savings
Retirement Thinking: Is A Half-Million Dollars Enough?
To many people, having a half million dollars set aside for retirement sounds like it should be sufficient to ensure a reasonable retirement. But is it? In order to answer that question, there are a number of factors that need…
Social Security comes with its own rules and stipulations
Retirement planning involves coordinating your retirement savings vehicles, such as pensions, annuities, 401(k), IRAs, Thrift Savings Plans, and Social Security. Most individuals who have paid FICA taxes on their wages may qualify for Social Security benefits based on their own…
Social Security Cuts Coming. Advice is Bulletproof Retirement NOW
The Social Security cuts of 23% across the board coming in 2033 (give or take) is little news to those who follow that news, but it is understandably news to others. Financial experts have advice for those getting ready for…
Is Gen X the broke generation?
In a recent survey of individuals born between 1965 and 1980, Gen Xers found 56 percent of them said they have less than $100,000 saved for retirement, and 22 percent said they have no retirement savings. Almost two-thirds of the…
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…