retirement
The “retirement crisis” for the upper middle class
The experts continue to discuss the “retirement crisis” in America from the perspective of the lack of retirement savings; however, that is not the whole picture. Many experts ignore the retirement risks that the upper-middle class faces. What are these…
Retirement reinvented
Retirement can present you with opportunities you were not expecting. Now, with the pressure of providing for your family, raising kids, and saving for retirement, you can entertain the idea of starting your own business. There are unique options for…
Make sure your expectations of Social Security are realistic
We all dream of what we will do in retirement, maybe work on your golf game or see faraway family members, but are you prepared for it? Do you know what your Social Security will be? Not just talking about…
Are you familiar with the 414(h)plan?
The most common type of employer-sponsored retirement plan is a 401(k); however, certain employees may have access to a 414(h) plan instead. A 414(h) plan, also called a pick-up plan, offers people who hold government jobs a tax-advantaged way to…
This one mistake could cost you thousands of dollars
One result of the “Great Resignation” is retirement accounts left behind as people quit their jobs. According to a recent report from Capitalize, “3.8 million retirement accounts were left behind in 2021 and 4.4 million in 2022, representing roughly $30…
You might be doing better than you think
Social Security benefits are supposed to replace around 40 percent of the income you earned while you were working. As of June 2023, the average check is $1,701.62, according to the Social Security Administration – but that amount can differ…
Ask Rusty – I’m 64. When Should I Claim My Social Security?
Dear Rusty: I am 64 years old and still working full time. My question is - when should I start my Social Security? I would like to start it in January 2024 and go part time at work, but would…
Helping your kids fund a Roth IRA
Many retirees regret they didn’t start saving for retirement earlier. But what if you can turn those regrets into actions that benefit your children and provide important lessons? You can by taking this easy step. David McClellan explains how helping…
The IRS has postponed the catch-up contribution requirements until 2026.
Recently, the IRS announced the new catch-up contribution requirement under the SECURE 2.0 Act. The new rule affects older, higher-paid 401(k) participants to make catch-up contributions into an after-tax Roth account instead of the pre-tax traditional accounts. Although Congress meant…
You’ll need more than just Social Security to retire comfortably
The Social Security Administration has found among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. Social Security alone is not enough to retire…