retirement
How would the Retirement Benefit Account (RBA) hurt retirement savings?
IBM announced they will replace their 401(k)-matching program with a new Retirement Benefit Account (RBA) starting January 1st. Their statement said: “Each employee who’s served at least a year will receive a “monthly account credit” up to the IRS limits…
It’s all about realistic expectations
Social Security is a primary income source for most people aged 65 and older. You can start your Social Security retirement benefits as early as age 62. However, if you start to receive your benefits early, your monthly Social Security…
What the five GOP candidates said about raising the retirement age
During the 3rd Republican candidates’ debate, the third rail of American politics – Social Security- was discussed. The difference in the approach of the five attending candidates in solving the Social Security and Medicare insolvency issue was on display. The…
Changes to your retirement savings
For those individuals saving for retirement in 2024, you received some good news from the IRS last week. The IRS announced the 2024 contribution limit increases of $500 for 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings…
Can better communication between spouses lead to more retirement savings?
New research shows that married couples who do not communicate with their spouse about saving for retirement lose, on average, almost $700 in savings every year. The study found that “24 percent of couples failed to coordinate their contributions to…
Three things you should know about Social Security
A day doesn’t go by without a doom and gloom article appearing on how the Social Security trust fund is going bankrupt. Yes, since 2021 the trust fund is being used to ensure full benefits and will be depleted in…
There’s more to consider when deciding to begin your Social Security benefits
Social Security is a primary income source for most people aged 65 and older. Without Social Security benefits, 37.7 percent of older adults would have incomes below the poverty line. Social Security is the cornerstone of many retirees’ income, so…
What to know about managing Medicare Part B premiums
In October, the Social Security Administration announced the 2024 cost-of-living adjustment (COLA) of 3.2 percent, with the average Social Security benefit going up $50. Later, the Centers for Medicare & Medicaid Services (CMS) released the 2024 monthly Part B premium…
Claiming as soon as possible could hurt your finances in more ways than one
You can start your Social Security retirement benefits as early as age 62. However, if you start receiving benefits early, they are permanently reduced. Although there are times when starting your benefits at 62 is a good idea, if you…
Women and retirement savings
“Women are more likely to live in poverty in retirement than are men,” according to the Women’s Bureau of the Department of Labor. Statistically, “11.6 percent of women aged 65 or more years live in poverty, compared with 8.8 percent…