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Before taking on new debt, refinancing old debt, or anything else that is a major financial decision, it is always best to speak with a Certified Financial Planner™ practitioner.

Q: “Is there any truth to making money in the stock market, or is it all luck and scams?”

The maximum ex-spousal benefit is up to 50% of the higher earner’s benefit and capped at the ex-spouse’s full retirement age (FRA) amount, also known as the Primary Insurance Amount (PIA). While most will get a higher SS benefit based on their own earnings record, some will qualify for a higher benefit using their ex-spousal benefit. With a significant increase in “gray divorce” over the past 30+ years, divorced individuals belong to a generation where many women left or remained out of the workforce to care for children or elderly family members. If you are the lower-earning spouse due to a limited work history or a significant income gap compared to your ex-spouse, collecting benefits based on your ex’s record could raise the amount of your monthly Social Security benefit.

Let's spend a bit more time on job placement and starting salaries as opposed to college cafeteria rankings.

Lizzie inherits an IRA from her dad in 2024. Her dad was 78 years old. Since her dad was over his Required Minimum Distribution (RMD) age, Lizzie is required to take her first RMD in 2025 and do so under the 10-year rule and then empty the account by the 10th year from the date of death (if money is left) Billy inherits an IRA from his aunt who died in 2022 at the age of 66. Since his aunt wasn’t at their RMD age, Billy is not required to take an RMD each year however, the account must be emptied by the 10th year after she died. Mary inherits a Roth IRA from her mom in 2024. Since Roth IRA’s do not have a required minimum distribution (RMD), Mary does not have to withdraw anything until the 10th year after her mom died. Mary can let this account grow over this time period and when money is withdrawn (whether during the 10-year period or all at once in year 10) the money is all tax free to Mary. Joanne’s husband died in 2024 and left his IRA to Joanne. Under the Spouse Rule, Joanne is not required to withdraw money from her husband’s IRA until she reaches her required minimum distribution (RMD) date. Since she was born in 1961, her first RMD must begin in the year she turns 75.

Baby boomers have amassed more wealth than any other generation. Most are well into retirement (in their 70s and 80s) and many are leaving significant sums to their adult children or heirs. According to the Financial Post, baby boomers who plan to leave all of their assets to their millennial children expect to leave an average of $940,000.1 That’s more than many millennials are expecting. With so much money on the way, should you plan on it?