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The budget deficit & Social Security
Mark Miller wades into the controversial debate about Social Security, Medicare, and Medicaid and the budget deficit. These three programs, along with Defense, are the biggest in the entire federal budget. So, naturally “deficit hawks” talk about needing to do…
Keep portfolio intact by taking Social Security early
Conventional wisdom, at least as measured by what most experts say in financial articles, suggests delaying Social Security benefits as long as possible. After all, delaying from full retirement age until age 70 yields an 8% annual benefit for waiting. But…
The young are spending. But are they saving too?
With Social Security replacing just 40 percent of pre-retirement income and pensions going the way of the dodo bird, one would assume young people to be hoarding their pennies to make up the difference to have a secure retirement. But that…
Social Security & Robocallers — What you need to know
Octavio Blanco writing in Consumer Reports addresses an alarming scam in this piece. Robocallers are using actual Social Security Administration phone numbers in order to steal important personal information from unsuspecting callers. The Federal Trade Commission says recipients of a call should hang up and…
Social Security just a piece of retirement. Learn about 401k plans here
Social Security income is an important monthly benefit to nearly 63 million people each month. But the program only replaces about 40 percent of pre-retirement income, and this varies depending on factors such as lifetime income, number of years in…
Social Security mostly, but not exclusively, for retirees
Sean Williams of The Motley Fool provides a plethora of data as to who actually receives Social Security benefits. If you guessed retired workers (defined as 62 and older) are the most numerous beneficiaries, then you are correct. Retirees are almost…
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…