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Retirement savings could be hit for years as result of pandemic
The pandemic and related fiscal stimulus is putting additional pressures on the retirement savings system according to Natixis Investment Manager’s new 2020 Global Retirement Index report. The report continues to say, with the world facing immediate issues, the long-term goal…
New approach to decumulation and retirement stability
United States is facing a retirement crisis with only 40 percent of US households approaching retirement age have zero savings, and a quarter of American seniors could not fund two years of paid home care even if they liquidated all…
Can you reverse your decision to take Social Security too early?
According to the Center for Retirement Research, the most popular age to claim Social Security is 62 for both women and men and only five percent of men and seven percent of women wait until age 70 to take benefits. …
Why it pays to overfund your HSA
Health savings account can not only save you money on taxes, but it also helps ensure that you have funds set aside to cover medical expenses. However, many HAS participants are not taking full advantage of their accounts according to…
A checklist for your unexpected retirement
The sudden and massive unemployment shook families and the economy. Some older workers experienced an unexpected early retirement catching many individuals and families off-guard. Surprise retirement is a daunting challenge but there are some key considerations to think through as…
Mistakes to avoid when you are in your 60s
You’re in your 60’s so it’s time to figure out when you want to retire or whether or not you can make it happen during this decade of your life. According to Fidelity, by the age of 67 you should…
Want more money from Social Security?
We all know that Social Security cannot fund your retirement alone, basically, those benefits will generally replace 40 percent of your pre-retirement wages if you are an average earner; however, most seniors need 70 percent of their former income or…
Mixed Reviews on the Payroll Tax Deferral Idea
President Trump’s executive order on the option to defer payroll taxes until 2021 continues to meet with disinterest in some quarters, as reported Federal News Network reported Nicole Ogrysko in a post today on federalnewsnetwork.com. The article cites concerns with the potential…
Filing for Social Security at 62: Some Reasons Why it Could Make sense
Although most financial advisors will tell you deferring a claim to your benefits makes the most sense, there are a few scenarios within which this may be an appropriate strategy. The Motley Fool’s Maurie Backman, in a post today on tucson.com, takes…
The Potential Consequences of Taxing the “Rich” to Save Social Security
Among several thoughts emerging in the runup to the 2020 presidential election, specifically on the Democrat platform, are elimination of certain provisions of the Tax Cuts and Jobs Act of 2017. For example, there has been talk of changes to…