10/19/2024 - Navigating the Changing Real Estate and Retirement Landscape

Recorded on 10-19-2024

 

Mark Rothstein, known as Mr. Money, discussed various financial topics on his radio show. He highlighted a survey by Allianz Life showing 63% of Americans worry more about running out of money than death, up from 57% last year. Rothstein explained the new rules for real estate commissions, where buyers now negotiate their agent's fee, affecting the traditional 5-6% seller's fee. He also covered changes in retirement planning due to the Secure Act 2.0, including the elimination of RMDs for Roth 401(k)s and new rules for catch-up contributions. Additionally, he emphasized the importance of planning for healthcare costs in retirement, estimating $165,000 for a single 65-year-old, and the need for legal documents like medical power of attorney, especially for Alzheimer's planning.

 

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