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What are Roth 401(k) or 403(b) accounts?
For many higher-earning Americans, contributions to Roth IRAs are out of reach. Why? The IRS limits those contributions based on maximum income level; however, there are a few ways those higher-earnings individuals can still access a Roth IRA. Mark Avallone…
Stretching your Social Security benefit
The annual inflation rate for the United States is 8.5 percent for the 12 months ended March 2022 — the highest since December 1981 and after rising 7.9 percent previously, according to U.S. Labor Department data published April 12. We…
Be prepared for an early Social Security claim
You can start taking your Social Security benefit as early as age 62 or wait until you have reached full retirement age or even until age 70. The general rule of thumb is that if you can afford to wait,…
Take these three steps before you start your benefits
There is one question that all retirees ask: How do I maximize my Social Security benefits. For many retirees, Social Security benefits will represent about 30 percent of the income of the elderly; for other individuals, Social Security will be…
How pennies can add up
Tens of millions of Americans lack a modest emergency fund. The current inflation rate may mean saving money might become more of a challenge. There are some tactics and strategies you can use to make it easier to sock away…
Social Security alone may not be enough
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up…
Maybe Think of Social Security as Just a Bonus
With Social Security replacing a mere 40% of pre-retirement earnings, one cannot live on the amount alone. That’s why it may make sense to think of Social Security merely as a bonus, as Maurie Backman suggests in this article. She…
Understanding Social Security When You’re Past Retirement Age
Comprehending the Social Security system doesn’t end when one commences benefits for the first time. As John Csiszar explains, here is still much to know. He explains the age 70 maximum for increasing benefits, annual cost of living adjustments, when…
Up Your Retirement Planning Game
This piece in Kiplinger by Mark B. Fricks explains how retirement planning resembles chess due the complex number of factors at play in both endeavors. Step one is organizing retirement assets, preferably in Excel, and noting the tax treatment of…
Squeezing an Added 24% Out of Social Security
Selena Maranjian opens with a quote from Dwight Eisenhower reminding folks, “Social Security is not intended as a substitute for private savings, pension plans, and insurance protection…” The key to getting 24% more, though, is waiting. Each month and year…