savings
Which state is the most expensive to retire in?
When you think of the most expensive places to live in the United States, most people will say California or New York, but that may not be correct for both states. According to WalletHub, California did not make the top…
Three ways to supplement your retirement savings
Millions of Americans face the reality of spending their senior years in straitened circumstances, struggling to make ends meet. However, if you are one of those individuals who are low on retirement savings, all is not lost. Maurie Backman explains…
Longevity Literacy to improve your retirement
There are no guarantees in life, and many pre-retirees worry about what could go sideways after they retire. One of the greatest retirement fears is outliving your savings and/or investments. Surya Kolluri, head of the TIAA Institute, said, “If you…
Losing money is the last thing any of us wants
Nobody likes to lose money, especially your retirement savings. The stock market can be risky, but a savings account, even a high-yield one, cannot beat inflation. There are still low-risk, guaranteed-growth investments that are an alternative to the riskier retirement…
Seniors are feeling economic strain
A survey by American Advisors Group (AAG) found nearly 90 percent of seniors think the United States is experiencing a retirement savings crisis. Chris Moschner, Chief Marketing Officer of American Advisors Group, stated, “The data show that seniors are feeling…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Upcoming changes to your 401(k)
America has a retirement savings problem. The SECURE Act 2.0 is to enhance the retirement savings experience for working Americans. Some of its key elements focus on incentivizing people to save more and prioritize long-term goals; however, sections of it…
Portability Services Network
Fidelity Investments, Vanguard, and Alight Solutions have teamed up with Retirement Clearinghouse to create a new service called the Portability Services Network. Portability Services Network, LLC (PSN) utilizes the Retirement Clearinghouse (RCH) autoportability solution to deliver a nationwide, digital hub…
How does Medicare affect your Health Savings Account?
A Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for…