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Pre-retirees acknowledge Social Security & pensions may not be enough
Amanda Umpierrez, citing new research on alternative income options, writes that workers nearing retirement are increasingly skeptical that Social Security and pensions will be enough to keep them secure. Many are looking to add savings from 401(k) funds, IRAs, and annuities…
Student Loan Debt & Retirement: A Tough Combo
As if coping with the normal expenses of daily are not enough, Katie Brockman reports that about one-third of baby boomers are not saving any significant income toward retirement due to student loan debt. But it should not be an either/or choice. Since…
Age 60 without retirement savings? Do 3 things now
The good news is Americans in their 60s have a median retirement savings balance of $172,000. But enough older workers have little or zero in their 401k or IRA accounts. Maurie Backman advises these folks take three steps now: 1.) Start maxing out your…
Saving enough for retirement? Find out sooner rather than later.
It’s difficult to save for retirement, and that’s particularly true the further away retirement is. Reg flag warning. You may not be saving enough for retirement if any of the following three are true: 1.) You’re not contributing enough to your…
Social Security & The Marshmallow Test
It’s a classic. Do you eat a marshmallow now or wait for a guaranteed, bigger one later? So it is also with the decision of when to take Social Security benefits. Indeed, consuming now means having less money later. Read the…
What to Fear Financially this Halloween Season
It’s October and thus a time to be afraid of ghosts and goblins, but when it comes to finances, writer Russ Wiles of The Arizona Republic puts in perspective what we should fear versus what is overblown. Wiles discusses stock…
The Myth of “Greedy Geezers” & Social Security
The line goes something like this: The old are sucking all the blood from Social Security, leaving the young with nothing to count on when they will retire.” But it’s not so according to Teresa Ghilarducci writing in Forbes Magazine. …
Consider your spouse when electing to take Social Security
Dan Caplinger stresses the importance of a married couple taking into account spousal benefits before electing to take Social Security too early. Claiming benefits at any time before age 70 will yield a lower benefit than otherwise waiting. If single…
Retiring a Millionaire: Not Just for the Uber-rich
A recent report from United Income states one out of every six retirees is a millionaire. The number has more than doubled since 1989, in part due to inflation but also because seniors are in fact becoming wealthier. The key to becoming…
Myth: Congress spends Social Security funds on whatever it chooses
Kudos to Sean Williams of The Motley Fool for taking on such a widely held misnomer that Congress uses Social Security surpluses as its own personal “piggy bank”. In three words, it’s patently untrue. Williams explains how excess Social Security funds…