savings
Considering early filing? Here are some analyses that will show you the advantage of not doing this.
One of the persistent questions we receive here at the AMAC Foundation Social Security Advisory Service is “when should I claim my benefits.” And, as we typically say in response, “it depends.” It actually depends on many factors, one of…
Attention Millennials: Saving is the Key to Ensuring a Livable Retirement
The solvency dilemma facing Social Security is getting an increasing amount of attention these days, and the level of attention is expected to rachet up significantly in the 118th Congress. Will the problem be fixed? Maybe, maybe not, at least…
End-of-year financial planning tips
It is the end of another year; time to look over what you accomplished or not this year and set goals for the following year. When reviewing your finances, you should have clear goals in mind for 2023. If you…
Suggested goals for retirement savings
Social comparison theory suggests that people value their own personal and social worth by assessing how they compare to others. We might compare ourselves to someone better off and look for ways that we can achieve similar results. However, when…
SECURE 2.0 Passes Senate
The United States Senate passed a $1.7 trillion omnibus package that funds the federal government through September. In that omnibus package was 100 pages of SECURE 2.0, which retains many provisions supported by the American Retirement Association. The retirement package…
If you’re going to rely on Social Security
Social Security provides the majority of income to most older adults. For about half of this group, Social Security provides at least 50 percent of their income. Social Security benefits are much more modest than many people realize. For someone…
Americans are rethinking retirement
The recent survey by Northwestern Mutual found many Americans are rethinking how much they should budget for retirement. With the current level of economic inflation, Americans are spending more on everything causing retirement savings to dip 11 percent from last…
2023 will be a savers year
Although the stocks and bonds market will continue to be volatile next year by all indications; however, retirement savers will have a banner year. Why? The IRS is increasing savings limits on many retirement savings vehicles. John F Wasik discusses…
The five W’s of retirement
Today, with life expectancy statistics in mind — and depending on your health and genetics — your retirement could last 30 years or more. So, it’s imperative to prepare not only financially but emotionally as well. There are five key…
What does the average retiree have saved?
The Federal Reserve’s Survey of Consumer Finances states the average retirement savings of $426,000 for those aged 65 to 74 is $426,000, and for those aged 75 and older is $357,000, well below the recommended magic $1 million mark. However,…