People approaching retirement age with little in savings may have a bumpy road ahead. But certain steps can build a nest egg as rapidly as possible to ensure at least some money will be there for support in retirement. 1. Fully Fund Your 401(k) An employee in this age category who is offered a 401(k) […]
Read MoreMany people find themselves outside of the formal workforce from time to time. Some end up unemployed by choice while others find themselves without work because of layoffs. These individuals have several options available to them in order to keep the income flowing. For instance, some may join the gig economy while others try consulting, […]
Read MoreRetirement Bucket Strategy The main goal of most investors is to garner enough money in the market to fund their retirement years. Yet, many investors are unsure of how to properly pull money out of their accounts once they’re actually in retirement. The retirement bucket strategy is one of the many withdrawal strategies that investors […]
Read MoreRetirement is a topic that regularly makes headlines, and not all of them are encouraging. Americans are living longer than ever before. However, if you assume most people are saving more to prepare for their longer-term needs, you’d be mistaken. Here are some of the more startling truths about retirement in the U.S. Key Takeaways […]
Read MoreIf you want to get your new year off to a good start, try some quick and easy money moves to make yourself richer and fatten your retirement account. And don’t sweat the small stuff, because over time even minor savings can add up to big gains. Check out the chart above. It’s based on stock […]
Read MoreEnvisioning a retirement by the beach, or with a relocation? It all takes planning, and there are plenty of tools to help with that. Retirement Tip of the Week: If you’ve decided to get serious about planning for retirement, no matter your age, think through what you will need then and how to get there. […]
Read MoreMosaymay/Dreamstime Linda Cooley of Florida has seen her nest egg grow dramatically since she retired more than five years ago as a lawyer. Cooley, 69, lives off pensions and Social Security and has yet to touch her retirement portfolio of several million dollars. Her financial advisor, Susan Elser of Indianapolis, frequently reminds Cooley she could […]
Read MoreAs the calendar year winds down, it’s a good time to check for steps you can take to improve your 2021 financial outcome. Year-end is a time to look at what your tax liability is likely to be for 2021. “Take a look at your tax situation, what your tax picture looks like for the year,” […]
Read MoreWhen you withdraw funds from your 401(k)—or “take distributions,” in IRS lingo—you begin to enjoy the income from this retirement mainstay and face its tax consequences. For most people, and with most 401(k)s, distributions are taxed as ordinary income. However, the tax burden you’ll incur varies by the type of account you have: traditional or Roth 401(k), […]
Read MoreTo avoid the worst retirement mistakes, you have to be realistic about your future plans and think ahead. Unfortunately, it’s all too easy to make the wrong financial moves when preparing for retirement. According to the Federal Reserve, 37% of non-retired adults believe their retirement savings are on track. But none of the 44% who say […]
Read MoreThe joys of self-employment are many, but so are the stressors. High among those is the need to plan for retirement entirely on your own. You are in charge of creating a satisfying quality of life post-retirement. When it comes to building that life, the earlier you start, the better. Luckily, there are several retirement […]
Read MoreA 403(b) plan is a tax-sheltered retirement plan for people who work for nonprofit companies, including charities, schools, and qualified religious organizations. The 403(b) plan is comparable to its private-sector counterpart, the 401(k) plan, with important differences. If you’re considering enrolling in a 403(b) plan, check out the benefits below. Key Takeaways The 403(b) plan […]
Read MoreEarning a higher income may seem like the key to a more comfortable retirement, but it can actually be a barrier to some kinds of tax-advantaged retirement savings. That’s because a larger salary can shut you out of contributing to a Roth IRA. For 2021, Roth IRA contributions are not allowed for single filers with a […]
Read MoreRegardless of whether you’re 25 or 55, saving for retirement is a wise financial strategy. Everyone will face retirement at some point, either by choice or necessity. Whether you are on track for retirement savings or need to play catch up, or you’re a financial advisor who wants to give clients a leg up on […]
Read MoreThe share of Americans coming out of retirement and back into the workforce is finally increasing and could be key to bringing the labor force participation rate back to its pre-pandemic levels. More than 2.6% of retired workers returned to work in October, the highest since April 2020, according to an analysis by Indeed of […]
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