savings
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…
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…
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…
What is an IRA recharacterization?
IRA recharacterization is a strategy that changes the type of IRA for a specific contribution. Recharacterizing gives you the opportunity to change your mind or correct a mistake. However, there are deadlines and rules for recharacterizing IRA contributions. Rebecca Lake…
Don’t wait until you’re 70 to take Social Security
Financial planners say to wait until 70 to file for your Social Security benefits. If you wait until age 70, your monthly payments will be 24 – 32 percent higher than the benefits you would have received at your full…
Generation X: Time to Take a Long View Toward Retirement
For Generation Xers — those born between 1965 and 1980—their 60s might seem some distance off, but for many of them it really isn’t. That’s why the results of a recent survey of 2000 members of this demographic cohort by…
Planning for Retirement? Here’s a Solid Roadmap to Consider
Planning for retirement is not easy. It’s not something to put aside for later, because time goes by quickly and before you know what happened, you’re at the point where you know you should have given it more thought. So,…
Social Security’s Place in Your Financial Plan for Retirement
There are many details that those approaching retirement decisions are not clear on, especially the details of some of the options like spouse benefits, survivor benefits, family benefits, and so on. But if you’re at the point of assessing what…