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Social Security Day of Reckoning Coming Soon
Anyone even slightly in the know about Social Security is aware a day of reckoning is coming. The program is currently paying out more in benefits than is collected in payroll taxes. That can only continue as long as there…
Mitigating “Sequence of Returns” Risk
It’s a mouthful of a phrase– sequence of returns risk. What is it? Sarah O’Brien of CNBC explains how those approaching retirement should construct their investment portfolios to be more conservative. The goal is to avoid being forced to sell…
Don’t Run Out of Money in Retirement
It’s often people’s greatest fear as they age into retirement– will I have enough to sustain me? Since we don’t typically know how long we will live, this proves challenging to manage. Christy Bieber says 77% of Americans are at…
Why Wait Until 70 to Claim Social Security?
It’s something so very few do– wait until age 70 to begin monthly Social Security benefits. Maurie Backman stresses the 8% per year you get from age 67 to age 70 by waiting. Where can you get 8% guaranteed? Answer:…
Social Security Cuts up to 30% for Millennials
Christy Bieber explains recent research showing that if young people follow through on their current retirement plans, they’re at serious risk of shrinking Social Security benefits by 30%. Why? The average age when millennials say they’ll retire is 61, according…
The COLA That Wasn’t
Maurie Backman explains how cost of living adjustments (COLAs) have historically done a poor job of helping seniors stay afloat financially in light of inflation. This holds true even when COLAs are fairly generous, as was the 5.9% increase of…
Four Essential Questions to Answer Before Starting Social Security
Selena Maranjian starts her piece with some startling facts from the Social Security Administration (SSA): “Among elderly Social Security beneficiaries, 37% of men and 42% of women receive 50% or more of their income from Social Security.” Further, “… 12%…
Supersizing your Social Security Check
Social Security is a lifeline for seniors, but it replaces a mere 40% of pre-retirement income. That makes it all the more important to maximize one’s monthly check– for life. How does one do that? Simple: wait to start collecting.…
What To Do With Your 401(k) When You Change Jobs
The 401(k) has become one of the most popular investment vehicles for retirement planning, and many Americans take advantage of this type of plan if offered by their employer. But the rules surrounding 401(k) plans are tricky, especially if you…
About Saving Medicare
Although less reported on than the looming Social Security financial issues, Medicare – our national healthcare plan for seniors – is also facing some pretty troublesome financial times in the near future. The most recent report from the government predicts…