How Much Money Do You Need to Retire While there may not be a more common or consequential financial question then “how much money do I need to retire?,” there isn’t a one-size-fits-all answer. One person’s retirement income needs will be different from the next, depending on their circumstances and goals. Though, it’s worth noting […]
Read MoreYou know a health savings account (HSA) helps pay for out-of-pocket medical costs, but it may surprise you to learn that this tax-advantaged account could be a superior retirement savings vehicle, too. It has become ingrained in us that we should max out our 401(k) or other workplace-defined contribution plan as the best way to […]
Read MoreMan walking on a road with the word “RETIREMENT” painted in front of him Too many Americans are unprepared for retirement, according to a PwC analysis. Around a quarter of U.S. adults have no savings at all for retirement, and only 36% are on track. Fortunately, several major brokerages offer age-based benchmarks that folks would […]
Read MorePension vs. Social Security: An Overview There are many different types of income that retired folks draw on, depending on what their life was like during their working days. Two of the most widely-known income streams today include pensions and Social Security, two programs funded and structured in totally different ways. Pensions are typically workplace retirement plans, in […]
Read MoreSome people consider “early retirement” to mean leaving the workforce at age 55, but most of us do not take this path. Unless you’re lucky enough to have a full pension and benefits that kick in that early—such as full military retirement or from work as a police officer or firefighter—you’ll probably need to work […]
Read MoreSocial Security is a federal benefits program in the United States that was founded in 1935. While the program also includes disability income, it is most commonly associated with monthly retirement benefits paid out until death. The Social Security system is funded through payroll taxes. The Federal Insurance Contributions Act (FICA) mandates a 12.4% levy […]
Read MoreThe Capitol The 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act brought key changes to laws governing retirement plans. Among other things, the Act eliminated the age cutoff for traditional IRA contributions and increased the age for required minimum distributions (RMDs) from 70.5 to 72. The proposed SECURE Act 2.0 would further adjust […]
Read MoreDoes everyone get Social Security? No. Still, American workers who will not qualify for Social Security retirement benefits are relatively rare. If you are one of them, it’s important to know, so you can secure other sources of income or determine whether it’s possible for you to become eligible. What follows are the eight most […]
Read Moretarget-date fund annuity Nationwide thinks that its new product can change retirement planning for the majority of Americans who do not have access to traditional pension plans. The financial services company is working with Capital Group (the home of American Funds) and Annexus Retirement Solutions to offer a hybrid product: a new target date fund […]
Read MoreWith the end of the year rapidly approaching, it’s time to consider moves that will lower your 2021 tax bill and hopefully position you for tax savings in future years too. This column is Part One of my two-part list of suggested year-end strategies. But first, we need to address the big uncertainties about what […]
Read MoreIt’s embarrassing to admit in a public forum that I failed at retirement. But I’m doing so—because I think people can learn from me, and thereby avoid making the same mistakes. I spent my entire 38-year career in the banking industry. Naturally, I learned a lot about money and investing. I helped thousands of clients […]
Read MoreIn planning for retirement, couples tend to focus on money. They ask, “When can we afford to retire?” But there’s another question that’s often more fraught: Where should we live? Ideally, they agree to stay put or move to a place they both like. In many cases, however, tensions erupt as they express differing views over […]
Read MoreIf you’re about to retire, you may be wondering whether you should start claiming your hard-earned Social Security benefits now. Here are a few key factors to consider in making that decision. Key Takeaways You can collect Social Security as early as age 62, but your benefits will be permanently reduced. The longer you can […]
Read MoreMedicare’s open enrollment period is Oct. 15 to Dec. 7 — and it’s an important deadline for beneficiaries to remember. Open enrollment is the time in which current Medicare beneficiaries can make any changes to their coverage, such as adding or dropping a plan. It’s a time when people can also switch to Medicare Advantage, […]
Read MoreThe U.S. Social Security Administration said Wednesday that it will boost the cost-of-living adjustment for benefits in 2022 by 5.9% — the most in nearly four decades, as rising inflation puts a big dent in the purchasing power of those on fixed incomes. Some 64 million Social Security beneficiaries and 8 million Supplemental Security Income […]
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