Inscription: long-term care insurance A 65-year-old person today has nearly a 70% chance of requiring long-term care services at some point, according to the Administration for Community Living (ACL) and the Administration on Aging (AOA). Of that group, 20% will need it for over five years. So, chances are, you may also need this type […]
Read MoreThis isn’t my favorite topic. But it’s a necessary one these days, when a seemingly endless number of companies and individuals are intent on separating us from our money. Some of them will use any means, fair or foul. I’m going to share a story about a longtime friend (I’ve changed his name) whose kindness […]
Read Moreempty nesters not saving enough for retirement Saving for retirement is a lifelong undertaking. It involves keeping your retirement goals in mind as you have children, get different jobs and move from place to place. However, a recent study from the Center for Retirement Research at Boston College shows that many parents may not be […]
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 MoreWhen it comes to preparing for the inevitable, it’s quite possible that couples might not contemplate the Social Security benefit a surviving spouse might receive. But they should. And they should do so far in advance of claiming benefits based on their own record. What married couples should know about survivor benefits – while both […]
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 […]
Read MoreA key part of retirement planning is to answer the question: How much do I need to retire? The answer varies by individual, and it depends largely on your income now and the lifestyle you want in retirement. Knowing how much you need to save “by age” can help you stay on track and reach […]
Read MoreThe 4% rule — which suggests retirees withdraw 4% of their retirement savings every year for living expenses — may be too high, according to the latest analysis of the popular strategy. Retirement Tip of the Week: Don’t just assume you need to withdraw 4% in retirement because it’s been a general rule of thumb […]
Read MoreLump-Sum vs. Regular Pension Payments: An Overview So you are on the verge of retirement, and you are faced with a difficult choice regarding the defined-benefit pension plan you are fortunate enough to have: Should you accept the traditional, lifetime monthly payments or take a lump-sum distribution instead? Understandably, you might be tempted to go with the […]
Read MoreIf you’re curious how to become one of the happiest retirees and how to avoid becoming one of the least happy retirees, I can offer some surprising guidance. That’s because of what I learned reading two excellent, new books about all this and talking to their authors for Next Avenue and the “Friends Talk Money” […]
Read MoreEverythingpossible/Dreamstime Sometimes it’s better to get taxes out of the way earlier when using a 401(k) to save for retirement. Financial planner David Born of Orinda, Calif., advises a couple in the top tax bracket who contribute to Roth 401(k)s rather than traditional 401(k)s, even though it means they pay more in taxes now. The […]
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