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If you have grandchildren, you undoubtedly have many important lessons about money to impart to them—the importance of saving it, how much it really costs to retire, and what it’s been like living through different types of economic ups and downs, just to name a few. 

Individual Retirement Accounts

There are 639,000 U.S. taxpayers with IRAs worth over $40 billion who may not have taken required minimum distributions (RMDs) in 2012, according to a 2014 audit by the Treasury Inspector General for Tax Administration. Penalties are stiff for missing RMDs—potentially 50% of the missed distribution. 

Putting in insulation in a house.

If you’re planning to sell your house to downsize in retirement, you’ll probably want to make some updates before putting in on the market—particularly, if you’ve lived there for many years. But, the question on many homeowners’ minds is this: Which renovations will yield the most resale value?

credit card

While retirement is certainly no time to rack up credit card debt, using the right cards responsibly can be a great way to get travel rewards, cash back, and other perks. If you’re retired, here are six of the best credit cards to keep in your wallet. 

IRS conducting a tax audit

When you drop your tax return in the mail (or hit submit on an e-file site), the last thing you want to think about is being the subject of an IRS audit. But, a certain percentage of taxpayers are audited each year, so it’s important to be prepared and know which red flags might draw negative attention to your return.

last will and testament document

Wherever money and family are involved, conflict tends to quickly follow. You may feel anxious about your estate planning because you don’t want to cause squabbles among your heirs. But, with some careful planning—and lots of discussion—you can make sure inheritances you leave are received in the spirit in which they were intended.

The Bipartisan Budget Act, which was passed by Congress last October, includes the biggest changes to Social Security in over a decade. The new regulations are effective for 2016, so if you are retired or approaching retirement, you should be sure you understand the changes and how they could affect your retirement income. 

man stacking coins

When it comes to retirement, it seems that money can buy you some happiness—in the form of security, peace of mind, and the opportunity to travel and make the most of your free time. You spent your career building your nest egg, and your retirement years are the time to make the most of it. 

snowman made of sand

As snow starts falling in most parts of the country, who isn’t dreaming of a warm-weather getaway? You can escape to warmer weather this winter for less by following the savvy advice of travel industry insiders.

If you’re retired, you’ve got time on your side. That translates to big savings when it comes to travel.