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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),…
What is the retirement planning opportunity zone?
What is the “retirement planning opportunity zone”? According to Dana Anspach, founder of Sensible Money, this is the period “starting with age 50 and going to age 72, where retirement and tax planning opportunities abound.” So many things are changing, like…
A few options to help boost your retirement income
Social Security was originally designed to replace approximately 40 percent of your pre-retirement income. Unfortunately, over 40 percent of Social Security recipients rely solely on their Social Security benefit for retirement income. If you are close to retiring and you…
Claiming Social Security at 65 Probably a Mistake
It’s an understandable mistake, thinking that because you’re eligible for Medicare at age 65 you should also take Social Security. But, these two programs are totally separate from each other, and enrolling in Medicare at 65 doesn’t mean that’s the…
A Lifetime Outline on Saving For Retirement
In this Today article, contributor Lauren Winn offers an outline for how to approach retirement savings in the various decades of you life – when you’re in your 20s, in your 30s & 40s, and in your 50s. In each…
Five Star Rating System for Medicare Advantage Plans
“Medicare Advantage” (MA) are healthcare plans offered by private carriers which conform to established Government standards as a replacement for “original Medicare.” Since there are many private insurance companies which offer MA plans, it can be challenging for those considering…
Retirement Income Too Low? Here Are Some Less Known Sources
Of course, almost everyone would like to have some additional income in retirement. If you’ve been diligent in your planning, you may have some combination of Social Security, personal savings, a pension, and some investments to help you live your…