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.

Sources:

• Powell Says ‘Time Has Come’ for Fed to Cut Interest Rates (yahoo.com)

• U.S. Hiring Slowdown Hits Stocks, Fuels Bets on Bigger Rate Cut - WSJ

• Jobs report revision: US added 818,000 fewer jobs than believed (msn.com)

• IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024 | Internal Revenue Service

• Child and Dependent Care tax credit can help offset summer day camp expenses | Internal Revenue Service (irs.gov)

• 905dcf96-70c4-45f8-8b00-911cac693605 (pimco.com)

• A big Social Security shake-up is coming in 2025. Are you prepared? (usatoday.com)

• Social Security COLA 2025 Estimate Drops to 2.6% | ThinkAdvisor

• Most Americans Now Fear Poverty in Retirement More Than Death | ThinkAdvisor

• Cutting Fees. Going It Alone. New Rules Are Changing How We Buy and Sell Homes. - WSJ

• The New Etiquette of Negotiating With Your Real-Estate Agent - WSJ

• PressReader.com - Digital Newspaper & Magazine Subscriptions

• Changes in Retirement Savings Rules Before Year’s End: What To Know - WSJ

• Here's How Much Retiring Clients Can Expect to Pay for Health Care: Fidelity | ThinkAdvisor

• Understanding Medical Power of Attorney: Key Steps to Protect Your Health Decisions - Retirement Daily on TheStreet: Finance and Retirement Advice, Analysis, and More