retirement
Is Gen X the broke generation?
In a recent survey of individuals born between 1965 and 1980, Gen Xers found 56 percent of them said they have less than $100,000 saved for retirement, and 22 percent said they have no retirement savings. Almost two-thirds of the…
How is Social Security taxed
If you feel inflation has eroded your Social Security benefits, you are not mistaken, but that is not the only reason. Although the government will regularly adjust many things for inflation, one thing they have not since 1984; is the…
Important milestones to remember while retirement planning
There is no strict retirement age in the United States; however, there is one to begin collecting your Social Security benefits. You can start your Social Security retirement benefits as early as age 62; however, you are entitled to full…
Social Security mistakes you’ll want to avoid
Social Security can be confusing; however, it is a program that addresses many situations. There are high-income workers and low-income workers, early retirees, and late ones. Plus, there are children, spouses, ex-spouses, and widows and widowers to consider. So, it…
Why it is important to have an emergency savings account
A recent study by BlackRock’s Emergency Savings Initiative and the Defined Contribution Institutional Investment Association’s Retirement Research Center found “low-income households with a least $1,000 in emergency savings were half as likely to withdraw money from their workplace retirement savings…
More households overestimating their retirement readiness
A new report from the Center for Retirement Research at Boston College found “more than 25 percent of US households think they are on track to maintain their standard of living in retirement, but many are at risk of falling…
How to achieve more than the average benefit amount
Social Security beneficiaries, 37 percent of men and 42 percent of women, receive 50 percent or more of their income from Social Security. Also, among the elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely…
How to fix Social Security before benefits are cut
Many Americans think since Congress resolved the debt limit crisis by suspending it until 2025, all is well with the federal funding of government programs. That is not the case. For the past thirteen years, the Social Security program has…
Other sources of retirement income
When you start your retirement planning, most of us overlook other sources of retirement income besides our 401(k)s or IRAs. What are those other sources of retirement income? A bond ladder may be an option for you. Do you have…
The need to continuously evaluate your retirement planning
Congratulations, you are retired. No more working, planning, and saving for this day, but should you stop? Remember, retirement can last two or three decades, so it is even more important to continuously evaluate how your retirement income is working…