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If you’re 65 or older and lose your job, this is the time to sign up for Medicare
Due to the COVID-19 pandemic, the unemployment rate among people age 65 or older is now over 15 percent. For anyone 65 and older who is now unemployed or had health coverage through a now unemployed spouse, this is the…
How a 401(k) can be the most lucrative way to save for retirement
One of financial experts’ most-recommended retirement accounts is a 401(k). But do you know there are two types of 401(k) plans: traditional and Roth. Do you know which one you have to pay taxes on once you start to withdraw…
What is the 4 percent rule and is it still valid?
Most of us have heard of the 4 percent rule for retirement withdrawals, but do we understand it? In 1994, financial advisor William Bengen published a paper stating that retirees could safely spend about 4 percent of their retirement savings…
Warning: Scammers are posing as contact tracers
The Federal Trade Commission is warning the public of a new text scam using coronavirus response efforts as a cover to obtain financial information. According to the Federal Trade Commission, scammers are posing as contact tracers sending, text messages to…
The value of a Health Savings Account
Health savings accounts (HSAs) have triple tax benefits and can be a powerful retirement savings vehicle. If an employer makes a contribution to an employee’s HSA, the contribution is not included in the employee’s gross income. Also, when an individual…
National Guard troops could see their deployments halted one day short
The media is reporting tens of thousands of National Guard troops responding to the COVID-19 pandemic could see their deployments halted one day short of qualifying for retirement and education benefits under the GI Bill. For a Guard member to…
Should you use the replacement ratio or withdrawal rates?
Experts say Americans need on average 70 percent of their pre-retirement income to live comfortably after exiting the workforce. Currently, for workers who retire at 62 have a median replacement ratio of about 55 percent but that figure is expected…
Lawsuit filed against SSA for requiring “wet-ink” signature
A lawsuit has been filed by the National Federation of the Blind in federal court against the Social Security Administration. They are seeking a court order requiring SSA to allow e-signature on applications rather than requiring a “wet-ink” signature when…
The New Mexico Work and Save Act
The New Mexico Work and Save Act, House Bill 44, allows privately employed and self-employed workers who don’t have employer-based retirement accounts to potentially be provided the ability to contribute to Roth Individual retirement accounts (IRAs) in a savings program overseen…
The gender income gap impacts women’s retirement
Women remain at a disadvantage with their retirement savings according to a new report from the National Institute for Retirement Security. There are several factors that contribute to the gender income gap in retirement, including wage gaps throughout a woman’s…