retirement
The Amount of Available Savings Will Influence Your Claiming Decision…Here’s How
For many, it’s one of the most gut-wrenching decisions that needs to be made: When to claim Social Security benefits? And one of the main factors that influence one’s final decision on this issue is, logically, the amount of savings…
The Importance of HSAs in Retirement Savings Plans
Traditionally, most folks these days look to deferred compensation plans–IRAs and 401ks–as a primary source of wealth accumulation for retirement. This is especially relevant to the company-sponsored 401 k plans that offer an employer match. While all of this is…
The perks of having a HSA in retirement
A health savings account (HSA) is a tax-advantaged medical savings account available to employees enrolled in a high-deductible health plan. HSA funds roll over and accumulate year to year. Robin Hartill writes about how you can use your health savings…
How to prioritize in a shaky economy
During times of economic uncertainty, should you max out your 401(k) contribution or build your emergency fund? Experts are saying you should not forgo emergency savings. According to a recent study by Fidelity Investments, more than half of savers are…
Retirement preparedness dropped below pre-pandemic levels
According to the latest study from Fidelity Investments, over 50 percent of Americans are falling short of having enough savings to cover everyday essentials when they retire. Only 32 percent of Americans say they are on track to retire comfortably,…
Why you may want to claim your Social Security benefits early
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be…
Next-year’s COLA may be lower
Recent data shows spending among older Americans has increased. This increase in spending may be due to this year’s historic cost-of-living increase, the largest in almost four decades. However, while older Americans may have received a hefty cost-of-living increase, that…
Solo 401(k) and SEP IRA at a glance
Planning for retirement can be difficult and confusing, especially if you are self-employed or a small business owner. The most popular choices are the solo 401(k) and the Simplified Employee Pension (SEP) individual retirement arrangements or SEP IRA. Each one…
Hardship withdrawals in 2022
According to the latest analysis by Fidelity Investments, Americans’ retirement nest eggs saw significant drops year-over-year. The savings rates did change, but not at the level Fidelity recommends. Javier Simon explains how economic turmoil may prevent many Americans from maximizing…
Which state is the most expensive to retire in?
When you think of the most expensive places to live in the United States, most people will say California or New York, but that may not be correct for both states. According to WalletHub, California did not make the top…