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Younger workers participating in 401(k) plans are using TDFs at a high rate
According to a new joint study from the Investment Company Institute and the Employee Benefit Research Institute found that at year-end 2016, 64 percent of 401(k) participants in their twenties held target-date funds (TDFs) compared with only 45 percent of…
Public sector workers retire no differently than the private sector workers
Even people with pensions, public sector workers, work into their retirement years. Reasons workers may take another job or reduce hours, instead of calling it quits, varies among all workers but ultimately it all comes down to financial security. You…
If You Are Young and Lose a Parent
Social Security is here for young people when a parent passes away. We know that the loss of a parent isn’t just emotionally painful; it can be devastating to a family’s finances. In the same way that Social Security helps…
If you plan to take your benefits early, you need to be aware of these potential consequences
According to the Center for Retirement Research at Boston College, roughly 45 percent of claimants take their Social Security benefits at age 62, with approximately 60 percent claiming between ages 62 and 64. Although there are plenty of valid reason…
Retirement will change your life
You can plan for your retirement, you dream about it but there is no way to tell for sure what retirement will be like until you actually retire. Retirement changes the structure of your days, your friendships and possibly your…
Medicare basics
Medicare can be intimidating with so many options, confusing terminology, and people everywhere telling you something different. So, what do you do? You start with the basics. Click here for the Medicare basics. Notice: The link provided in the text above connects readers…
Do you know what the Social Security tax is?
What is the Social Security tax? The Social Security tax is the amount of money that gets taken from almost every American worker paycheck to pay for Social Security benefits. You pay a portion of your salary, and your employer…
Deemed filing rules do not apply to survivor benefits
An internal SSA report found that agency representatives gave widows and widowers incorrect guidance 82 percent of the time based on a random sample of claims by surviving spouses who were also entitled to claim their own retirement benefits. According…
The truth behind health care costs in retirement
Most Americans are aware that health care expenses will be significant during retirement, but it can be tough to decipher exact amounts to set aside for medical treatment. According to a 2018 Employee Benefit Research Institute and Greenwald & Associates…
Your side job can give you a better retirement
If you have both wage income from a job and income from a part-time self-employment (Schedule C income), you may be missing out on a unique opportunity to simultaneously save on taxes and accumulate additional savings for retirement. How? The…