RichLife Advisors is dedicated to being your go-to resource for information needed to make informed decisions about all aspects of retirement. Founder and visionary, Beau Henderson, has dedicated his life to helping others plan for theirs through his many bestselling books, serving as a local and national media resource, hosting educational events, writing regular blogs, and hosting weekly radio and podcast shows.
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![[Senior Planet] Social Security Update – Means Testing? Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/jUYhNzUW10/social-security-means-testing.jpeg)
Means testing would be a way to extend the viability of Social Security. The annual income of Social Security beneficiaries would be reviewed to determine whether they would receive a reduced benefit or no benefit at all.
![[Senior Planet] Life Insurance: Forgotten Financial Tool Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/iwjy3E7Oj/LIFE-INSURANCE-SENIOR-PLANET.png)
Life insurance should be a key component of your financial plan, especially for retirees and pre-retirees. For very specific goals and needs, it can be the best tool to use. It can provide tax-free income for your children and grandchildren, replacement income in the event of the death of a spouse, be an additional source of retirement income for high-net worth individuals and even help your heirs pay estate taxes.
![[FOX 5 WAGA] Interest Rate Hike - A Balancing Act Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/kgKneLXQI/Beau-Fox-5-WAGA-Interest-Rate-Hike.jpg)
This week the Fed raised interest rates again, for the fourth time this year, in an effort to cool off record-high inflation. Is it going to work? I spoke with Good Day Atlanta's Dana Fowle FOX 5 yesterday about what's going on with the economy and how to tell if the Fed's latest rate hike is actually doing what it's intended to do...
![[Barron's] 5 Things to Know Before Retiring Outside the U.S. Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/czLQiRK7t/BARRONS-5-THINGS-RETIRING-ABROAD.png)
The number of Americans considering retiring outside the U.S. is growing daily. Retiring abroad is far more complicated than you'd imagine. We've been working with a client for an entire year now who plans on retiring to Mexico. And, she is just beginning to feel ready to make the move. Without proper planning, retiring abroad can easily be derailed by financial, emotional, and health-care-related issues. Here are five tips to help soon-to-be retirees and their financial advisors plan ahead: 1. Do your homework. It’s important to map out a process. This is a major life transition. 2. Understand the banking options. Things work differently abroad. You need to know how you will bank and access your money. 3. Take a test drive. Before settling there permanently, take an extended vacation in the location you are considering. 4. Consult with an international tax expert. If you’re an American citizen or resident alien, you most likely will still have to pay taxes in the U.S. regardless of where you live. And, the tax rules are different for every country. 5. Think long-term. Many couples retire to a foreign country when they are healthy. What will happen if one or both end up needing medical or long-term care?
![[US News & World Report] 7 Top Money Lessons From the Pandemic Thumbnail](https://static.twentyoverten.com/5e9707abce710223d53221db/zxkvdvMDSkd/US-NEWS-WORLD-REPORT-MONEY-LESSON-PANDEMIC.png)
Life was turned upside down for practically everyone in March 2020 when the world locked down in response to the COVID-19 pandemic. I contributed to this article from the US News & World Report highlighting seven key lessons that every American can take away from the financial uncertainty of the past two years… ⚫ You need an emergency fund ⚫ Retirees need money set aside for market upheaval ⚫ It’s easier to ride out an emergency if you’re debt free ⚫ You don’t need to spend so much ⚫ You can’t time the market ⚫ You need to have a financial plan that provides peace of mind ⚫ Expect the unexpected. Always. Do you have anything you'd add to the "lessons learned" list? Feel free to leave a comment below!
There are two pieces of legislation -- SECURE 2.0 and Build Back Better -- we will be watching closely over the coming months and providing updates because they will impact retirement planning in the future.