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Got an RMD for 2019? You have less than four weeks to get it together or face a 50 percent tax penalty
Are you 70 ½ or older and have an IRA? Have you taken your RMD yet? Well you have less than four weeks to take your mandated withdrawals from your retirement account or face a penalty of 50 percent of…
Avoid these mistakes or you may wind up hating your retirement
You are supposed to enjoy retirement; however, a recent Nationwide Retirement Institute survey found over a quarter of retirees say life is worse now that they are no longer working. Why? The attached article looks at three reasons why you…
Medicare and FEHB
Are you retiring soon and not sure you should take Medicare with your Federal Employees Health Benefits (FEHB) plan? Medicare has four parts and you should know which parts you do and do not need. The attached article explains the…
Defined benefit pensions head for extinction
A defined-benefit pension, which typically provided guaranteed monthly payments to workers when they retired, is headed for extinction, and remaining pension funds are in tough financial shape. According to a new report by Mercer, U.S. pensions plans are near their…
Ways to boost your Social Security benefits as much as possible
Social Security will only replace about 40 percent of the average wage earner’s pre-retirement income; however, majority of seniors will need around twice that amount to maintain a decent standard of living. In a perfect world, Social Security would not…
How to max out your 401(k)
One decision you will need to make when you sign up for your company’s 401(k) plan is: How much you want to, or can contribute to the account? So how do you determine the amount to save in your 401(k)…
Don’t fall victim to these retirement mistakes
You have been looking forward to your retirement, but did you plan for it? If you are not careful about making some key decisions in managing your money, you could wind up cash-strapped and miserable. The attached article outlines a few…
The problem with borrowing from your retirement plan
Workers are advised to sock away funds in an IRA or 401(k) to ensure that they have enough money to cover their living expenses in retirement. But without independent savings, these retirees risk struggling financially when they are older. According…
Social Security has a cash flow problem but it’s incapable of going bankrupt
According to an analysis by the Center on Budget and Policy Priorities, 22 million Social Security recipients are being pulled above the federal poverty line solely because of this monthly payout. Despite the urban myth, Social Security is incapable of…
Understanding these lesser-known Social Security rules in the course of your retirement planning
It’s important to understand Social Security rules so you can maximize your benefits once you’re eligible to claim them. In the course of your retirement planning, there are a few key facts about Social Security that you need to be…