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For New (or Recent) Retirees: Some Pitfalls to Avoid
The Motley Fool’s Maurie Backman, in a post today on their website, outlines some of the common mistakes those in the early stages of their retired life can easily fall victim to. The first, and arguably the most critical, gives credence…
Retirement Financial Planning: Understanding the “Rule of 72”
One of the older axioms in popular financial planning is the “rule of 72,” an equation that mathematically enables one to estimate how long it will take to double a specific amount of money. Back in the heyday of financial growth…
How the Saver’s Credit Can Help You Save for Retirement
(Source: Social Security Administration) Saving for retirement can be difficult in the best of times, but even harder during a pandemic and challenging economy. An underutilized tax credit, known as the Saver’s Credit, may be able to make it easier.…
Social Security Administrator Taking Partisan Fire
President Trump appointed Andrew Saul, 74, as Social Security Administrator to a term that ends in January 2025. But a number of Democrats are calling for him to resign or for President Biden to fire Saul, among them both Maryland Senators…
When Should You Begin Receiving Social Security?
Forbes writer Justin Goodbread said retirees must consider not only age but time when deciding when to begin monthly Social Security benefits. As an example, $2,500 each month when claimed at full retirement age (67 if born 1960 or later) would…
Collecting Social Security & Still Working? Five Things to Know
The Editors of Kiplinger’s Retirement Report are out with a comprehensive explanation on the five things you need to know about the two Social Security earnings tests. Of course, for those who have reached their full retirement age (now 66-67 depending…
Four Surefire Signs You’re Ready to Retire
Social Security monthly benefits rise every month you delay beginning them, from age 62 to age 70. Once you’ve thoroughly investigated your Social Security start date, including how much you would receive at early retirement age 62, full retirement age (66-67…
5 Drawbacks of Target-Date Funds for Retirement
Set it and forget it. One of the most popular choices for retirement savers in employer-sponsored retirement plans like a 401(k) are target-date funds. Just pick a retirement year, and the fund manager automatically does the reallocating and rebalancing. Sounds easy,…
Roth IRAs and escaping income taxes on Social Security
Many know that Roth IRAs allow your money to grow tax-free. Withdrawals are tax-free, as well, including on all gains. Further, Roth IRAs are the only tax-advantaged retirement plan to not impose required minimum distributions. But there’s still one lesser-known reason to…
Late to Retirement Savings? Here’s Your Game Plan
Social Security will replace just about 40% of pre-retirement income, meaning retirees will need income from other sources just to exist, never mind a fanciful retirement of travel and one that is worry free. Individual Retirement Accounts (IRAs) and the…