Most people don’t realize (or do, but don’t plan for it) that, as a couple, there is lost income from Social Security automatically built in. I discussed examples in a post titled “Social Security and Survivor Considerations.” In this post, the question is … How much money* is needed to replace that lost income? First, the […]
Did you know that Social Security for couples has a built in pay cut for survivors? How does that happen? Retirement has three basic phases for couples: Phase 1: Both are here – Retirement Plan. Phase 2: One is here as the survivor – Survivor Plan. Phase 3: Neither are here – Estate Plan. Most couples […]
Whether you are still working, or retired, most people haven’t structured their budgets for spending shocks. In truth if you spend less than you could, regardless of working or retired, you build in a buffer that helps keep stress on your financial life lower. Most recognize the below as logical. Yet, many spend everything that comes […]
“Wealth, Poverty and Politics: An International Perspective” by Thomas Sowell is a great read for deeper insight into what may cause inequality and how that may even be defined in the first place. In plain English, Sowell discusses how wealth and income was distributed differently in times past. For example how ancient Rome far exceeded […]
People tend to dislike debt of any kind. They also tend to believe that they don’t own their home until the mortgage is paid off. One should distinguish the different kinds of debt into good, necessary and bad. Mortgages are actually in the good debt category (rather than restate reasons, you may read the distinctions […]
You are retired and need to replace your car. How do you do that? Buy it with cash? Or get a loan? The answer is not a simple as one might think – it depends on how old you are and how expensive the loan and/or car are. This question refers to those who are […]
You have probably heard the term Reverse Mortgage, but just what is it and what does one do for you? Here are some great resources to help you learn about them in the comfort of your home so you can decide how one may work for you (more on that later). Note: Home owners need […]
Not that long ago, when people needed extra large sums of money, their home equity was their go-to source of loans. After the housing crisis, home equity almost went the way of the dodo bird. Then, the new popular source to borrow from became 401(k)s. However, borrowing to expand your standard of living is NOT SUSTAINABLE! People […]
How do you transition from, living pay check to pay check, to saving, to then being able to invest? There is a difference between saving and investing. There’s a spectrum with spenders on one end, savers in the middle, and investors on the other end. Living paycheck to paycheck is no fun – it can be stressful. Money […]
Gone are the days of work, golden watch and retirement with a pension. Few companies offer pensions today and government workers are also being shifted to retirement savings plans where they contribute instead of being solely employer based. Longevity was shorter when pensions were the rule so the pension plan was on the hook for […]
Search The Site
About Larry Frank Sr.
As an MBA and CERTIFIED FINANCIAL PLANNER™ practitioner, I help people make sensible plans for a successful retirement. I'm also the author of Wealth Odyssey, a book about financial planning. My retirement planning research is published periodically in the Journal of Financial Planning.
Have a Financial Question?
- Are market returns really the key to your portfolio value?
- Rebalancing? How does it work?
- Resources to help with aging issues
- The Dividend Income Illusion.
- How do Safe Withdrawal Rates compare to Dynamic Retirement Income?