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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…
Is a Roth IRA right for you?
A Roth IRA is an Individual Retirement Account to which you contribute after-tax dollars. Your contributions and earnings can grow tax-free, and you can withdraw them tax-free and penalty-free after age 59½ and once the account has been open for…
Why you may want to claim your Social Security benefits early
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be…
A call for “common sense” reforms to Social Security
Former vice president Mike Pence, a likely 2024 presidential contender, is advocating for “common sense reforms” to Social Security and Medicare. Speaking to university students, “if we act in this moment with the support of this generation, we can introduce…
Next-year’s COLA may be lower
Recent data shows spending among older Americans has increased. This increase in spending may be due to this year’s historic cost-of-living increase, the largest in almost four decades. However, while older Americans may have received a hefty cost-of-living increase, that…