savings
Super savers and taxes
Are you a super saver? Are you part of the one-third of American retirees that have a plan to reduce taxes on your retirement savings? The new age for taking required minimum distributions, or RMDs, is now 73, which could…
Why is the average Social Security benefit so low?
Regarding Social Security benefits, it is not the same amount for everyone. Many factors will impact the benefits you will receive – how many years you worked, how much you made during your career, and when you decide to begin…
Women are lagging behind in saving for retirement
There is a retirement crisis looking for women. According to a recent survey by Prudential Financial, women have only saved about one-third of the amount men have for retirement. Women were three times more likely to be focused on their…
Are you on track for retirement?
Are you on track financially for retirement? If not, you are not alone. According to a recent survey by Prudential, only 1 in 5 people 55 years old have the recommended eight times their salary in their retirement accounts. Aimee…
Surprised With Your Low Social Security? You’re Not Alone
Social Security benefits only replace 33 to 55 percent of the average earnings for American workers. Social Security is the largest source of income for most beneficiaries and some, their sole source of income. With the current economic conditions, you…
Generation X is particularly nervous about retirement finances
As the first Generation X members near retirement age, they have become concerned about retirement finances. Although the older generations had pension plans, Generation X workers were the first generation of workers to have 401(k)s as their financial savings tool…
Will your Social Security Benefits be Enough to get by ?
Social Security benefits vary greatly depending on your career earnings. Will even those being paid the highest benefits have enough? Since Social Security is designed to replace approximately 40% of your income, probably not. Read this article by Christy Bieber…
How could Social Security Insolvency affect your Retirement?
This report by David Fei published on June 3, 2024 for FedSmith.com contains information on this very topic. Perhaps it’s a good strategy to take the potential reductions to consider in your retirement planning. Social Security will always pay benefits.…
The So-called Social Security “Apocalypse”
“Apocalypse” and “Doomsday” are words which have been used to describe Social Security’s looming financial issue, but both words are not an accurate way to described the problem. According to this FOX29 article by Heather Miller, it would be more…
Retirement Savings: How do yours compare to others?
Just about any article you read about retirement planning will encourage you to build your nest egg as big as you can before retiring, because Social Security alone likely won’t be enough to sustain you in your golden years. Across…