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When you are filling out an application for a IRA or signing up for your employer’s 401(k), one of the most important sections is completing the beneficiary section. If you are married, it is common to list your spouse as your primary beneficiary. And, if you have children, most of us list our kids as contingent beneficiaries. However, if you are approaching retirement and your children are working young adults, leaving your pre-tax retirement accounts to them might create an inheritance tax bomb.

You likely stashed them away for your kids 15 years ago, but if your kids are now in college, it may be time to take a trip down to the cellar to dust them off.

Early retirement can sound quite appealing. But sometimes it happens unexpectedly when you are NOT ready to retire - due to illness, disability, caretaking responsibilities or a sudden job loss. With a job loss, many struggle to find new employment and may face the prospect of an unexpected early retirement, especially if they are over 50. What can you do if you face an unplanned early retirement?

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.