- Want to Make Sure Your Retirement Contributions Are Actually Going Into Your 401(k)? This New Rule Could Help
Money deducted from your paycheck for contributions to a 401(k) retirement savings plan, or to repay a loan from your plan, is supposed to go directly to the investments you’ve selected. If it doesn’t, the U.S. Dept. of Labor and… read more…
- How Much Does the Average 70-Year-Old Have in Savings?
Part of retirement planning includes determining how much to save and invest so you can enjoy the type of lifestyle you desire. Setting your savings target by age can be a good way to organize your strategy and gauge how… read more…
- What Happens to Your 401(k) When You Quit a Job?
If you’re quitting a job, you may be pleased to leave behind certain disgruntled coworkers and perhaps an overbearing workload. But one thing you may want to take with you is your 401(k). And yet, contrary to what you might… read more…
- Social Security Payment Schedule for 2025
Every year, the Social Security Administration issues a calendar of when the various Social Security benefits are going to be paid for the following year. All Social Security benefits are paid electronically. The Social Security Administration stopped sending paper checks… read more…
- Empty Nester? This Avoidable Mistake Could Jeopardize Your Retirement
Saving for retirement is a lifelong undertaking. It involves keeping your retirement goals in mind as you have children, get different jobs and move from place to place. However, a recent study from the Center for Retirement Research at Boston College… read more…
- How to Retire at 63: Step-by-Step Plan
Technically speaking, leaving the workforce between the ages of 61 and 65 is considered to be early retirement. However, according to the Life Insurance and Market Research Association, about 51% of Americans retire between the ages of 61 and 65. The average… read more…
- How Does a 401(k) Work When You Retire?
After retirement you can start withdrawing the money you have accumulated over the years in your 401(k). However, a number of rules govern retirees’ 401(k) distributions. For instance, in most cases to avoid penalties you have to wait until after… read more…
- How to Start a Retirement Fund
Saving for retirement is an important part of financial planning for nearly all Americans. There is currently a gap of $28 trillion between what Americans have saved for retirement and what they actually need, and that’s expected to grow to… read more…
- Cost of Home Care vs. Nursing Homes
Many people get the opportunity to analyze whether it is more affordable to get home care or to live in a nursing facility. Whether it’s your aging parents, or if you’re getting up there in years, you may be comparing… read more…
- Can You Borrow from an IRA Without Penalties?
The Internal Revenue Service prohibits individual retirement account owners from borrowing against funds in their accounts. Still, a number of exclusions and workarounds can allow at least temporary use of IRA funds before reaching retirement age. The effort calls for… read more…
- The Secret For Women to Make Retirement Income Last? Get a Financial Advisor
Women struggle to make their retirement funds last, according to a recent study from Alliance for Lifetime Income (ALI), an insurance and investment group, that produced a “State of Women 2022” report with HerMoney.com. That’s because their earnings are hamstrung… read more…
- Should You Pause 401(k) Contributions in a Bear Market? Morningstar Compares Alternatives
Morningstar recently compared the numbers on different scenarios for investors who may be thinking of pausing their 401(k) contributions. The result was not favorable for those who opted to stop contributing to their retirement plans, and the data showed that… read more…
- Making a 401(k) Withdrawal for a Home Purchase
Buying a home is an important financial milestone. In fact, it’s most likely one of the largest purchases you’ll make in your lifetime. You may be tempted to make a 401(k) withdrawal for a home purchase, especially if you need… read more…
- Planning on a Long Retirement? Rethink Your Equity Exposure
Between longer lifespans and a seemingly never-ending bull market, you might be tempted to invest heavier in equities during retirement than the “110 minus your age” rule dictates. But new research from Dimensional Fund Advisors shows why retirees should be… read more…
- Medical Retirement vs. Regular Retirement
Many of us are familiar with the traditional route to retirement. You get a job, open retirement savings accounts and eventually enter your golden years and retire. Then you sit back and enjoy the fruits of your labors. However, not… read more…
- 41% of Americans Think They Pay Nothing in 401(k) Fees (They’re Wrong)
Fees are eating away at Americans’ retirement savings. And they’re woefully ignorant about this occurrence. That’s according to a study from the Government Accountability Office (GAO), which found that nearly 40% of 401(k) plan participants don’t understand the fees they… read more…
- 4 Retirement Plans for Self-Employed People
Being self-employed has a multitude of benefits. While you can be your own boss and enjoy the flexibility and agency that comes along with this style of employment, there are certain things that aren’t as readily available. This includes employer… read more…
- Trump Loses His Clutch on Your 401(k) in Department of Labor Ruling
On Tuesday, the Biden administration finalized a series of rules that will make it easier for employers to include so-called impact investment funds in their retirement plans. Specifically, the Department of Labor will no longer ban employers and advisors from… read more…
- T. Rowe Price Says Saving 15 Years Earlier Can Earn You Over $1 Million More in Retirement
A study by T. Rowe Price has found that the age at which you start saving for retirement can make a huge difference in the amount you will have accumulated by the time you retire. The study compares the effect… read more…
- Cost of Healthcare in Retirement
Healthcare is one of the biggest costs you will face in retirement. In fact, by many estimates, it’s the single biggest cost for retirees. A representative study by Fidelity found that a 65-year-old couple in 2022 will need more than $315,000… read more…
- COBRA Rules for Retirees
If you’re soon to be retired and aren’t yet eligible for Medicare, you may be in the market for a new health insurance plan and thinking about taking a look at getting health insurance with COBRA. Due to its high costs,… read more…
- How to Invest Money After Retirement
Investing during retirement can be something of a catch-22. On the one hand, you want to keep your money growing. You don’t want to let it languish in a no-interest checking account, though doing that may cause you to lose… read more…
- How to Avoid Medicaid 5-Year Lookback Penalties
Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care, but it… read more…
- These Five States Just Eliminated Income Tax on Military Retirement
Serving in the military is a hard job, with many service members spending long lengths of time away from their family and putting their lives on the line. There are perks that come with service, though, and five states recently… read more…
- Retirees Can’t Ignore This Major Threat Any Longer
Rampant inflation and rising consumer prices aren’t just impacting Americans’ finances today, it’s worrying them about tomorrow. Americans now view inflation as the biggest financial threat to their retirement plans, according to a survey conducted by Allianz Life Insurance Company.… read more…