retirement
10 Years From Retirement? Do These 10 Things
Social Security faces insolvency in ten years, and so saving more outside of that program is key for near retirees. Financial advisor Mark B. Murphy, who is also CEO of Northeast Private Client Group argues the 10 years leading up to…
Inflation Causing Uptick in 401k Hardship Withdrawals
The negative effects of the inflation of the past two years have been well documented, but it goes beyond Americans complaining about higher food costs and trouble paying rent. In this piece, Megan Henney cites new data from Bank of…
Baby Boomers Live Longer. Therefore, Avoid Buying These 5 Things
Vawn Himmelsbach’s piece here reminds readers that in the 1930s, average life expectancy was 58 for men and 62 for women, based on Social Security Administration data. However, today women have a 1-in-3 chance and men a 1-in-5 chance of…
HSA for non-medical expenses
An HSA is not an option for everyone, but if you have one, you can grow your balance by investing. The investment gains in your HSA are tax-free as long as the withdrawal of those funds pays for medical expenses.…
Retirement has always been fragile for low-income workers
An analysis by the U.S. Government Accountability Office found: “Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement.” The study also found while poor workers lost ground, high-income workers…
There is plenty of concern about Social Security among current retirees.
The Social Security program is vital to many Americans who depend on it in retirement. However, the Social Security Trust Fund reserves are running out of money. When that happens, Social Security will only be able to pay about 80…
Making an informed choice about when to claim Social Security
Starting your Social Security retirement benefits is an important step on your retirement journey. The Social Security Administration reports: Elderly Social Security beneficiaries, 12 percent of men and 15 percent of women, rely on Social Security for 90 percent or…
The retirement gap
One question facing American workers is: How much do I need to save for retirement? According to the latest survey from Charles Schwab, the average amount participants said they would need to retire comfortably is $1.8 million. Compared to the…
Before you file for Social Security
The fear of running out of money in retirement is a rational one. After all, you have spent your entire career making and saving money, but even that may run out. However, you will receive your Social Security benefit for…
Common misconceptions about how Social Security benefits are calculated
Among Social Security beneficiaries, 37 percent of men and 42 percent of women receive 50 percent or more of their income from Social Security. Among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on…