savings
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…
Exploring the Relationship Between Social Security and Your Retirement Savings Plan
One of the more perplexing questions many people face relates to the issue of how much of a retirement nest egg they’ll need for those “golden years.” Is it a million dollars? Two million? Multiples of your final salary? And…
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…
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…
Seven reasons for nest egg disparities
A new report from the Government Accountability Office found the retirement savings balances of high-income households were nine times higher than middle-income households. Although income and race are two factors for the substantial balance increases for high-income households, other factors…
When you’re able to retire on schedule
Starting your Social Security retirement benefits is a major step on your retirement journey. You can begin your retirement benefits as early as 62 or as late as 70. If you start your Social Security benefits as early as 62,…