Retirees are advised to take advantage of the open enrollment to shop for better options to their Medicare Part D and Advantage plans for next year, according to this article on Kiplinger. The open enrollment commences October 15 and ends December 7, and retirees can change their Part D prescription-drug plans, Advantage plans, and/or switch from traditional Medicare to Medicare Advantage.
Bankers and policymakers are calling for an alternative to Social Security numbers as a tool to establish identities after the data breach at Equifax, according to this article on The Wall Street Journal. “It is basically a public number. It should have never been used for authentication, to unlock anything,” says an expert.
Relocating overseas is a strategy for American retirees to reduce their tax liability, according to this article on CNBC. That's because aside from the cost of living, property taxes in other countries are significantly lower than in the U.S. For example, property tax in Belize is about 1.5% of the assessed valuation and the country has no capital gains tax.
Retirees may want to plan for possible changes to the tax code, according to this article on USA Today. They may consider relocating to a tax-friendly state and funding a donor-advised fund if they intend to donate to a charity. They should also ensure they pay their estate taxes and make the most of all tax breaks available to them.
An analysis by data analysis website HowMuch show how far a $1 million retirement nest egg would last in every state, according to this article on MarketWatch. The amount is likely to last more than 24 years if retirees live in Mississippi, Arkansas, Tennessee, Kansas and Oklahoma. Those living in Hawaii, District of Columbia, California, Oregon, and New York will have spent away their $1 million in savings in less than 17 years.
