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The Single-Most Important Question to Ask When Selecting a Benefits Start Date
It’s not something any of us likes to dwell on, but when you’re trying to decide on when to begin drawing your Social Security retirement benefits it’s a key question: What is your expected life span? What makes it even…
A SEP IRA offers distinct advantages if you’re self-employed
A 401(k) plan is a company-sponsored retirement account to which employees can contribute income, while employers may match contributions. But what if you are self-employed? Simplified Employee Pension Plans (SEP IRAs) help self-employed individuals and small-business owners get access to…
The secret weapon in your retirement savings arsenal
Do you have a health savings account? If so, you have a secret retirement plan. A health savings account is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical…
High rents outpace federal disability payments, leaving many homeless
(By Fred Clasen-Kelly for NPR published September 15, 2022) After two months of sleeping in the Salvation Army Center of Hope homeless shelter in Charlotte, N.C., Margaret Davis has had no luck finding an apartment she can afford. The 55-year-old…
Some common retirement goals
Let’s face it, we humans, are goal-oriented beings since the beginning of time. In our goal-oriented society, setting an objective to work toward is often a powerful motivator that drives professional and personal progress. Why would retirement be any different?…
Strive for a balance between saving for retirement and living
We hear this all the time -Americans aren’t saving enough for retirement. All the recent reports state the average retirement savings is $141,252, with the median 401(k) balance being just $35,345. However, can you be striving too much to meet…
Changes may be coming to your 403(b)
If you have a 403(b), you may need to re-evaluate your retirement plans and how your plan beneficiaries will receive their funds. The IRS has treated 403(b) plans like individual retirement accounts (IRAs); however, that is about to change. Under…
Should you stop contributing to your retirement savings?
With inflation outpacing wage growth, yes, you can cut back on retirement savings, but realize you may need to push back your retirement date by doing so. Should you stop contributing altogether or lower your contributions? Mike Winters talked to…
Eliminating the backdoor Roth IRA strategy
A backdoor Roth IRA is a strategy rather than an official type of individual retirement account. It is a technique used by high-income earners—who exceed Roth IRA income limits—to convert their traditional IRA to a Roth IRA. However, the backdoor…
The US slipped one spot to No. 18 out of 44 countries in retirement index
According to Natixis Investment Manager’s 10th Annual Global Retirement Index, the United States is ranked 18th for retirement security. Although the United States drop was due to the improvements in other countries that pulled them ahead in the index, the…