Big Retirement Tax Planning Mistakes, Estate Planning: Who Needs a Trust?, How to Use Medicare Advantage

Should I Get a Reverse Mortgage? Six Questions to Ask First | Three Mistakes to Avoid in Retirement Tax Planning | Estate Planning: Who Needs a Trust and Who Doesn't? Created for {EMAIL} | [Web Version]( March 7, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Instagram]( [Retirement Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Real Estate [] [Should I Get a Reverse Mortgage? Six Questions to Ask First]( [Should I Get a Reverse Mortgage? Six Questions to Ask First]( (Getty Images) A reverse mortgage can be a tempting solution if you're worried about how you'll cover costs during retirement. Six financial experts from [Kiplinger Advisor Collective]( shed light on the pros and cons of a [reverse mortgage]( and offer up critical questions you should ask yourself first. [] Taxes [] [Three Mistakes to Avoid in Retirement Tax Planning]( [Three Mistakes to Avoid in Retirement Tax Planning]( (Getty Images) If you want to be fully prepared for retirement, having a [plan in place for your taxes]( before you get there is vital. Tony Drake, CFP, explains why [tax planning]( is key to reducing your tax liability and maximizing your ability to put away more money for your golden years. [What Should I Do With My 401(k) When I Switch Jobs?]( You've worked hard to save money in your 401(k) or 403(b) and if you're like most Americans, you're likely to change jobs (and employers) multiple times during your career. There are a few different options you can take with your 401(k) when you switch jobs. [READ MORE]( ADVERTISEMENT [] Estate Planning [] [Estate Planning: Who Needs a Trust and Who Doesn't?]( [Estate Planning: Who Needs a Trust and Who Doesn't?]( (Getty Images) Why is there so much confusion around [trusts](? It could be because they are often used the wrong way and not used for the right reasons. Joe F. Schmitz Jr., CFP, shares how he would counsel his clients on the [pros and cons of both revocable and irrevocable trusts](. [] Medicare [] [How to Use Medicare Advantage Benefits at Walgreens]( [How to Use Medicare Advantage Benefits at Walgreens]( (Getty Images) Walgreens is adding Medicare Advantage (MA) supplemental benefits to its digital channels -- Walgreens.com and the Walgreens app. The new offering provides [additional digital health and well-being offerings]( such as [30-minute pickup and one-hour delivery]( of retail products, same-day prescription delivery and discounts. [Strategies to Help Maximize your Income in Retirement]( Spending your hard earned retirement money can be complicated—and it's important to make the right decisions that will help your savings last. Vanguard Personal Advisor is built to provide you an ongoing collaboration with our professional advisors — so you can retire with the support you need. [LEARN MORE]( ADVERTISEMENT Featured Content Sponsored Content from Kiplinger Retirement Planning 2024 [Plan and enjoy a worry-free retirement.]( Whether you've already left the workforce or you're just beginning to think about it, [Kiplinger Retirement Planning 2024]( will show you how to maximize your 401(k), select top-performing investments, get the most from Social Security, protect your estate, ensure affordable top-notch health care and much more. [Click to see table of contents.]( [] Rolling into Retirement [] [How Autoworkers Can Navigate the Transition to Retirement]( [How Autoworkers Can Navigate the Transition to Retirement]( (Getty Images) As the [automotive workforce]( ages, many autoworkers find themselves facing retirement, a transition that brings with it a plethora of financial considerations. Financial planner Shawn Mueller delves into the [nuances of autoworkers retiring]( with pensions and 401(k) plans. [Vanguard vs. Fidelity vs. Schwab]( Who are you partnered with? See how these popular brokerage firms stack up when it comes to fees, resources, and specific services, so you can decide on the right fit for you. [LEARN MORE]( ADVERTISEMENT [] Retirement Accounts [] [Should an ESOP Be Your Only Retirement Account?]( [Should an ESOP Be Your Only Retirement Account?]( (Getty Images) Employee stock ownership plans (ESOPs) empower employees by providing them with a company-funded account for retirement. Peter Newman, CFA, reveals other [retirement accounts]( that can keep you well-prepared and resilient, even if your [ESOP]( faces financial turbulence. [] RELATED KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Types of Income the IRS Doesn't Tax]( Whether income is taxable depends on various rules, requirements, and regulations or whether you're talking about federal or state taxes. Start here. [What is a Soft Landing?]( With inflation slowly returning to normal and the economy remaining strong, there's been talk that the Fed might have managed a seemingly impossible feat: The storied soft landing. [The Upside of Withholding Tax from Your Social Security Benefits]( How can you avoid [owing the IRS]( more than you expected when [tax season]( arrives? Choosing to have taxes withheld from your Social Security checks is an option. [Sign up free for A Step Ahead: Guidance on how to navigate today’s challenges to business, the economy, and financial markets.]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. 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