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Confidence in Social Security has reached an all-time high
The 31st Retirement Confidence Survey shows confidence in Social Security reached an all-time high for workers and retirees. Almost three-fourths of workers expressed confidence in their ability to retire comfortably despite the COVID pandemic. Lisa Greenwald of Greenwald Research, co-conductor…
Are you ready to start your Social Security?
In 2020, nearly 70 million Americans received Social Security benefits. Will you be one of the almost 12,000 baby boomers retiring this year? But before you do, make sure you know the answers to these three basic questions. In Maurie…
Drug costs continue to outpace inflation
A recent survey conducted by the IT company Scripta Insights found 66 percent of Americans think they pay too much for prescription drugs, and 96 percent say they had switched, with physician approval, prescriptions or pharmacies to save money. Recent…
Is retiring a multimillionaire doable?
According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy and $1.1 million to be financially comfortable. If saving for more than $1 million…
Retirement consumption gap is not an ideal way to handle your finances
According to the recent paper by the Retirement Research Center at the Defined Contribution Institutional Investment Association, “households, at least in early retirement, attempt to ‘right-size’ their spending to better align with available resources as they come to see the…
How to replace the other 60 percent that Social Security will not cover
For the average wage earner, Social Security is a guaranteed income source to cover around 40 percent of their pre-retirement income; however, if you plan on living the same lifestyle during your retirement, how are you going to cover the…
Employers should be promoting HSAs as a retirement plan
A recent survey from a leading health savings administrator found “65 percent of consumers report leveraging their health savings account (HSA) as a spending resource, with 23 percent stating they use their account equally for saving and spending.” However, over…
Pandemic hit older workers harder
The COVID-19 pandemic has accelerated the pace of retirement among baby boomers according to Pew Research Center analysis of monthly labor force data. Pew is reporting “the number of boomers who reported that they were out of the labor force…
Should you work during your retirement?
When most people retire, they do not plan on continuing to work. Yes, some people must work out of necessity; however, if you can choose to work, there are many benefits to working in retirement. In Maurie Backman’s article appearing…
Are you ready to claim your Social Security benefits?
You can claim your Social Security benefits as early as age 62 and as late as age 70. Although age 62 is the most popular age to begin collecting your Social Security benefits but is it the right age for…