes, what they mean for you, and how to make smart decisions that can boost your retirement benefits. Topics we cover: Key Social Security changes for 2025 and beyond How these updates may affect your benefits Strategies to optimize your Social Security claiming decisions Common mistakes to avoid when planning for retirement Whether you're nearing retirement, already collecting benefits, or helping a lo...
2025-04-2239 minFriends Talk MoneySolo Travel on a Budget: Tips from Expert Barbara TalismanReady to explore the world without breaking the bank? The Friends Talk Money crew sat down with Barbara Talisman from Talisman Travel Tribe, who shares her top tips for traveling the world on a shoestring budget! From finding cheap flights to scoring affordable accommodations, Barbara's got you covered. What's your go-to tip for saving money while traveling?
2025-03-2037 minFriends Talk MoneyThe Taxman Answers Your QuestionsLooking for help this tax season? The Friends Talk Money team welcomes IRS spokesperson Eric Smith to discuss important tax changes and tax planning strategies. As a trusted tax accountant for the IRS, Eric breaks down the difference between tax credits and deductions, and shares valuable insights into new tools 'direct file' and 'free file' and other crucial matters that could affect your finances. Listen for more informative tips on how you should navigate the complex world of taxes!
2025-02-2536 minFriends Talk MoneyHow to Rebuild Your Finances After a Disaster: Insights from Mitchell FreedmanRebuilding your finances after a disaster can feel overwhelming, but you're not alone. The Friends Talk Money crew sits down to learn more from Wealthramp-network advisor Mitchell Freedman, CPA/PFS, who's lived through this before himself. His personal and practical tips on preparing for and recovering from financial crises are invaluable. Mitch highlights how working with a fee-only fiduciary financial advisor can help those affected by a disaster recover financially. Listen to learn more!
2025-02-2150 minFriends Talk MoneyRetirees: Are You Taking too Much Risk With Your Investments?Worried whether the stock market is too risky for your retirement money? You're not alone! We're going to help you decide how to sleep at night and still invest so you're money's working for you. Tune in as the Friends Talk Money team chats with Jim Stack from InvesTech Research to uncover smart strategies for navigating your retirement journey.
2025-02-1243 minFriends Talk MoneyIs a Roth Conversion Right for You? Guest Larry Kotlikoff Helps You DecideThinking about a Roth conversion but not sure if it's the right move? The Friends Talk Money team breaks down six key things you need to know before making a decision! From tax implications to future benefits, we've got you covered. Curious about how a Roth conversion could impact your financial future?
2025-01-3134 minFriends Talk MoneyHow to Get Your Finances Organized in 2025The Friends Talk Money team is here to help you start 2025 off right! From organizing your important documents to aligning your investments with your goals, we've got the tools and tips you need for a successful financial year! What financial goals are you going to cross off your list this year?
2025-01-2320 minFriends Talk MoneyAnswers to The Big Questions for the Second Half of Life With Debra Whitman, PhDDebra Whitman Chief Public Policy Officer, AARP joins the Friends Talk Money crew to give us a glimpse into her latest book, 'The Second Fifty'. Dive into the conversation as Richard, Pam, and Terry discuss the big questions about health, wealth, and longevity in midlife and beyond. What's the biggest question you have about navigating this new chapter? Listen to learn more!
2025-01-0635 minFriends Talk MoneyKickstart Your New Year: Essential Financial Tips for a Better LifeReady to make 2025 your best financial year yet? The Friends Talk Money team is here to help! Join Terry, Rich, and Pam as they break down 9 essential tips to set yourself up for financial success in the new year. Unlock Your Financial Future - Begin by consolidating all your year-end IRA statements and harness the power of an online RMD calculator to determine your 2025 minimum distributions. This crucial step ensures you're setting aside the right amount for a secure future. Refresh Your Records - Keep your IRA beneficiaries up-to-date to safeguard your legacy. Optimize Your Portfolio - Align your investment alloc...
2024-12-1326 minFriends Talk MoneyCharitable Giving 101: Year End Tax Tip & Maximize Your ImpactIt's that time of year again! The Friends Talk Money team dives into charitable giving. There are many benefits to contributing to your favorite charity. The conversation is about the tax and personal benefits of giving. But how do you choose the right charities, align donations with your values, and maximize tax savings? Terry, Rich, and Pam share tips on vetting charities and questions to ask your financial advisor. Tune in and join the conversation!
2024-11-2531 minFriends Talk MoneyExpert Tips for a Secure Retirement with Christine BenzReady to unlock the secrets to a fulfilling retirement? It's the most talked-about retirement book in decades! Join the Friends Talk Money team as they chat with retirement expert and best-selling author, Christine Benz! Christine shares some insights on what truly makes retirees happy, how to navigate healthcare choices and the impact of social security on your budget. Plus, you'll hear what Christine says about getting a second pair of eyes from a qualified financial advisor can provide you peace of mind throughout your retirement. Learn more in this week's episode and be sure to check out Christine's new...
2024-11-0844 minFriends Talk MoneyUnlock Medicare: Your Guide to Open Enrollment with Philip MoellerMedicare open enrollment starts now, and this year things could get a little tricky. Good news! We have three of the country's top Medicare experts co-hosts, Richard & Terry right here, and we're joined by Medicare special guest, Philip Moeller, author of Get What's Your's for Medicare. Phil walks us through some of the most confusing new changes and offers some helpful tips to avoid costly mistakes. Don't wait to make changes! Have you reviewed your plan options yet?
2024-10-1145 minFriends Talk MoneyBack to School for RetireesA growing number of people 55+ are searching for a deeper meaning and purpose in your life, and heading back to college to find it. And many prestigious colleges and universities are offering specialized programs designed just for those new 'senior students'. These midlife and later-life reinvention courses are flourishing nationwide, with exciting new opportunities launching soon at Yale, the University of Southern California, and Boston College. Tune in to this week's episode as the Friends Talk Money team delves into this transformative journey, exploring what's included, all costs involved, and how these programs can help you achieve a fulfilling a...
2024-09-2019 minFriends Talk MoneyEstate Planning 101: What to Do With Your HomeYour home is more than just a roof over your head; it's a treasure trove of memories and emotions. As you consider your estate planning, it's essential to think about how to pass this cherished asset on to your heirs. The Friends Talk Money team dives into the heart of estate planning and explores all your options for your most emotional asset—your home. Whether you want to keep it in the family, sell it, or create a trust, we're here to guide you through those tough decisions.
2024-09-0424 minFriends Talk MoneyResume Building Tips for Those Looking to Come Out of RetirementAs more retirees seek to reenter the workforce, it is crucial to know how to position yourself for success in today's competitive job market. In this episode, the Friends Talk Money team shares valuable insights on updating your resume effectively. With years of experience in your industry, focus on maintaining a concise and impactful resume. Highlight your achievements with quantifiable metrics and incorporate relevant keywords to make your resume stand out to potential employers. Listen to learn more!
2024-08-2025 minFriends Talk MoneyIRAs: The Latest Law with IRA Guru Ed SlottOn the latest episode of Friends Talk Money, the crew sits down with IRA and Tax Guru Ed Slott to dive deep into all things retirement savings.
2024-07-2350 minFriends Talk MoneyHow to Find the Money to Buy Long-Term Care InsuranceExpert Brian Gordon explains how a recent law created a clever new way to pay for premiums in case you ever need long-term care.
2024-07-0142 minFriends Talk MoneyFinancial Planning for Families with Special NeedsTaking care of loved one's with special needs can be incredibly overwhelming, especially if you're going at it alone. That's why it's so important to know where to turn for help. Mary Anne Ehlert, founder of Protected Tomorrows, recently joined the Friends Talk Money team to share her personal experience as a caregiver to her own sister with special needs. Mary Anne shed light on the complexities and amount of work required to financially care for someone who cannot earn an income of their own. She also described what motivated her to start Protected Tomorrows and help families to acc...
2024-06-2838 minFriends Talk MoneyA Widows Guide to Emotional and Financial Well-being with Alexandra Armstrong, CFP®The Friends Talk Money team is joined by Alexandra Armstrong, CFP®, CRPC® who is the chairman and founder of Armstrong, Fleming & Moore, Inc. Alex has worked in the investment field for more than 40 years and back in 1977, was the first person to earn the Certified Financial Planner™ certification in Washington, DC. On this episode, Alex discusses her book On Your Own, a widows guide to emotional and financial well-being and offers useful advice to those who are struggling with becoming a widow.
2024-06-2128 minFriends Talk MoneyA Conversation With the Man Who Invented Your 401(k)Our next special guest has undeniably made the most significant impact on your retirement savings strategy. In this episode, the Friends Talk Money team sits down with Ted Benna, the father of the 401(k) plan. Ted shares the fascinating story of how he conceived this groundbreaking idea, navigated the IRS approval process, and gives us a glimpse into his current projects.
2024-05-0644 min2024-03-2844 minFriends Talk MoneyUnemployed Over 60, and Can't Get a JobThere's nothing more painful than losing your job when you're older and not being able to get a new one. Research says there's a stigma about "older unemployment" - especially when it drags on for more than a year! Meet Ben who is going through that right now. He remains optimistic, but details the hazards -- even for those in technology -- when a job disappears. Some helpful perspective for you - or someone you might know and love.
2024-03-2534 minFriends Talk MoneyHow to Save on Prescriptions When You're On MedicareThe price of prescription drugs can be enormous when you're on Medicare, so in this Friends Talk Money episode, we offer advice on how to pay the least for your medications. With help from expert Diane Archer of JustCareUsa, we discuss when to use your Medicare Part D plan, what to know about prescription discount cards and programs from drug companies and states that can lower your prescription costs.
2024-03-0823 minFriends Talk MoneyWhat You Don't Know About Longevity Could Hurt Your RetirementYou're probably familiar with financial literacy, which entails having the skills, knowledge and behaviors to make decisions about money. But how's your longevity literacy? Not sure what we're talking about? In this episode Pam, Terry and Richard break down longevity literacy, and explain the impact, especially when it comes to your retirement readiness. Guest expert, Surya Kolluri, who is the head of the TIAA Institute joins the Friends Talk Money crew to uncover the importance behind longevity literacy and why he believes more Americans should focus on improving theirs.
2024-02-2334 minFriends Talk MoneyWhat financial advice are you getting for your 401(k) rollover?In this episode Pam, Terry and Richard talk about what's likely to be the most important financial decision you'll ever make… what to do with your 401(k) money when you're ready to retire? The Department of Labor says any retirement advice you get a work should always be in your best interest. The question is… is it? Pam leads the discussion about the DOL's new proposed Fiduciary Rule and includes special guest Kevin Walsh of Groom Law Group and break down why the DOL's so worried.
2024-02-0830 minFriends Talk MoneyDealing with Debt Later in Life Advice on lowering your debt load and credit card rates, plus pros and cons of filing bankruptcy. With Bruce McClary, Senior Vice President of Media Relations & Membership at the National Foundation for Credit Counseling.
2024-01-1742 minFriends Talk MoneyWhat to Know Before Retiring AbroadRetiring abroad can be appealing, with lower costs and great weather. But here are some things you also need to consider before making a move.
2024-01-0926 minFriends Talk MoneyHow You Can Financially Set Up Your Grandchildren For SuccessIn this episode, the Friends Talk Money team discusses how you can help set up your grandchildren for financial success beyond the traditional 529 college saving plans. Tune in as Pam, Richard and Terry share helpful tips and savvy money strategies that they've learned from their own personal experiences.
2023-12-2829 minFriends Talk MoneyWhat to Know About Required Minimum Distributions From Retirement PlansThe rules for RMDs have changed and you will want to know how much you must take out of your retirement plans and when. We explain it all on this episode of Friends Talk Money, including year-end advice.
2023-12-0728 minFriends Talk MoneyWe're Doing Inheritances All WrongThe Friends Talk Money podcasts talk about why many of us aren't bestowing inheritances to heirs the right way and not helping our parents make inheritances properly. We also talk about how financial advisers could be more helpful to families so they handle inheritances wisely.
2023-11-2831 minFriends Talk MoneySocial Security Horror Stories!Social Security is clawing back $21 billion in mistaken overpayments — impacting retirees and the disabled. Terry Savage and Larry Kotlikoff have written a new book —Social Security Horror Stories— revealing the shocking abuse. Last weekend they were featured on CBS - Sixty Minutes speaking with Anderson Cooper about this issue. In this episode, Larry joins Terry, Pam and Richard to take a deeper dive into problem and what you should do to ensure you get what's rightfully yours.
2023-11-0841 minFriends Talk MoneyOpen Enrollment for Medicare is Here! We have some advice and some warnings.What to know about Medicare Open Enrollment for 2024. What's new and how to shop wisely for coverage.
2023-10-2035 minFriends Talk MoneyAdvice for glass half empty investorsNot everyone looks at their personal financial future through rose colored glasses. In fact a recent Gallup poll shows Americans not yet retired are more worried than anytime in the past ten years. Discouraged savers who see the glass-half-empty may actually need different financial strategies just based on their outlook. We give you solid financial planning tips that can make your outlook.
2023-09-2727 minFriends Talk MoneyHelp with Student Loan Repayments! Learn how to lower your repayments and cut years off your loan payments w attorney and expert Rae Kaplan. Student Loan Sticker Shock By Terry Savage Federal Student Loan Debt Relief
2023-09-1143 minFriends Talk Money'Rock Your Retirement' with Help From Roger WhitneyRoger AKA, "The Retirement Answer Man" and author of "Rock Retirement: A Simple Guide to Help You Take Control and Be More Optimistic About the Future,". Roger has been a CERTIFIED FINANCIAL PLANNER™ professional for more than 25 years. He's sharing how he's now helping people live well today in retirement without sacrificing tomorrow.
2023-08-0741 minFriends Talk MoneyMedicare's Coverage of Alzheimer's and Weight-Loss DrugsIn this episode, Friends Talk Money co-hosts Pam Krueger, Richard Eisenberg and Terry Savage discuss what Medicare does and doesn't cover when it comes to treatments for Alzheimer's Disease and drugs for weight loss. A recent FDA decision means Medicare will be covering a new, game-changing Alzheimer's drug for many people 65 and older, but there are some strings attached. By contrast, Medicare currently won't pay for drugs to lower weight, although it will pay for weight-loss surgery in some cases. An act of Congress, however, could change the rules about Medicare and weight-loss drugs.
2023-07-1028 minFriends Talk MoneyHow Grandparents Can Use 529 Plans to Save For Their Grandkids' College TuitionIn this Friends Talk Money episode, college financing expert Mark Kantrowitz talks with our hosts Terry Savage, Pam Krueger and Richard Eisenberg on how grandparents can use 529 plans to save for their grandchildren's' college tuition bills.
2023-06-2737 minFriends Talk MoneyWhat to Know About Buying Long-Term Care InsuranceA guide to who should consider buying a long-term care insurance policy, what these policies do and don't cover, what age to consider buying it and the newer versions known as hybrid policies and 10-Pay policies. Our guest: Brian Gordon, a long-term care insurance policy expert with Gordon Associates in Bannockburn, Ill.
2023-06-0934 minFriends Talk MoneyCannonballs and Curveballs in RetirementThe Age Wave research and consulting firm and the Edward Jones financial services firm just published a survey of Americans' views and actions regarding cannonballs and curveballs in retirement. In today's episode we talk with Lena Haas of Edward Jones about the findings.
2023-05-1733 minFriends Talk MoneyHow to Get the Pension You're DueSome retirees run into trouble receiving their promised pensions. Others aren't sure if they're eligible to receive pensions. Here's where to go to get help to ensure you get any pension you're due and to see whether there may bea pension waiting for you.
2023-04-2523 minFriends Talk MoneyNew Lessons From an Old FraudNetflix released a new docuseries that reveals how Madoff got away with stealing $36 Billion from wealthy investors and charities. It's been 15 years since the biggest criminal on Wall Street, Bernie Madoff pulled off the largest Ponzi scheme in history. Bernie Madoff may be dead, but there are still plenty of con artists and investment scams and new lessons to learn from this story.
2023-04-2031 minFriends Talk MoneyTax Tips — Don't Procrastinate!The clock is ticking towards Tax Day, April 18. Here are some timely tips for tax form procrastinators.
2023-03-2020 minFriends Talk MoneyAnnuities for Retirement IncomeMention the word "annuity" and most investors recoil. There seem to be so many hidden secrets and costs. And high pressure sales tactics along with "free dinners." In today's podcast we unravel those mysteries – with the one man who has consistently worked to educate the public to the ins and outs of annuities – as well as some of the better uses of these insurance company contracts. Stan Haithcock's website – www.StantheAnnuityMan.com -- is a great resource for free basic information and good advice on annuities. And Stan is one of the most entertaining financial speakers you'll ever meet...
2023-02-2451 minFriends Talk MoneyWhat to Know About Continuing Care Retirement CommunitiesHave you given some thought to where and how you'd like to live in your retirement years? Many insist on staying in the family home – without thinking about logistics of stairs and navigating the bathroom in later years. Maybe you'll just downsize to a smaller home. Others decide to move into a senior community, making new friends in these settings with like-minded and active adults. The latest enticing option is Continuing Care Retirement Communities, which offer initial living in townhomes or condos, while guaranteeing acceptance for one or both spouses into assisted living or even memory care as the need m...
2023-02-1534 minFriends Talk MoneyHow to Reboot Your RetirementMillions of Americans are feeling financially insecure about retirement, but "Retirement Reboot" author and journalist Mark Miller has some practical suggestions. In this "Friends Talk Money" episode, he shares insights and recommendations on: saving and investing for retirement, Social Security strategies, enrolling in Medicare and more.
2023-01-3047 minFriends Talk MoneyThe Massive Retirement Bill: What's In It for You?Congress just passed a bill with the biggest changes for retirement in 15 years. The legislation, called Secure 2.0, has new ways to save for retirement and take money out of savings for emergencies, as well as new rules on how much you'll be required to take out of your retirement accounts and how the government will provide money to match retirement savings for some people. In this Friends Talk Money episode, we tell you what the new law means for you.
2022-12-2527 minFriends Talk MoneyHow to Make Your Money Last in Retirement Many people worry about running out of money in retirement. But Jim Mahaney, a retirement advisor in New Jersey, says you can lessen that worry by creating what he calls a "resilient retirement income plan." He just wrote a whole book about it — "How to Craft a Resilient Retirement Income Plan" and in this episode, Friends Talk Money podcast co-hosts Richard Eisenberg, Pam Krueger and Terry Savage talk about how, and why, to do just that.
2022-12-2226 minFriends Talk MoneyBest Holiday Gifts that Teach Kids about MoneyThe holiday shopping season is officially underway, and like many grandparents and parents, you're probablysearching for gifts that will make a lasting impression on young people–rather than being quicklyoutgrownor broken. So we have gathered some of our best holiday money gifts for kids of all ages—gifts that will keep on giving for years to come.
2022-12-0925 minFriends Talk Money2022 Year-End Tax Planning TipsDelaying billing 2022 side-gig income until 2023, maximizing end-of-year pre-tax retirement plan contributions, and selling stocks at a loss to offset capital gains are just a few of many steps you can take right now to reduce your 2022 taxable income. Terry, Pam and Richard discuss these and other strategies and IRS changes that may lower tax bills for many Americans in 2023.
2022-11-2329 min
Freelance Writing Direct with Estelle: Conversations with authors, journalists, agents, novelists, memoirists, niche writers, publishers, writing teachers, assigning editors and media experts.#5 "Unretirement" with Richard EisenbergIn this episode, Estelle Erasmus and Sherry Paprocki speak with Richard Eisenberg. In January of 2022, Rich "Unretired". Rich is a freelance personal finance writer and editor and co-host of the "Friends Talk Money" podcast. Most recently, he was managing editor of Next Avenue site, and editor of its Money & Policy and Work and Purpose channels. He is author of How to Avoid a Mid-Life Financial Crisis and The Money Book of Personal Finance and lives in New Jersey. Before working at Next Avenue, Rich was Front-Page Finance Editor at Yahoo!, Special Projects Director...
2022-10-2727 minFriends Talk MoneyAre alternative investments right for you?With the stock and bond markets delivering lousy returns this year, some investors are wondering whether to add so-called alternative investments to their portfolios. In this episode, Pam, Terry and Richard discuss the risks of investing directly in unregulated asset classes like gold, real estate, commodities and even cryptocurrency and suggest ways that investors may be able to use publicly traded securities to gain indirect exposure to these alternative asset classes with lower risk.
2022-10-1029 minFriends Talk MoneyWhat You Need to Know About Claiming Social SecurityTwo thirds of retirees get more than half of their income from Social Security. That's why it's critical to make the right claiming decision. In this episode, the three friends are joined by Social Security expert and bestselling author Lawrence Kotlikoff, who discusses scenarios where you might want to start taking Social Security earlier or delay starting until your full retirement age or later.
2022-09-2953 minFriends Talk MoneyBest Advice for The Wild Housing MarketThe housing market is a perilous place right now, especially for people over 50. Prices in certain areas are out of reach for many seniors who want to relocate, yet rising mortgage rates are making it difficult for many homeowners to sell at their asking prices. In this episode, Terry, Pam and Richard weigh the pros and cons of selling or staying put, various mortgage options, moving into a retirement community, and renting.
2022-08-3128 minFriends Talk MoneyThe Future of Work for People Over 50What does the employment outlook look like for older Americans who will be looking for new jobs or want to hold on to the jobs they have? Will there still be remote or hybrid opportunities for those who don't want to be in the office full time? And when today's hot job market begins to cool, will there be a place for older employees in corporate America? To answer these and other questions, the three friends bring in two experts to discuss the future of the workplace and what those who want to participate in it may need to...
2022-08-1217 minFriends Talk MoneyWhat People Want From Financial Advisors But Aren't GettingMany financial advisors are not doing much to help their clients prepare for retirement other than managing their investments. In this episode, the three friends discuss the many other ways a truly independent, fiduciary financial planner can holistically come up with a comprehensive plan to help retirees answer their many questions, from deciding when to start Social Security and choosing Medicare coverage to figuring out where and how they may want to live and determining an appropriate estate planning strategy.
2022-08-1221 min
Jazzed About WorkJournalist Rich Eisenberg explores unretirementRetirement isn’t what it used to be. These days many people step away from their full-time careers to start building new portfolios of rewarding jobs and projects. Our guest, Rich Eisenberg, knows all about late life careers. For more than a decade he was managing editor, and also work and money editor, at Next Avenue, the PBS site for people 50+. Early this year he left that job and launched an “unretirement” phase that includes podcasting, freelance writing and teaching digital media. Today he describes important ways you can start early to lay groundwork for your later career phase, like n...
2022-08-1034 minFriends Talk MoneyWhy Women are Leading Sustainable InvestingIn this episode, Pam, Terry and Richard discuss the pros and cons of socially responsible investing, whose increasing popularity is being driven mainly by women. In particular, they examine whether women sacrifice returns by investing in stocks or ESG funds that align with their personal values. The answer may surprise you.
2022-08-0119 minFriends Talk MoneyAre Bonds as Risky as Stocks?Pam, Terry and Richard puncture the myth that holding bonds in your portfolio offsets the risks of owning stocks. For example, this year, rising interest rates have driven down the prices of existing bonds. While this may not create a problem for investors who plan to hold on to their bonds until they mature, selling them could generate huge losses for those who want to buy newer bonds with better interest rates. What should bond investors do? The three friends offer guidance to help them evaluate their options.
2022-07-1127 minFriends Talk MoneyWhat's in Your Next 401(k) Statement May Be a Wake Up CallDo you truly know how long the money you've saving in your 401(k) will last during your retirement? In this episode, Terry, Richard and Pam discuss the benefits and potential flaws of a new federal rule that will require retirement plans to start providing lifetime income statements that show much monthly income their account could generate if they started taking qualified withdrawals at age 67. For some, these statements will provide assurances that their nest egg will support their lifestyle during retirement. For others, they'll will be a wake-up call that they need to get their retirement savings plan back...
2022-07-1120 minFriends Talk Money5 Tips for 401(k) RolloversDirectly rolling over a 401(k) plan to an IRA with a custodian like Fidelity, Schwab or Vanguard is something most people should do as soon as possible after they retire. Why? Because most 401(k) plan investment options are designed for people saving for retirement, rather than for those who need their nest egg to generate income to help pay for everyday expenses. Rollover IRAs offer access to a wider variety of investment options, many of which may have lower expenses than the funds in your 401(k) account. But since you may need money in your IRA to last 20 years...
2022-06-2824 minFriends Talk MoneyGray Marriage: How to Avoid Expensive MistakesSince the 1990s an increasing number of people are getting remarried at a later age. Couples who are entering second marriages at this point in life need to fully understand the financial implications. How much wealth and debt will they bring to the union? Whose home will the newlywed couple live in? How do you make compromises on everyday spending and bill payments? And what should each person do to safeguard their own financial interests and those of their own children while still being fair to their new spouse and their children? Since money-related issues are one of the c...
2022-06-0926 minFriends Talk MoneyGen X is Getting Ready to Retire. How's That Going?Recent research from the Employee Benefits Research Institute reveals that those most worried about financial security during retirement are Gen-Xers between the ages of 42 and 57 years old. With the market experiencing its worst start of the year since World War II, many are wondering whether the two-decade bull market is coming to an end. Others are worried that they'll have to work longer than they planned. Or that the Social Security fund will be bankrupt when it's time for them to start collecting. While there are actions Gen X-ers can take now to bolster their retirement nest egg, like...
2022-05-2626 minFriends Talk MoneyWorking in RetirementIf you want to work part-time in retirement, it's never been easier to find the kind of job you want. And it's not just lower-paying, physically demanding jobs at retail stores and restaurants. With employers desperate to find workers, many are putting aside their biases against experienced and technically savvy older workers and allowing many to work at home or on their own schedules. And if you're still working full-time but would like to ease your workload, your company may offer a phased retirement program that lets you gradually reduce your work hours over time while still retaining your be...
2022-05-1716 minFriends Talk MoneyShould You Put Crypto in Your Retirement Account?Ric Edelman, author of the new book "The Truth About Crypto" thinks everyone should have 1% of their investments in cryptocurrencies, including retirement investors. But the U.S. Department of Labor has concerns about allowing crypto in 401(k) retirement plans, just as Fidelity says it plans to let employers allow employees to put up to 20% of their 401(k)s in Bitcoin. The "Friends Talk Money" hosts talk to Edelman about all this and weigh in with their thoughts on putting retirement money into crypto.
2022-05-1130 minFriends Talk MoneyAppointing a Trusted ContactSecurities regulators estimate that at least 5 million elderly Americans become victims of financial fraud and other scams each year. With this kind of abuse only expected to increase, these regulators are strongly recommending that seniors formally appoint one or more children, relatives or friends as "trusted contacts" with their bank, brokerage company, financial advisor and other financial institutions. These trusted contacts can't make transactions or even view their friends' or parents' accounts. They're simply additional people the institution or advisor can reach out to if they're unable to reach the account owners to inform them about suspicious activities or...
2022-03-3019 minFriends Talk MoneyKeep Calm and Invest: Three Industry Experts Discuss How To Manage Market VolatilityThe S&P has been very volatile since January, after reaching many record highs over the past seven years. It's hard for any investor not to feel overwhelmed and worried during these turbulent times. Watch nationally known financial commentators and co-hosts of the award-winning podcast Friends Talk Money, Terry Savage, Richard Eisenberg and Pam Krueger discuss how to stay focused during this market storm of inflation, the prospect for higher interest rates and global political and economic uncertainty in the aftermath of Russia's invasion of the Ukraine.
2022-03-1122 minFriends Talk Money5 Tips for a Successful UnretirementMental health studies have shown that those who do nothing after retirement increase their chances of suffering from clinical depression by 40%. That's why many retirees are choosing to "unretire." This doesn't necessarily mean going back to work full-time. Instead, it's about filling your day with activities that bring you satisfaction. But to unretire successfully, you need to plan ahead, perhaps even before you retire.
2022-03-0225 minFriends Talk MoneyMedicare and COVID-19When it comes to COVID tests, vaccines and medical treatments, the way traditional Medicare Parts A and B pay for these expenses is not always clear cut. For example, right now Medicare only pays for four at-home COVID test kits that you order directly through covidtest.org. However, the Biden administration recently announced that in early spring Medicare will cover the costs of eight free test kits per month, the same number covered by private health insurers. Medicare covers the full costs of vaccines and boosters and the costs of having a healthcare professional administer the vaccine in your h...
2022-02-0517 minFriends Talk MoneyLessons From a Wild Stock Market WeekIf you think that the stock market has been going through extreme positive and negative price swings over the past few weeks, you're not imagining things. When volatility occurs, however, it's important to resist the urge and flee to safety. Remember that, over the long term, stocks have delivered better long-term returns than bonds and cash. The question is: What percentage of your portfolio should be invested in stocks when you're still saving for retirement or after you've retired? If you don't feel that you have the knowledge or confidence to make these decisions on your own, consider seeking guid...
2022-01-3026 minFriends Talk MoneyWelcome to The Super AgeFifty-four million Americans are over the age of 65. And extended life expectancies, coupled with low birth rates, are moving us toward a "super age" where more Americans will be over the age 65 than under age 18. With higher percentages of people likely to live well into their 90s, your retirement nest egg may need to last 30 years or more. Depending on how much you've saved and how you plan to live during retirement, you may need to make some adjustments, like leaving your full-time job at age 70 rather than 65 or working part time during retirement. In this super age, employers...
2022-01-2028 min2022-01-1318 minFriends Talk MoneyOur favorite money books 2022 Go to any library or your local bookstore and you'll see shelf after shelf of books offering practical education on various financial planning and investing. Sorting through these choices can be overwhelming, so Pam, Richard and Terry are here to help by sharing recommendations for money-themed books they have learned the most from. These books will help you fortify your personal knowledge of how to save manage and invest your money. While most of these books have been published within the past few years, several are classics that have been updated over the years.
2022-01-0634 minFriends Talk MoneyCharity tips for 2021From donating appreciated stock to establishing a donor-advised fund to contributing part or all of your Required Minimum Distribution from an IRA directly to a charity, there are many ways you can support the nonprofit organizations and causes you care about while also receiving significant tax benefits. However, before you give to any charity, it's important to conduct background research to make sure the organization is legitimate and that they're using most of their donations to fulfill their mission.
2021-12-2922 minFriends Talk MoneyHow to invest with rising inflationWhether it's higher prices at the gas pump or at the supermarket, we're all feeling the impact of inflation in different ways. Most economists predict that inflation will continue into next year, which could create extreme hardships for seniors living on a fixed income or for those who have had to use more of their retirement assets than they planned for. With the high likelihood of the Fed raising interest rates next year to tamp down inflation, these actions could put a damper on the surging stock market. That's why now may be a good time to look over yo...
2021-12-2023 minFriends Talk MoneyHow Retirees Get TaxedWhile those approaching retirement often calculate the total income they may receive from Social Security, pensions, 401(k) plans and taxable investments, many fail to consider the impact of federal and state taxes. For example, if you and your spouse file jointly and your combined income is more than $32,000, up to 85% of your Social Security benefits could be taxable. If you have a pension, you'll have to pay taxes when it's paid out to you. When you start taking mandatory or elective taxable distributions from your Traditional and Rollover IRA and 401(k) accounts, it's important to know ahead of time...
2021-12-1322 minFriends Talk MoneyHoliday Gifts for KidsFrom specialized piggy banks for younger children to establishing custodial brokerage accounts or Minor Roth IRAs for teenagers, there are a variety of ways you can give your kids a head start on understanding the importance of saving, investing and appreciating money this holiday season. And don't forget the most important gift of all—a college education, which you can make more affordable by establishing a 529 College Savings Plan for each child. Earnings are never taxed and can be withdrawn tax free if they're used to pay for qualified educational expenses. Each parent can contribute up to $15,000 per year pe...
2021-11-3019 minFriends Talk MoneyBuy Now Pay LaterSince the start of the COVID-19 pandemic, 42% of consumers have increased the amount they owe for mortgages, student loans and car loans. The one bright spot is that the average amount of credit card debt has fallen during this time period. However, 54% of consumers with credit cards don't pay in full each month and 18% owe more than $20,000. And the growing popularity of online "Buy Now, Pay Later" (BNPL) programs offered on many online retail websites such as Amazon and Walmart may end up increasing the mountain of debt many Americans are struggling to escape. According to research from Credit...
2021-11-1118 minFriends Talk MoneyMedicare Open EnrollmentDuring the annual Medicare open enrollment period, from October 15 through December 7, you can make many changes in your Medicare coverage. But it's important to understand the potential impact of making changes—or making no changes at all. First, if you're in a Traditional Medicare program, you should sign up for a Medicare Part D prescription drug program within six months of enrolling in Medicare to avoid paying a late-enrollment penalty even if you're not on any prescriptions right now. If you have Part D coverage already, it's important to review your plan every year during this time to find out...
2021-11-0422 minFriends Talk MoneyWhat Do The Happiest Retirees Know That We Don't?What makes people happy during retirement? Research shows that while financial security isn't the most important thing, it's near the top of most retirees' lists. But it's also important to think about what your life after full-time work will be like. Do you have social connections with whom you can share good stories and reach out to in times of need? Do you have enough outside interests, from hobbies to volunteering to keep you occupied? Do you have a plan B, such as thinking about part-time jobs that might interest you if you miss working? It's important to think...
2021-10-2825 minFriends Talk MoneyHow to Choose Where to LiveThe best time to start thinking about where you may want to live during retirement is long before you retire. While many people spend a lot of time pondering the kind of home they want to live in, they often don't spend enough time researching the state, town or neighborhood where it may be located. But location may be the most important factor that determines how happy and healthy you'll be in your new part-time or full-time residence. That's why you'll want to thoroughly research any locale you're considering. How accessible stores and services are. The quality of local ho...
2021-10-1424 minFriends Talk MoneyRoth IRAs and How They May ChangeEven though tax-deferred Traditional IRAs have been around since 1974 and tax-free Roth IRAs since 1997, you don't hear a lot about them these days. Yet, for many people, especially those who are self-employed or don't have retirement plans at work, IRAs still represent one of the best tax-advantaged ways to save for retirement. As long as you have earned income and your total annual income isn't too high, you can contribute to an IRA every year. While both IRAs allow for tax-deferred growth, only the Roth IRA allows you to withdraw earnings and contributions totally tax-free at age 59½ or older. How...
2021-10-0723 minFriends Talk MoneyMental Health and Money HealthThere's a common axiom that most financial decisions are based 1% on facts and 99% on emotions. Fear and stress of any kind, whether they're job-related, pandemic-related, or financial security related, can impact our spending, saving and investment behaviors. Negative emotions lower our confidence, and the less confident we feel, the more likely we are to give into impulses, whether it's spending more on alcohol, drugs or unhealthy food or panic-selling stocks when the market is falling. If you recognize the detrimental effects of negative emotions, you can begin to make plans to get your financial life in order. The best...
2021-10-0221 minFriends Talk MoneyHow to Avoid Getting ScammedSocial isolation, greater use of technology and the flood of stimulus checks and government aid programs during the COVID-19 pandemic have led to a dramatic increase of people victimized by cybercrime and financial fraud. Fraud reports received by the Federal Trade Commission in 2020 increased by 24% over 2019's figures, from 1.7 million to 2.1 million. More and more Americans many of them elderly, are increasingly falling for online and phone schemes perpetrated by criminals posing as financial institutions, online retailers, government agencies and charities. These scams fool them into providing their Social Security number or other personal information or convince them to...
2021-09-2324 minFriends Talk MoneyMind Over Money: How to Do It RightVanguard Funds' John Bogle once said, "Investing should be boring." During sustained market rallies, when the S&P 500 seems to hit new record highs every week, this often seems like good advice: Just set it and forget it. The problem comes when the market suddenly hits a period of turbulence. When this occurs, spooked investors often make bad mistakes—like selling stocks and stock funds at a loss. Anyone who bailed out of the stock market in spring of 2020 when the S&P 500 dropped by 30% only to see it fully recover by mid-summer learned a costly lesson about giving in...
2021-09-1624 minFriends Talk MoneyHow You Can Roar Into the Second Half of LifeAccording to Michael Clinton's new book, Roar: into the second half of your life (Before it's too late), those who are approaching retirement should focus less on the idea of leaving the full-time workforce and more on what they can do to find the most fulfillment during this time. Whether it's working part-time, starting a new business, taking up a new hobby, traveling, volunteering for causes your care about or mentoring young people, these various "layers" can shift your mindset from "retiring" to "rewiring." And while you don't need to be wealthy to enjoy a fulfilling life during retirement...
2021-09-0923 minFriends Talk MoneyHow to get the best health care for your moneyMedical care is becoming a for-profit business even among nonprofit providers. Despite huge advances in technology, care is increasing impersonal, primary care physicians are getting harder to find, and patients are constantly being hit by "surprise charges" from medical procedures that are financially devastating. Many of these charges are unexplained up front and may be incurred by physicians, residents and fellows who are not part of your network. In this environment, it's up to you to be your medical advocate, or ask someone you trust to serve in the role of healthcare proxy to come with you to appointments...
2021-08-3027 minFriends Talk MoneyMoney Tips For an Uncertain EconomySome people describe the current economy by paraphrasing Dickens: It is the best of times, and it is the worst of times.
2021-08-1921 minFriends Talk MoneySurprise! Your home may be costing more than you think.It's a common belief that owning a home is an investment, but the reality is otherwise. While the national year-over-year appreciation rate of 14.5% (as of April 2021) may seem high, this figure includes both areas where housing prices are skyrocketing as well as regions where appreciation is relatively low. Once you add the costs of owning a home—mortgages, taxes and home repairs—into the equation, the actual appreciation rate of the average home barely matches the inflation rate. So, for many people, their home not only isn't an investment, but, depending on the never-sending cycle of home maintenance costs, it may...
2021-08-1224 minFriends Talk MoneyWhy You May Want to Start, or Join, an Investment ClubInvestment clubs are a great way for people to sound out investment ideas, ask questions, and increase their knowledge of the stock market with the help of friends and family members. The popularity of investment clubs, which started in the 1950s, has waxed and waned over the decades, but during the pandemic there has been a resurgence of interest. Social media and virtual collaboration tools make it easier for people to organize and participate in clubs. A new generation of no-fee trading apps enables people to buy fractional shares of expensive stocks with no account minimums. There are even...
2021-08-0520 minFriends Talk MoneyGetting the most out from Social Security post pandemicThirty nine percent of those recently surveyed by Nationwide Insurance don't know at what age they're eligible to receive full Social Security benefits, and 70% said they wish they knew more about this complex topic. In general, if you don't need Social Security income to make ends meet, there are huge advantages for delaying your benefits as long as possible. For every year past the minimum retirement age of 62 you wait, up to age 70, you'll receive an 8% increase in payments. And if you wait until your full retirement age (65-67 depending on the year you were born) your benefits won't...
2021-07-0827 min
"Fun With Annuities" The Annuity Man PodcastThe Moneylady® Terry Savage Holds Nothing BackIn this episode, The Annuity Man and Terry Savage discuss: The Money Lady's opinion on the current markets. The creation of money, interest rates, and the US budget deficit. How technology has changed investing. The coming hot topic of long term care. Key Takeaways: You don't have to beat the market to be successful, you need to be in the market. It is inevitable that rates will go up, and it will likely happen in a snap when it does. Nobody knows when that will happen. With the changes in blockchain technology, the game of financ...
2021-05-2548 min