retirement
Saving for Retirement: Here are Some Thoughts to Help You
Social Security benefits are not designed to completely replace pre-retirement income levels. Everybody generally knows that, but how many are aware that the replacement rate is really around 40% or less? As a result of this reality, it becomes essential…
Another Vote Against Claiming Benefits at Age 62
Statistically speaking, you’re a rare case if you wait until age 70 to begin drawing your Social Security benefit. As many (most?) financial advisors suggest, you’re also a savvy planner, since your monthly benefit will be maximized–fully 24% greater than…
The two extraordinary measures Treasury anticipates implementing
The Department of Treasury Secretary Janet Yellen notified Congress that the department would take its “statutory extraordinary measures” and suspend investments in some federal retirement programs. What retirement programs are these? And no, it is not Social Security. To find…
Early retirement may impact cognitive functioning
A recent study suggests early retirement may accelerate cognitive decline later in life. Plamen Nickolov, assistant professor of economics at Binghamton University, said, “ We find that increased social isolation is strongly linked with faster cognitive decline among the elderly.”…
Should you claim Social Security at 65?
Full retirement age is when you become eligible for unreduced Social Security retirement benefits. Your full retirement age is determined by the year and month you were born. The retirement age gradually increases by a few months for every birth…
Avoiding stealth taxes
The majority of American workers save for retirement in pre-tax savings vehicles such as 401(k) and IRAs, not understanding the potential costs later in their retirement. What are those costs? Stealth taxes can increase your income tax liability and reduce…
Secure 2.0 Act will benefit both employers and employees
The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans’ financial readiness for retirement. It will be easier to save and give more tax credits to small businesses;…
The need for Longevity Literacy in retirement planning
More than half of American adults did not know how long people generally tend to live in retirement, according to a recent report from TIAA Institute. This factor could lead to them failing to save enough money to last as…
Avoid these three costly mistakes
Social Security provides a foundation of retirement protection for nearly all people in the U.S. Social Security provides a guaranteed, progressive benefit that keeps up with increases in the cost of living. However, there are no guarantees on how much…
Should you should retire now?
You can begin your Social Security retirement benefits as early as age 62. However, If you start receiving benefits early, your benefits are reduced. You are entitled to full benefits when you reach your full retirement age. If you delay…