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The Health Savings for Families Act of 2019 (H.R. 4576)
The Health Savings for Families Act of 2019 (H.R. 4576) would give families the ability to utilize the tax advantages of both a health savings account (HSA) and a health flexible spending account (FSA). This bipartisan legislation would eliminate the…
What is a custodial IRA?
What is a custodial IRA? It is a way for someone younger than 18 to open a Roth IRA. These accounts are managed by a parent or grandparent until the individual is no longer a minor (typically at age 18),…
Women are still lagging in retirement savings
According to a Merrill Lynch/Age Wave report, only 46 percent of millennial women report they are confident in investing, and about 63 percent of women ages 18 to 29 say “financial planning is too difficult to even think about.” That’s…
A majority of Americans say they’d rather cut back on expenses in retirement than make sacrifices now
A recent survey by TD Ameritrade found that 67 percent of Americans say they’d rather cut back on expenses in retirement than make sacrifices now to save for retirement. Although it’s good that workers realize they will need to make…
Don’t have access to a 401(k)? You can still save for retirement with these two accounts
Are you one of the more than 28 million full-time American workers who do not have access to a 401(k) plan? Not having access to a 401(k) shouldn’t keep you from saving for your retirement as there are still things…
Is 72 the new 65?
According to a new survey from Provision Living, while Americans can begin claiming full Social Security benefits between ages 66 and 67, many are continuing to work for both personal and financial reasons. The survey found that,,on average, respondents don’t…
Early retirement may not be the dream you’re envisioning.
For some of us, early retirement is a dream comes true; however, retiring early is more challenging than it may seem. So, if you are day dreaming about never sitting through another meeting or a dreadful commute again, make sure…
Auditors found that SSA paid out more than $40 million to 500 dead people
In the last year alone, inspector general audits found that the Social Security Administration paid out more than $40 million to 500 dead people in just three states: Texas, Maryland and Michigan. The U.S. Attorney’s Office in Detroit in the…
Employers think age 70 is too old to work, while workers say it is age 75
In the 19th annual retirement survey conducted by Transamerica Center for Retirement Studies (TCRS); the focus was on the need for workers with greater longevity expectations to remain in the workforce longer than previous generations. The survey found that 69…
Three retirement planning lessons
Retiring planning for most people is often overlooked and they don’t face it until later in life. The key is to find one that works for you. In the attached article it provides three timeless lessons that you should consider…