retirement
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…
What you need to know about retirement ages in the US
Your age matters when it comes to Social Security benefits. You can start receiving your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your full retirement age. If you…
Three ways to supplement your retirement savings
Millions of Americans face the reality of spending their senior years in straitened circumstances, struggling to make ends meet. However, if you are one of those individuals who are low on retirement savings, all is not lost. Maurie Backman explains…
Social Security’s Lump-Sum Payment Provision
Marcia Mantell, RMA®, NSSA®, in a post on thestreet.com, provides a bit of history associated with Social Security’s often misunderstood lump-sum benefit provision. Her post explains the 6-month lump-sum payout available to claimants electing to start their benefits at (or…