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Four in five Americans are worried about their retirement
The latest research from the Center for a Secure Retirement and Bankers Life found that despite retirement worries amid the COVID-19 pandemic, familiarity with common retirement planning tools remain low. Four in five Americans are worried about their retirement and…
Even when your health is poor, filing later actually makes sense
When you claim your Social Security benefits may depend on the state of your health. If you are in poor health you are generally better off claiming your Social Security on the early side (62 is the earliest) because that…
Auto protability of 401(k) plans could keep $2 trillion in the US retirement system
It’s important to carefully consider what to do with the money you have stashed away in your 401(k) if you have been either laid off, furloughed or changing jobs. Many people forget about it or simply cash it out if…
Colorado Secure Savings Program
The Colorado Secure Savings Program, was signed into law by Governor Jared Polis, will let nearly a million Colorado workers who lack a retirement savings plan at work will soon gain that benefit. The bill ensures that workers at businesses…
Should you reduce your monthly retirement contributions to pay off debt
If your income has been hit by the coronavirus pandemic or you’re anticipating less money coming in, should you reduce your monthly retirement contributions to pay off debt during this economic recession? Although not ideal, but if you are regularly…
Is it time to convert your retirement accounts to a Roth IRA?
If you don’t act, taxes could take a huge chuck out of your retirement income. Each year as many as 50 percent of current retirees lose a collective $38.9 billion to federal taxes. Why? Once your countable income hits a…
What is a Simplified Employee Pension (SEP) plan and do you qualify?
Are you self- employed or a small business owner? Do you have a retirement plan? If you are a self-employed individual or a small business owner you can establish individual retirement accounts, called SEP IRAs for yourself and your employees. …
Is the coronavirus a wake-up call for Americans saving for retirement?
The coronavirus pandemic has served as a cautionary tale for Americans saving for retirement. Nearly a quarter of Americans tapped into, or plan to tap into, their retirement accounts because they lack adequate three to six months of cash savings.…
What you can do to prepare for the unexpected costs in retirement
According to a recent study published by the National Bureau of Economic Research, the death of a spouse was one of the costliest events for retirees. The researchers discovered the average net worth drops by more than $30,000 over a…
When will Social Security reopen to the public?
The Social Security Administration (SSA) has not called employees back to their offices en masse, nor has the agency indicated when it might do so. Although other agencies have released their reopening plans, neither employees nor the unions that represent…