savings
The importance of starting young
If you could go back in time, what advice would you give your younger self about retirement? A recent Nationwide survey found almost two-thirds of respondents said they would start saving for retirement sooner rather than later. Why? Many people…
Retirement planning should be a comprehensive process
You are not alone if you are worried about money, especially during retirement. According to the American Psychological Association, 72 percent of adults reported feeling stressed about money. So, to tackle the stress of financial worries in retirement, all the…
One easy move to increase your Social Security benefit
One question the majority of people ask financial experts is: How can I maximize my Social Security benefit? There are ways that do not require you to hold a high-paying job or work two or three jobs; there is an…
Ten retirement mistakes to avoid
The silver tsunami has begun. According to the U.S. Census Bureau figures, more than 12,000 people will start turning 65 each day, hitting an estimated total of more than 4 million for 2024. The soon-to-be 4 million retirees are making…
Key Indicators that it’s time to claim Social Security
Most financial advisors will tell you that you should delay as long as reasonably possible to claim your Social Security benefits. After all, the longer you wait (up to age 70) the higher your monthly Social Security payment will be,…
Five Common Mistakes in Planning Retirement Finances–Have You Made Any of Them?
Financial planning for retirement years is not wimps…it takes serious and careful attention to a wid variety of factors, some of which may not be in your direct control. But some are, and The Motley Fool’s Kailey Hagen cites five of…
Times are tough!! Take Advantage of these Savings Tips
Times are, indeed, tough for many Americans, with inflation still inexorably nudging the price of everything we buy even further up. But, there are still opportunities out there to save – as explained in this Yahoo! Finance article by Andrew…
Will the Annual COLA Increase Ever Be Enough?
All Social Security recipients received a historically high 8.7% Cost of Living Adjustment (COLA) for 2023, yet a recent survey found that over half felt that wasn’t enough. And this year’s 3.2% COLA will likely receive the same reception from…
About Supplementing Your Social Security Income
Social Security was never intended to be the sole source of income during retirement; rather, Social Security was developed to be a poverty-avoidance benefit. At most, Social Security will only replace about 40% of the average monthly income you were…
Ask Rusty – Will Withdrawing from 401(k) Affect My Social Security?
Dear Rusty: My full retirement age (FRA) is 66 and 8 months, which I’ll reach in September 2024. I’m still working 3 days a week. I want to cash in my 401K and want to know if I have to…