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When to NOT Delay Social Security
Financial experts have said for years and continue to say people should delay Social Security, to age 70 if possible. This provides the maximum payout for life. But Maurie Backman says that strategy does not work for everyone. For those…
How to Avoid Getting Hurt by Shrinking Social Security Benefits
Social Security benefits will be slashed by over 20% automatically around 2032-33 unless Congress makes reforms to the program’s ill financial health. Maurie Backman’s main message is to save more immediately. Currently Social Security replaces only around 40% of pre-retirement…
Lower Your Social Security Taxes in Retirement
Patrick Villanova has a piece here that discusses unintended tax consequences of withdrawing money from retirement accounts, no matter the source, but especially from required minimum distributions. Withdrawals can increase the taxes you owe on your Social Security benefits. A…
Social Security reforms explained
It’s often billed as a choice between raising the retirement age, cutting benefits, or raising taxes. No one option is popular alone. But time has nearly expired on the main alternative to any of these– “kicking the can down the…
Over 25% of Americans contributed 3% or less to retirement plans
Put this in the “Uh Oh” column. Javier Simon shares a grim statistic from a Bank of America study— more than a quarter of Americans (26%) saved 3% or less in their 401k plan. Experts believe a 15% savings rate is…
Could Relocating in Retirement Backfire?
Kailey Hagen admits there are upsides to moving, but she cautions on three items that might give seniors pause before making the leap to a new city or town. Moving in retirement can affect how much you need to save…
Is Working Longer the Best Retirement Strategy?
We’ve heard many say it — work longer and/or claim Social Security later. But is that really the optimal strategy? Perhaps not, says Brian O’Connor of Yahoo Finance in this piece. A number of key points are made in this…
Don’t forget to consider the long game when crunching Social Security figures
Looking at one’s monthly benefit alone should not be the only consideration according to Maurie Backman. She notes that one can claim Social Security at any age between 62 and 70. Each month delayed always means a higher benefit, but…
The perks of having a HSA in retirement
A health savings account (HSA) is a tax-advantaged medical savings account available to employees enrolled in a high-deductible health plan. HSA funds roll over and accumulate year to year. Robin Hartill writes about how you can use your health savings…
How to prioritize in a shaky economy
During times of economic uncertainty, should you max out your 401(k) contribution or build your emergency fund? Experts are saying you should not forgo emergency savings. According to a recent study by Fidelity Investments, more than half of savers are…