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: Taxes (page 1 of 2)

Getting Stealthy at 63

We start driving at 16, become adults and vote at 18, and can drink once we turn 21. When we’re older, the “milestone” ages become a bit less exciting and more about money. Most of us will tap into our retirement accounts at 59 ½, enroll in Medicare at 65, and start collecting our social security checks at age 67 or 70.  But no one ever talks about age 63. Well, I’m going to.  Continue reading

Getting Lumpy With Your Giving

Susan and Lisa are a charitably-inclined married couple with a recently paid-off home.  They will soon file a tax return and then make sad faces when they realize they can’t write off their sizable contributions to their favorite nonprofit because of changes in the tax law…unless they do this one cool thing.

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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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Done by 60: Cashing Out, Staying Put

Are you within a year or two of an early retirement, or whatever you want to call the next chapter of your life? Before you decide which of your investment accounts you’ll withdraw from to replace your income, you may want to try an alternative strategy and get some cash out of your home while you still have a verifiable source of income and still qualify to borrow. It could have a huge impact on the taxes you pay in your 60s.

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Unmarried Couple, Financial Win?

When gay marriage became legal, I remember asking two of my favorite clients (who were in a long-term domestic partnership) when they were going to tie the knot. Their reply: “We haven’t decided if we’re getting married. Will it help us or hurt us financially?” They wanted the right to marry. Actual marriage? Not so much. Wait, what about Justice Kennedy’s quote about there being “no union more profound than marriage?”

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