retirement
A new conflict of interest rule
The Department of Labor has proposed a new retirement rule to close governance loopholes and require financial advisers to give retirement advice in the best interests of savers and not themselves. According to the federal government, “bad financial advice by…
Immediate expenses win over saving for retirement
A new survey by the consulting firm Buck found employees would prefer a “$500 pay increase to a $500 increase in contributions made to a retirement plan.” Also, the researchers report that over three-quarters of the employees surveyed said they…
Social Security, AGI, and income taxes
Do I pay taxes on my Social Security income? You will pay federal income tax if your adjusted gross income is at certain thresholds. The IRS defines Adjusted Gross Income (AGI) as gross income minus adjustments to income. Gross income…
The new contribution limits for 2024
Good news for individuals saving for retirement- the IRS announced the new contribution limits for 2024. The contribution maximums will increase by $500 for most retirement savings vehicles. Mike Winters reports on the 2024 contribution limits, but more importantly, picking…
Social Security replacement rates vary widely among retired workers
The original intention of Social Security was to replace 40 percent of an individual’s pre-retirement income with other retirement income from different sources to make up the balance. However, according to a report published by the National Institute on Retirement…
Don’t rush into claiming Social Security at 62
You can start receiving your Social Security retirement benefits as early as age 62; however, if you start receiving benefits early, your benefits are reduced. Yes, you have been paying into the system all these years, and you want to…
The American Academy of Actuaries are urging Congress to act now
The American Academy of Actuaries has issued a new brief urging Congress to act sooner than later to stop the automatic 20 percent cut to individuals already receiving Social Security benefits. They warned if Congress does not come up with…
How working will affect your benefit amount
You can get Social Security retirement or survivor benefits and work. But, if you’re younger than full retirement age and earn more than a specific dollar amount, your benefits will be reduced or even stopped. However, there is good news…
Things you should be doing right now to maximize your future Social Security benefit
You are entitled to full Social Security benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to the age of 70, your benefit amount will increase by eight percent…
Social Security benefits and what may happen in the worst-case scenario
You hear people talking about how Social Security will not be there for them when they retire, even when waiting in line for a table in a restaurant. It is good that people are talking about and aware of the…