- Annuity Transfer Rules: How to Avoid Tax Penalties
If you purchased an annuity but later decide that it no longer fits your financial plan, you may be wondering what you can do with it. You could surrender it or cash it out but that could trigger fees and… read more…
- How to Handle a Forced Retirement
Retirement isn’t always planned. For most people, reaching retirement age means finishing a lifetime of hard work. They have saved up enough to rest and enjoy their days without a daily grind. That isn’t always the case though. Occasionally someone… read more…
- Healthcare Will Cost More Than Most Retirees Have: Here’s Why Medicare Isn’t the Answer
For the average American, healthcare in retirement will cost more than they have in their entire savings account. And unfortunately, Medicare won’t help. Healthcare, of course, is the single biggest line item that most retirees need to prepare for. Recently,… read more…
- State-Mandated Retirement Plans
For the most part, employer retirement plans are entirely voluntary. Your employer may choose to offer a 401(k) or something similar, and they may choose to match contributions, at their discretion. However, some states have begun to require more than… read more…
- Is $5 Million Enough to Retire at 60?
Based on the median costs of living in most parts of America, $5 million is more than enough for a very comfortable retirement. Based on average market returns, $5 million can support many households indefinitely. However, it also depends on… read more…
- Can You Buy an Annuity at Any Age?
Annuities are designed to provide you with a consistent stream of income for retirement. If you’re interested in adding an annuity to your financial plan, you may be wondering when you should consider purchasing one. The best age to buy… read more…
- Can You Collect Unemployment and Social Security?
If you’re collecting Social Security, your benefit won’t be reduced if you’re receiving unemployment checks at the same time. However, receiving Social Security benefits may affect the size of your unemployment benefit. Each state has its own rules for unemployment eligibility,… read more…
- What to Do When You Overcontribute to Your 401(k)
Did you just find out that you overcontributed your 401(k) plan? If you act quickly, you can minimize the damage. But if you wait, the tax bill and inconveniences will multiply. So if you’ve overcontributed to your 401(k), the plan… read more…
- How to Contribute to a Roth IRA
You can fund a Roth IRA in a variety of ways, including IRA rollovers, bank transfers and even cash deposits. However, there are limits to the amount you can contribute each year to this popular tax-advantaged retirement savings vehicle. And… read more…
- Responsibilities of a Fiduciary in a 401(k) Plan
Every 401(k) plan has at least one person who handles administering the plan and investing its assets. This role is known as plan fiduciary and it carries with it important responsibilities, including avoiding conflicts of interest, following good investment practices… read more…
- This Bernie Sanders Bill Could Hike Your Social Security by $2,400 and Ensure Solvency
Ginning up fears that Social Security “is going broke” or “is running out of money” is a mainstay of American politics — and an argument that experts point out simply isn’t true. A financial advisor can help you plan for… read more…
- How to Plan for Retirement at 30
Although turning 30 might feel like an unwelcome leap toward old age, don’t worry! You’ve still got decades left before retirement. That said, 73% of working adults started thinking seriously about retirement in their 30s, according to Thrivent’s Retirement Readiness… read more…
- What Is an Annuity Factor?
You may think saving for retirement is as simple as throwing a few bucks into your 401(k) every paycheck. However, accounting for retirement’s complexities and costs goes beyond piling up money in an investment account. Your interest rate, length of… read more…
- Retirees Are Keeping Their Money Longer in Retirement Plans: Should You?
As you approach retirement age, you may be wondering what to do with the money in your retirement plan. In particular, you want to make sure you’re not losing money due to pesky fees and don’t want your asset allocation… read more…
- How to Retire at 65 With $4 Million
Is $4 million enough to retire at 65? For most people, the answer is yes. But there are a lot of considerations and a good deal of planning to retire, regardless of how much you’ve saved. Everyone has different needs when… read more…
- How to Protect Your Parents’ Assets From Nursing Homes
Long-term care for seniors is one of the biggest gaps in America’s safety net. For many of us, as we get older we will require longer and better care. In some cases, this can mean a health aide or other… read more…
- Empower Joins Auto-Portability Consortium to Accelerate Retirement Savings
Empower, one of the leading providers of financial services, has officially announced its intention to join an auto-portability network that was founded in the fall of 2022. It joins other industry leaders Fidelity and Vanguard in joining the consortium in… read more…
- You Can Make a $10,000 Bonus Contribution to Your 401(k), But You Need to Fit Into This Narrow Age Window
If you’re behind on your retirement savings, you got some welcome news in December when President Biden signed the SECURE 2.0 Act into law. The landmark legislation establishes a higher limit on catch-up contributions for people between 60 and 63… read more…
- 10 Tips for Managing Your 401(k) Account
With automatic payroll deduction funneling in contributions without you lifting a finger and target-date fund managers making buy-and-sell decisions sight unseen, the typical 401(k) account can appear to be an ideal set-and-forget solution for retirement saving and investing. However, while… read more…
- What Is a Distribution from a Retirement Plan?
A retirement plan distribution occurs when you withdraw money from the plan. There are several different types of distributions, including early distributions, rollover distributions and Required Minimum Distributions. You generally owe income taxes on most types of withdrawals and you… read more…
- Can an Adult Child Get a Parent’s Social Security?
While you might think of Social Security as a retirement program for seniors, the government-sponsored fund supports adults and children with disabilities as well. In addition, Social Security payments may be transferrable to children if the working parent passes away.… read more…
- Should You Buy REITs in Your Roth IRA?
Real estate investing is a field that appeals to a lot of investors with diverse portfolios. Real estate investment trusts (REITs) are a great way to invest in real estate without having to own and manage physical property. But they can come… read more…
- To Plan Your Retirement Properly, You Need to Answer This Key Question
The biggest question when it comes to retirement is also one that can be difficult to answer: how long will you live? This question, and the assumptions that people make when answering it, influences many financial aspects of their lives.… read more…
- Is $4 Million Enough to Retire on at 55?
A $4 million nest egg will likely allow you to retire comfortably at age 55. The major challenge will be accumulating that much capital by 55 – about a decade before most people stop working. Other issues include the need to… read more…
- How to Protect Your 401(k) From Inflation
When inflation rises above normal levels, protecting 401(k) accounts from inflation becomes an increasing focus of 401(k) owners. Diversifying your 401(k) portfolio, especially with value-priced shares of companies that make consumer staples value-priced and recently issued short-term bonds represents a… read more…