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Today’s retirees say money isn’t the only thing crucial to your well-being during retirement
We all have heard of the old saying, “money is not everything.” Ask any of today’s retirees, and they will tell you money can procure all means of happiness, but money is not happiness itself. The new report from Edward…
How to avoid early withdrawal penalty
There may be a time when you have exhausted your emergency fund but still need money; do you turn to your IRA or 401(k) funds and accept the early withdrawal penalty? Although IRS does not recognize being flat broke, there…
Retirees are increasingly seeking a steady retirement income stream
According to a BlackRock report, “workers saving for retirement today are concerned that they are going to outlive their savings, or that they may not enjoy the same kind of comfortable retirement previous generations did.” The polled participants all were…
A new digital advisory program
Bank of America has expanded its workplace benefits with a new digital advisory program that allows employers to provide employees with an easy-to-use retirement plan accessible through a mobile app or desktop. According to Tom Matarazzo, managing director at Bank…
There are penalties for overstuffing retirement accounts
Many Americans don’t save enough for retirement; some people save too much, at least according to the IRS. There are tax laws that limit how much you are allowed to contribute to retirement accounts; if you save too much, you…
Retirement Income Security for Everyone
It is a well-known fact; Americans are not saving enough for retirement. Ric Edelman, the founder of Edelman Financial Engines, said in a recent interview why the United States is facing a real retirement crisis. He believes many Americans are…
Determine a retirement spending plan
After saving all your life for retirement, switching to a spending mindset can be a difficult transition. “Many retirees don’t want to spend down all their assets; they want to preserve or even grown them during retirement,” according to Anjali…
If you’re preparing to apply for retirement benefits early, read this
You can start your Social Security benefits as early as age 62 or as late as age 70. Your decision to apply for your Social Security benefits is a major one and should be based on reliable information because it…
A look at the differences between FSAs and HSAs
Although both flexible spending accounts and health savings accounts let you save your pretax money to spend later on medical and healthcare expenses, that’s where the similarities end. There are pros and cons to each of these accounts, but to…
Your 401(k) can be a powerful tool, but it has its disadvantages
Many employers automatically enroll new workers in their 401(k) plans to make it one of the easiest ways to save for your retirement. But is it the only way to save for retirement? Although the 401(k) is not perfect, and…