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What is a Savings Incentive Match Plan for Employees?
What is a Savings Incentive Match Plan for Employees, (SIMPLE) IRA? It is the small-company version of a 401(k) plan and it works a lot like a traditional IRA. Some of the perks are appealing, there are some definite drawbacks…
Retirement is an exciting period of life, but it’s not necessarily a less expensive one
Majority of us assume that our expenses will naturally go down once we retire, but that is not necessarily so. According to a recent report from the Insured Retirement Institute, the average American aged 65 to 74 spends $55,000 a…
Is working longer your retirement plan?
While working longer may be your “retirement plan” and it is a common-sense way to increase your ultimate retirement income; however, you may not be able to count on working as long as you like. To increase the odds that…
Adult households under 35 are drowning in nearly $2 trillion in debt
According to a recent survey by Merrill Lynch and aging think tank Age Wave, found one in four adults under 35 with a 401(k) has already made an early withdrawal. Why? Adult households under 35 are drowning in nearly $2…
More employers are offering HSA to help employees set money aside for healthcare costs in retirement
Both employers and employees are embracing Health Savings Accounts (HSAs) as a valuable benefit when it comes to managing anticipated healthcare costs for retirement. According to the latest figures from Fidelity, a 65-year old retired married couple in America should…
Why you should never use your 401(k) to pay off debt
Due to rising health care and higher education costs, the decline of pensions and stagnant salaries have all contributed to the number of people 65 and older who have filed for bankruptcy. Americans’ lack of retirement savings is putting them…
How to decide if remote work in retirement is right for you
Working remotely is become an increasingly popular work style and will soon become the new norm. In today’s workplace, it is very common to have full time work from home employees and even have regular office employees work from home…
Income goes only so far in determining how much a person has saved for retirement
According to a new study by economists at the Schwartz Center for Economic Policy Analysis at the New School for Social Research, income goes only so far in determining how much a person has saved for retirement but the balance…
Delayed enrollment penalty for Medicare Part D comes with a sticker shock
In Mary Beth Franklin’s column, she answers a financial adviser’s question on how to avoid paying a delayed enrollment penalty for their new Medicare Part D prescription drug plan client that never carried any drug coverage before. She explains how…
Student loan repayment support could become the new 401(k), but it comes with a catch
Employers are trying to make a dent in America’s $1.5 trillion student loan problem by offering to contribute to their worker’s student loans. Empower Retirement, one of the nation’s largest 401(k) managers, is introducing a suite of programs employers can…