savings
Near-retiree concerns about how inflation will affect their retirement
If you are a near-retiree, you may be worried about how inflation will affect your retirement or if you can retire. You are dealing with high inflation, market volatility, and the remnants of the pandemic. Annie Nova reports on what…
Retirement savers got some surprising news
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also issued guidance regarding the cost‑of‑living adjustments affecting dollar limitations for pension…
Are you spending less on travel in your retirement
A recent study suggests that retirees spend far less on travel than society expects. The economists at the RAND Corporation noted that “people’s interest in activities will change as they age. Also, people report they get less satisfaction out of…
The effect of taxes on your retirement savings
Many people often overlook the effect taxes have on their retirement savings. If you have the “ideal” amount of $1 million in your portfolio, it may only be worth $800,000 or even less after taxes. Your investment income can also…
New research: Young people should be spending their money not saving it for retirement
A recent study goes against the conventional wisdom that states workers should start saving early; instead, they should be spending their money. The study used the life-cycle model, developed in the 1950s, to suggest it is not smart to live…
What is a Safe Harbor 401(k)
According to research by Guideline, 90 percent of the 5.8 million small businesses in the United States do not offer employees a retirement plan. So, of the 42 million people working for a small business, 75 percent don’t have access…
The Financial Independence, Retire Early (FIRE) movement explained
On the “life events scale” used by psychologists to determine stress levels, retirement is the 10th most stressful event you can experience. According to a recent GOBankingRates survey, 66 percent of Americans fear that they will run out of money…
Taxes can take a significant bite out of your nest egg
There is one area most retirees miss, and that’s taxes. Taxes can take a significant bite out of your retirement savings and investment income from a taxable brokerage account. However, you can have tax-smart investments and retirement accounts to reduce…
How to prepare for medical expenses in retirement
Do you know that a significant portion of your retirement savings and Social Security benefits will go towards your medical expenses? A recent report by the Center for Retirement Research at Boston College found that” in 2018, 12 percent of…
Perceptions vs. Reality in Retirement Planning
The newly released survey from the Stanford Center on Longevity (SCL) examined the challenges and concerns facing individuals as they plan for retirement. “So many Americans manage their finances on their own for years without any advance planning, only to then…