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What is creditable coverage?
You are turning 65 but you not sure whether or not to enroll in Medicare but afraid of the potential late enrollment penalties. If you have creditable insurance coverage, usually from an employer, union, or other organization, you may be…
The clock is ticking to contribute to your Roth IRA for 2020
If the pandemic interrupted your IRA contribution schedule, you still have a chance to make up for it. You can still contribute four-figures to a Roth IRA, but the clock is ticking. You have until April 15, 2021, to contribute…
What is a 457(b)?
What is a 457(b)? Is it like 403(b)? Some public sector employees (civil servants, municipal employees, law enforcement offices, and public safety personnel) and some non-profit organizations may have access to 457(b). Although the 457(b) and the 403(b) retirement plans…
Bundle an HSA with a 401(k) to optimize retirement savings
One of the many lessons we learned from the COVID-19 pandemic is we need to rethink our approach to retirement benefits and savings. 401(k)s continues to dominate the traditional retirement market; however, HSAs have been overlooked at least from a…
Medicare general enrollment period is happening now
Medicare Enrollment Periods can be confusing because different enrollment periods have different dates for various purposes. Currently, both the general enrollment period and the Medicare Advantage open enrollment period are happening now. If you did not enroll in Medicare when…
What is sustainable investing and should we be doing more of it?
By the end of 2019, the United States has the largest retirement plan market in the world covering 136 million participants with assets of more than $11 trillion. However, a recent report found that fewer than one-fifth of private-sector retirement…
If you need cash now, should you tap into your retirement accounts?
Life sometimes throws us a curveball. That curveball can be an unexpected financial surprise tempting you to deviate from our retirement strategy and access those funds for quick cash but should you? According to Michelle Buonincontri, a certified financial planner…
What to do if your benefits won’t provide enough income
According to the Social Security Administration, the average benefits paid to retired workers in 2021 is a little over $1,500 per month. Although the Social Security benefits usually increase yearly with cost-of-living adjustments (COLA), you will likely find that living…
If you have already exhausted the traditional ways to enhance your retirement lifestyle
We all dream of a comfortable retirement, but the average Social Security retirement benefit paid is just over $18,000 annually, which may not be enough to cover the bills. If you are looking to supplement your retirement income, and the…
Is a Charitable Remainder Trust right for you?
A “stretch” IRA was an estate planning strategy that extended the tax-deferred benefits of an IRA inherited by a non-spouse beneficiary. However, with the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act),…