- Bad News: The Next Social Security Cost-of-Living Adjustment Could Be Just 3%
As inflation has reached highs over the past year, retirees are spending more. And as a result, their Social Security benefits are increasing. The cost of living adjustment (COLA) is 8.7% in 2023, according to the Social Security Administration. And as… read more…
- Three Tips to Make the Most of Your IRA
An individual retirement account (IRA) is a very popular way to save for retirement — especially if you don’t have access to a workplace retirement account like a 401(k). While there are several important decisions to make when saving with… read more…
- How to Convert After-Tax Dollars From 401(k) to IRA
Contributing after-tax dollars to a 401(k) might appeal to you if you’d like to be able to withdraw funds tax-free in retirement. Should you decide to leave your job you might be wondering if it’s possible to roll over an… read more…
- How 401(k) Automatic Enrollment Works
If your employer’s 401(k) plan has auto-enrollment, you’ll automatically start making contributions to your account once you’re eligible. Under a federal law enacted in 2022, most new 401(k) plans must auto-enroll all eligible employees starting in 2025. Existing plans don’t… read more…
- What Is the Minimum Age for a Roth IRA?
Dollar for dollar, a Roth IRA is almost always the best retirement account you can have. They have lower contribution limits than a traditional 401(k), but other than that the advantages of this after-tax account can’t be beaten. If you… read more…
- What Is a Certified Aging in Place Specialist?
Certified aging in place specialists (CAPS) offer services to seniors and older adults as home remodelers, healthcare professionals and home care providers. These services have grown in popularity among those who want to maintain their dignity and independence as they… read more…
- How Millennials Can Rescue Their Retirement
With rising costs and decades-long wage stagnation in the United States, saving for and affording retirement is challenging for all Americans — and millennials are no exception. A combination of student loan debt, the hot housing market and inflation have… read more…
- State Street Rolls Out New Way to Add Lifetime Retirement Income to Your Target Date Fund
There’s a new way to add a lifetime income stream to your retirement plan. State Street, the world’s fourth-largest asset manager, is joining Annexus Retirement Solutions and Global Trust Company to launch a new series of target-date funds that have… read more…
- Is $6 Million Enough to Retire at 50?
If you save up $6 million by age 50, you’ll position yourself for a long, comfortable retirement. However, you’ll still need to navigate taxes, income calculations and economic forces, all of which can create financial pressure during your golden years.… read more…
- How Can I Protect My IRA From Medicaid?
While you might not imagine yourself saving up for retirement only to transfer your IRA to a nursing home or the government, this situation can become a reality for retirees who don’t prepare for this possibility. Fortunately, you can protect… read more…
- Life Insurance vs. Roth IRA: Retirement Guide
When choosing where to set aside money for retirement, you need to weigh your options carefully. You’re likely going from one main income source to multiple smaller income sources when you retire. You may also want buy some security for your… read more…
- Renting in Retirement: Guide
There are multiple ways to retire. You may choose to pay off your home and live in it as long as possible. Or, if you own your home, you can cash in on its equity and use it to fund… read more…
- Can I Retire at 45 With $10 Million?
Even people who love their job would most likely agree that its better not to work than to have to clock in every day. With that in mind, many Americans are looking to retire much earlier than the traditional age.… read more…
- Is $3 Million Enough to Retire at 40?
Depending on your goals and plans, $3 million can be enough to cover early retirement at 40. However, certain factors will affect whether $3 million is enough. For example, your retirement needs and life expectancy play a big role. Here’s… read more…
- Can I Retire at 50 With $1.5 Million?
Retiring at age 50 would be a dream for most people, as it would leave you with a few decades of time and, hopefully, health, to enjoy your life. The key to achieving this dream, though, is to put aside… read more…
- What Is the Average Social Security Check in 2025?
Since the Social Security Act of 1935, Social Security has been America’s social program to help fund Americans’ retirement. But how much can you expect to see when you collect Social Security? Can the average American live on the average… read more…
- Can I Retire at 45 with $5 Million?
If you have $5 million saved and are thinking of retiring at 45, the good news is you can certainly do so. The bigger question is how you’ll need to plan your retirement around that amount and your early retirement… read more…
- How a Roth IRA Grows Over Time
A Roth IRA can be a useful tool for accumulating the funds needed to pay for a comfortable lifestyle in retirement. That’s because it permits growth without owing taxes on investment gains, and also allows savers to withdraw funds in… read more…
- Too Many People Are Cashing Out Their 401(k) Plans
When leaving a job, there are a lot of things you have to remember to do when you leave – clean out your desk, say goodbye to your coworkers and pack up your secret stash of candy, for instance. Another… read more…
- Are Your Retirement Savings on Track? Compare Your Progress Against These Benchmarks
Saving for retirement takes a lot of time, discipline and planning. But tracking your progress along the way is easier when you set incremental goals. Luckily, T. Rowe Price has released precise savings guidelines to help people who are saving… read more…
- Why Schwab Says Now Is the Right Time to Consider an Annuity
If you’re looking for ways to generate more retirement income, now may be the perfect time to consider an annuity. Payout rates for guaranteed lifetime annuities are currently at their highest levels in over a decade, according to Schwab. While… read more…
- The Average American Saver Is Coming Up 22% Short in This Vital Area
Americans are coming up way short when it comes to building a sufficient nest egg for their golden years. According to Fidelity’s recently released 2023 Retirement Savings Assessment, Americans saving about 78% of what they’ll need in retirement (a 22% shortfall). In… read more…
- No Emergency Fund? Your Retirement Is at Risk
One of the biggest threats to your retirement savings isn’t inflation, a stock market swoon or even bad investment picks – it’s you. That’s because when a financial crisis hits, many workers start draining their retirement accounts in order to… read more…
- Survey Shows Plan Sponsors Are Looking at 401(k) Fees
Saving for retirement is a key part of financial planning for most people. Unless you have a vast inheritance coming your way or you’re OK working until your very last day, you’ll need to start squirreling away money so you… read more…
- This Tax Loophole Can Save Your Heirs Big. Here’s How T. Rowe Price Says to Use It
Deciding which accounts you’ll withdraw money from – and when you’ll take it – is an important decision in retirement. However, you may want to consider preserving assets held in a taxable brokerage account and passing them down to heirs.… read more…