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Decreasing your medical bills in retirement
According to Fidelity Investments, a couple who retired in 2017 can expect to spend an average of $275,000 for health care costs throughout retirement. This figure is likely to increase in 2018 and continue to rise during the following years;…
How Special Payments After You Retire Affect Your Social Security Benefit
(Source – blog.ssa.gov) After you retire from your job or self-employment, you may get payments for work you did before you started receiving Social Security benefits. We call those “special payments.” Usually, special payments will not affect your Social Security…
Washington’s RetirementMarketPlace
Washington State has launched its RetirementMarketplace aimed at the estimated 131,000 small businesses and two million Washingtonians with no workplace retirement savings plan. Currently, the Washington marketplace offers only solo 401(k) plans administered by Saturna Trust Co., and IRAs administered…
Will “Set-it-and-forget-it” strategy help you reach your retirement goals?
In the 2017 PLANSPOSOR DC survey, it found that 42.7 percent of defined contribution plans overall use automatic enrollment, and 35.4% use automatic deferral escalation. However, this “’Set-it-and-forget-it’ might be the approach that many participants prefer to take when it…
Are you underestimating how much retirement income you will need?
How much will you need to save for retirement? If you are one of more than 8 in 10 Americans, you have no idea how much retirement savings you will need when you leave the workforce, according to a recent…
LifePath Spending Tool
BlackRock, Inc., the world’s largest asset manager, revealed a new retirement income planning solution that relies on internal modelling and two participant inputs, age and current savings, to help individuals sustain the consumption pattern once they retire. By using the…
Is your Social Security taxed?
Is your Social Security taxed? The answer to that question is not that simple: Social Security benefits are taxed for some people but not others. According to Gil Charney, director at The Tax Institute at H&R Block, “Social Security taxation…
Planning to retire overseas and live on Social Security? Here’s where your check will go furthest
Social Security in the United States was never intended to provide more than 40% of your income needs. But if you’re considering retiring somewhere outside of the U.S. with Social Security as your main source of income, then you’ll want to…
Who really needs your Social Security number?
Although it’s true that many healthcare providers as well as numerous other service providers ask for your Social Security Number (SSN), the reality is that most of them don’t really need it. And with today’s focus on the need to…
Privacy, and your Social Security Number
In the news again, with great fanfare over eliminating it from your Medicare card, the Social Security Number remains an embarrassingly vulnerable element in the quest for individual privacy. Originally intended to be used only for identifying you for Social Security’s…