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The Congressional Budget Office released an updated budget outlook
The Congressional Budget Office released an updated budget deficit outlook to reflect the impact the pandemic has had on the economy along with its impact on the Social Security and Medicare trust funds. According to the agency’s report, the budget…
Tapping into your home’s equity for retirement
If you have paid off your mortgage or most of it, you could tap into your home equity to fund your retirement. Equity refers to the market value of your home, minus what any outstanding balance of all liens on…
Don’t plan to work in retirement, since it probably won’t happen
An estimated 65 percent of people think it’s likely they will work either part time or full time in retirement according to research from Allianz Life. However, they found the actual number of retirees still holding jobs is far smaller,…
Social Security has its share of shortcomings
According to the Social Security Administration, about 21 percent of married elderly couples and about 45 percent of unmarried persons rely on Social Security for 90 percent or more of their income. Overall, Social Security keeps nearly 15 million seniors…
Health savings account remains an underutilized retirement savings vehicle
According to recent Charles Schwab survey, 77 percent of the respondents said their employer offers a health savings account, but only 45 percent report using theirs. This makes health savings account (HSA) one of the most underutilized retirement savings vehicles.…
Planning for retirement isn’t one size fits all
According to research published by Schwab Retirement Planning Services, it found more than half of Americans don’t know how much money they’ll need to retire. They found that on average, individuals with 401(k)s believed they needed $1.7 million in the…
Qualifying for a mortgage in retirement
If you are retired homeowner and want to relocate or downsize but still need to finance that purchase, you may be surprised to discover that qualifying for a mortgage is a bit different now. Retires can have a lot of…
Are you a “super saver”?
Majority of U.S. workers are not contributing the maximum amount to their 401(k) nor are they investing at least 15 percent of their income in retirement accounts, but there are a few, they are referred to as “super savers.” The…
September is the month that federal employees start to think about retirement
The year 2020 will be one for the books for many people and it’s not over yet. Since December and January are the most popular months to retire from the federal government, many federal employees, start to think about submitting…
Don’t leave the workforce if you are not prepared for retirement
For some Americans, retirement is a time of financial worries because they left work before making sure they were financially prepared to do so. Sometimes you have no choice but to leave work, but for those who choose to leave,…