Barrett's 2 Cents

I am a CERTIFIED FINANCIAL PLANNER™ professional. I write personal financial advice for baby boomers without kids. Some people say I help simplify their finances. Other people say I help them enjoy more life experiences. Read on and decide for yourself.

Category: Estate Planning (page 1 of 2)

We Married for the Money

Ray and Reynaldo are an older couple who got used to a life where marriage wasn’t an option.  They had their version of a ceremony and did some planning to ensure their goals would be achieved many years ago, and no one got down on one knee once it became legal for same-sex couples to marry. But now they are both in their 60s, and they are ready to reconsider.

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The Big Baby Boomer IRA Mistake

IRA>CharityAttention wealthy baby boomers with no kids. If you’re nearing or past the age of 60, there’s one small update you can make to your IRA that will cost you nothing, have no impact on your personal financial well-being, and will probably feel pretty darn good. And I’ll give you two good reasons to do it.

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Telling Your Kids What They’re Afraid to Ask

Discussing inheritanceWe will discuss the succession after I am wearing the crown….You’ve been thinking about my death quite a bit. ~ Queen Daenerys Targaryen.

In a recent episode of Game of Thrones (spoiler alert) when one of my favorite characters, Daenerys, was about to mount her dragon and fly into a danger zone, she was asked if she had a succession plan in place. Who would run things if a Night Walker struck her from the sky or if she fell off Drogon (her biggest dragon), Tyrion wondered. She balked and said she’ll worry about it later. Jeez, Daenerys. Talk about irresponsible. I mean, you might just be the next queen.

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Lessons from Bowie and Rickman

moneyAlan Rickman and David Bowie had a few things in common (in addition to being likable and talented British entertainers). They achieved a state of financial independence well before “retirement” age, worked because they wanted to and died way too soon.

For a year, I’ve been writing about ways in which baby boomers could shift things in their lives to achieve a state of financial freedom by age 60. But what would you do differently if you knew your life might end at 70? If you’re feeling a bit less invincible right now, here is a recap of my favorite ideas from the past year.

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Same-Sex Marriage: More to Spend, More to Give

Now that DOMA is crumbling, married same-sex couples have some new opportunities to simplify their lives, reduce their taxes, and boost their incomes. There is still some unfinished business around whether or not same-sex couples will receive the full umbrella of federal recognition if they reside in a state that doesn’t recognize their marriage, but this article assumes that will be the case.  For couples that wanted marriage equality for symbolic reasons only, I recommend taking a closer look at the financial benefits of marriage. Here are my top three pointers for living in a post-DOMA world.

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