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Blog - Michael M. McDonough, Inc.
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5 hours ago
Timeline Photos

Rationality and Retirement: Mutually Exclusive?

Retirement decisions are inherent complex, which makes them susceptible to our cognitive biases. While each case is unique, a bias against annuitizing a portion of the assets is suboptimal for most. Here’s a cogent look at the role of luck on your retirement standard of living, and how ‘risk pooling’ enhances efficiency in the retirement spend down phase.

2 days ago
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The Most Important Question in Retirement Planning

Calculators and tools are growing in sophistication and availability, and they can help frame your likely retirement horizon. Not only does longevity influence income strategy, the sustainability of income, and legacy terminal value, but it amplifies each of several other retirement risks. With a longer retirement to fund than earlier generations, you’re on your own to develop and implement a sustainable plan . . . without the risk pooling efficiency of a pension. My team and I can help; it’s what we do.

3 days ago
38 Ways to Earn Extra Cash in 2019

This may trigger a promising idea and link to a more substantive resource. Our robust digital library may also be useful for income planning:

Tap into a fun and profitable side hustle to generate extra income.

5 days ago
Timeline Photos

Two Minute Buy-Sell Agreement Case Study

Brief video showing buy-sell agreements as a lubricant for efficiently transferring business interests. My team integrates protection w/ retirement, legacy, and other important succession-exit-transition objectives.

6 days ago
Timeline Photos

What Does Passing on Values to the Next Generation Really Look Like?

You are not alone . . . in wanting to impart certain values in the children you love. Legacy is much more than financial inheritance. Here’s a worthwhile perspective on a successful process.

1 week ago
Private equity fund that owns Charlotte School of Law sued in Illinois state court for alleged fraud

What could possibly go wrong as private equity enters for-profit legal education while slashing admission standards and curricular quality, and allegedly exploiting a federal loan program? Turns out, a lot. Grads may not be able to tell the difference between a tortfeasor and a toaster for their $170,000 in student debt, but early legal experience may be available . . . as plaintiffs.

Former students at Charlotte School of Law recently filed two Illinois state court actions alleging consumer fraud and deceptive business practices against Sterling Capital Partners, a Chicago private equity firm that owns the law school.

1 week ago
Perspective | Can’t pay IRS the taxes you owe? This is the one thing you shouldn’t do.

Can’t render unto Caesar? Don panic. Do file a return on time – with partial or even no remittance. Get the IRS’ free “Offer in Compromise” booklet. Work on your negotiation skills.

If you owe the IRS don't fall for a debt settlement scam.

1 week ago
Why the number of Americans with Alzheimer’s could more than double by 2050

Demographic realities and healthcare cost inflation portend a crisis. Much more research is needed to combat the malady, but your health is personal. Awareness and proactive measures such as early cognitive and genetic testing, and healthy habits, may be helpful.

Some people in the early stages of Alzheimer's are likely falling through the cracks and developing more advanced symptoms because their illness isn't caught and treated soon enough, according to a new report from the Alzheimer's Association and medical experts.

1 week ago
The productivity imperative for healthcare delivery in the United States

Should you live as long as expected, and if healthcare cost inflation continues to outstrip GDP growth as expected, your total health care costs in retirement will be astronomical. There are proactive steps you can and should take to benefit your future health, but US healthcare delivery generally needs to be more productive, as examined here.
Let me know if you (& spouse) want a detailed, personalized assessment of the likely out of pocket healthcare costs you’ll face in retirement. While no one knows precisely how your health may change over time, we access a sophisticated model developed by actuaries & physicians. It is an eye-opener – even without a potential budget-busting long-term care event, the odds of which increase with longevity (the multiplier of all retirement risks).

Healthcare is a key component of the US economy, but healthcare spending increases consistently outstrip GDP growth. Improving productivity in healthcare delivery could change this dynamic without harming patient care.

2 weeks ago
So, You’re Retired but Don’t Have Enough Money to Be Retired. Now What?

Honest and practical advice for ‘belt tightening’ from the author of an important book. Enjoying retirement on a limited budget starts with identifying your true priorities. The good news: happiness is attainable.

Many older workers are forced to retire before they’re ready, which can be a financial disaster. But don’t let the idea of downsizing defeat you.

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