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Retirement: Defined benefit plan vs. defined contribution plan
Simplistically, a defined benefit plan is an employer-funded pension in return for years of dedicated service, whereas a defined contribution plan is a much more portable plan funded by the employee and often supplemented by an “employer match” of a…
Social Security numbers used by illegal aliens to get jobs
Research by an immigration reform organization revealed that between 2012 and 2016, there were about 39 million instances of the Social Security number on employer-submitted W-2 income tax forms not matching the name on file with Social Security. According to the…
Are there “flaws” in the Social Security system?
There can be little argument that the Social Security program is a lifeline to tens of millions of Americans who rely on it to stay above the poverty line; fully 64% of the program’s 62.5 million beneficiaries rely on it for at…
Does the “mortality gap” mean low income people collect less Social Security?
It has been chronicled in many studies that higher income people tend to live longer than lower income people. Now a study by the Center for Retirement Research at Boston College has concluded that the mortality gap between lower and…
Inherited IRAs
Americans have more than $28 trillion in assets in retirement accounts including $9 trillion in IRAs. It is not uncommon for a retiree’s IRA to be their largest asset apart from the family home; making it highly likely that at…
Don’t let high medical costs destroy your retirement
In a recently published estimate of retiree healthcare costs by Fidelity, a 65-year-old-couple would need $280,000 for all their medical expense during retirement. As women tend to live longer, a 65-year-old female would need around $147,000 compared with a senior…
Striving for the ultimate in retirement saving
Majority of people want to save as much as possible for retirement, they want to become the ultimate retirement saver; however, you need to have a lot of extra savings sitting around if you want to max out all the…
The not-so-great side of Social Security
According to the Center on Budget and Policy Priorities, the Social Security program helps to keep over 22 million of the 62.5 million people receiving a monthly payment above the federal poverty line. However, it’s also a program with some…
The Family Savings Act of 2018
The “Family Savings Act of 2018” (H.R. 6757) proposes two IRA changes that are geared towards those IRA owners over age 70 ½. The third proposal is for families which allows penalty-free withdrawals for the birth or adoption of a…
Misinformation about Social Security abounds
Do you know how Social Security’s COLA is calculated? Misinformation about Social Security abounds on how federal government determines Social Security’s the cost-of-living increase. The attached article briefly reviews the formula and corrects some misinformation about it. Read article here……