The IRS Retirement Loophole

How are you going to survive financially in retirement?

By one estimate, a 65-year-old U.S. couple retiring in 2017 will need a minimum of $13,000 per year for 20 years – $260,000 before inflation.

I don’t have to tell you what it would be like to live on $13,000 a year, or $1,083 a month. I’m sure you can imagine it perfectly well. Just start subtracting optional items and paring back essentials until you get to that figure.

Not a pretty picture, is it? Now add in health care expenses.

Thirteen grand a year isn’t going to cover much, if anything… especially if Republicans in Congress succeed in their long-standing goals of transforming Medicare into insurance vouchers and reducing Social Security benefits.

How about saving more for retirement? I hate it when so-called “financial advice” columns tell me to do that. It’s like telling a starving person to eat more. … Read More