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Americans are more worried than ever before about their retirement risks
The annual retirement Risk Readiness Study by Allianz Life Insurance Co. of North America is out, and their findings are not new but they are alarming. It found more Americans are worried than ever about their retirement risks, including concerns…
Longevity risk
Do you have “longevity risk”? What is longevity risk? It is the fear that you might outlive your retirement savings. You are not alone. According to a survey by SimplyWise, 49 percent of Americans say that they fear they’ll live…
401(k) rollover mistakes are annoyingly common
Along with the 12,000 baby boomers retiring each day and millions of Americans are switching jobs, this has led to a flood of 401(k) rollovers. According to David Rae, a Certified Financial Planner, many workers will make one or more…
The cost of health care in retirement may not be as scary as you think
We are all concerned about the exorbitant costs of health care in retirement. The latest dollar amount cited is around $300,000 for an average retired couple age 65 in 2021; however, these concerns may be overblown. The Center for Retirement…
Who can receive a widow’s pension?
Under Social Security, surviving spouses are not the only ones who qualify for a widow benefit. However, there are specific rules and regulations regarding the payment of a widow benefit. In Rosemary Carlson’s article appearing on Yahoo!Finance website, www.finance.yahoo.com, she…
How will you fit Social Security into your retirement plan?
Generally speaking, retirement nowadays could last twenty or even thirty years, so you will need a sizable amount of retirement assets or savings to last the duration. So, how will Social Security fit into your retirement plan? We are all…
Why are businesses struggling to hire?
Why are businesses struggling to hire? Some experts are blaming the pandemic which encouraged older working Americans to retire earlier than expected. Yes, it is true, “early-retirement decisions during the pandemic boosted by well-cushioned 401(k) accounts, have partly dampened the…
Limiting the tax sting for inherited IRA beneficiaries
The Secure Act of 2019 added new rules for inherited IRAs for certain heirs. Now, certain heirs have less time to take IRA withdrawals by stopping the so-called stretch IRA, which allowed non-spouse beneficiaries to “stretch” the distributions over their…
Small business owners need to prepare for retirement
As a small business owner, your business is intertwined with your personal life. “You are your business, and your business is you,” said David Burton, a tax adviser. So, having a retirement plan in place will ensure you have a…
The Fair COLA for Seniors Act of 2021
Rep. John Garamendi (D-CA) has reintroduced a bill that seeks to tie Social Security cost of living adjustment (COLA) to an index that more accurately reflects how seniors spend their money. The “Fair COLA for Seniors Act of 2021” would…