- What Is the Social Security Administration (SSA)?
Social Security is commonly known for providing an income for people in retirement. However, the Social Security Administration (SSA) does much more than provide social retirement plans. The SSA also provides social insurance protection to workers who become disabled and provides survivor benefits to families when the main income earner dies, among other services. Consider… read more…
- How to Retire at 65: Step-by-Step Plan
The age of 65 is the traditional time when people stop working and retire to live off the fruits of their labor. That doesn’t mean 65 is the ideal age for everyone to retire, though. In order to retire at age 65, you’ll want to evaluate your current assets and their income-producing potential, as well… read more…
- How to Retire at 30: Step-by-Step Plan
For many Americans, the prospect of retiring at or near 30 is a thrilling idea. Although it is possible to do, it takes a monumental amount of work and planning to accomplish. According to a 2021 PWC report and data from… read more…
- This Strategy Can Preserve Your Retirement Savings in a Down Market
The primary risk that retirees and those approaching retirement face is an obvious one: running out of money. However, a study published in the Journal of Financial Planning suggests reverse mortgages can help retirees protect their portfolios from market dips and extend their savings. Rather than relying exclusively on distributions from investments, retirees can temporarily… read more…
- 408(k) Plans vs. 401(k) Plans
The 401(k) retirement plan is the most widely known and used employer-sponsored retirement plan. The 408(k) is another type of employer-directed retirement plan in which small business employees can participate. It is also called the simplified employee retirement plan (SEP-IRA). Both the 401(k) and the 408(k) refer to sections of the Internal Revenue Service Tax… read more…
- 2025 Medicare Advantage Open Enrollment Period
Medicare is a government-sponsored program designed to help eligible seniors and others pay for healthcare. Medicare Advantage plans offer an alternative to Original Medicare, which includes Part A and Part B coverage. The Medicare Advantage Open Enrollment Period is your… read more…
- Will Inheritance Affect My Medicare Benefits?
Medicare is a government program that’s designed to help make paying for health care easier for eligible Americans. You can apply for Medicare the year you turn 65, though it’s also possible for certain younger people to qualify. If you’re set to inherit money from aging parents or anyone else, you may be wondering if… read more…
- What’s the Maximum Family Social Security Benefit?
Family members of someone who collects Social Security may be able to claim their own monthly checks based on that person’s earnings record. But the government limits the benefits that can be paid out to a family on one earnings record. This cap, known as the maximum family Social Security benefit, typically ranges from 150%… read more…
- Medicare Extra Help Basics
Medicare is designed to help with healthcare expenses for people aged 65 and older, certain younger people with disabilities and people with end-stage renal disease. The Medicare Extra Help program offers additional assistance with paying for prescription drugs for people who are enrolled in Medicare Part D coverage. The Social Security Administration estimates that this… read more…
- How to Retire With $4 Million
Everyone wants enough money waiting for them in retirement to live comfortably. But if you’re used to a certain lifestyle, you may need a bit more than the minimum amount. A nest egg worth $4 million can provide many retirees with enough money for everyday expenses, as well as general freedom to do what they… read more…
- Understanding Delayed Retirement Credits
Delayed retirement credits, which lead to larger Social Security benefits in the future, can be a financial windfall for individuals who earn them. They may be earned by deferring your Social Security benefits past your full retirement age, something you can do until you turn 70. Delayed retirement benefits are a motivation to go as… read more…
- Roth IRA Investments to Consider
When you are saving for retirement, it’s best to do all the necessary research about what types of investments should go into each of your retirement accounts. The types of investments you should put in a traditional individual retirement account… read more…
- What Is a Surrender Charge?
A surrender charge is a penalty an insurance company charges when an annuity owner cancels or withdraws too much from the annuity before an agreed period of time called the surrender period has passed. Surrender charges can significantly reduce the… read more…
- Guaranteed Minimum Withdrawal Benefit (GMWB)
Seniors looking for retirement income often purchase an annuity. Annuities provide guaranteed income for a determined period of time in exchange for premium payments earlier in life. Some investors do not want to annuitize their account, but still want to withdraw from their annuity to cover their expenses. A guaranteed minimum withdrawal benefit (GMWB) rider… read more…
- Saving for Retirement? Keep This in Mind When Worrying About a Bear Market
Investors have likely noticed a particular phrase appearing in recent financial news headlines, and for good reason. “Market correction” has been been the catch phrase du jour as the stock market continues to wobble in early 2022. As of Thursday afternoon, the Nasdaq Composite Index was down nearly 15% so far this year. The Dow… read more…
- Here’s How Much Expected Medical Bills have Increased
While healthcare costs can be daunting for all Americans, the specter of an increase in this area can be especially worrisome for retirees. Unfortunately, 2021 saw the amount of savings needed to cover healthcare costs rise by between 3 and 8%, close to the biggest jump since 2012, according to a simulation run by the… read more…
- Seniors Are Sitting on This Secret to Retirement Success
Retirees are sitting on a record level of home equity, with data showing that their housing wealth has grown $396.1 billion to $10.19 trillion in the third quarter of 2021. For some seniors, this could be an opportunity to supplement… read more…
- Good News for Retirees: RMD Formula Changing for First Time in Decades
The IRS has good news for retirees starting in 2022: you can now keep more money in your tax-deferred retirement accounts thanks to lower required minimum distributions (RMDs). For the first time in 20 years, the Internal Revenue Service has updated its actuarial tables that dictate how much a person is required to withdraw from… read more…
- How a Fixed Deferred Annuity Works
A fixed deferred annuity is a contract with an insurance company that allows money to grow at a guaranteed interest rate over a set period of time before payouts begin. Unlike variable or indexed annuities, the returns are predictable and not tied to market performance. This structure appeals to people seeking steady accumulation during the… read more…
- What Is Graded Vesting, and How Does It Work?
An employer’s benefits package may be one of the biggest draws when you take a new job. However, it’s important to know that not all of these benefits may be available to you right away. Even if you find that the position isn’t right for you a few months in, leaving may mean forfeiting certain… read more…
- Why You May Need to Save Twice As Much for Retirement As Your Parents
How much will you need to save before you can retire? It’s a simple question at the root of most people’s plans for their golden years. Answering it, however, can be far more complicated. Using research that reexamined the viability of a popular retirement planning strategy known as the 4% rule, a Morningstar portfolio strategist… read more…
- You Need to Make This Much Money to Feel Financially Healthy
By many accounts, the American economy is doing pretty well. The stock market is at an all-time high and unemployment sits at just 3.9%, both numbers that are especially impressive given that we are approaching the third year of the COVID-19 pandemic which has caused massive interruptions to normal life, including financially. Still, a recent… read more…
- How to Save for Retirement Without a 401(k)
A workplace 401(k) can be a great tool for retirement savings, but it isn’t the only way to build a nest egg for the future. If you don’t have access to a 401(k), there are a variety of alternatives that can help you save for retirement, from individual retirement accounts to health savings accounts and… read more…
- Bitcoin IRAs: A Guide for Investors
Retirement savers are no longer limited to traditional assets like stocks, bonds and mutual funds. Instead, they can now invest in cryptocurrency through self-directed individual retirement accounts known as Bitcoin IRAs. Despite carrying the moniker of the world’s first and… read more…
- Employee Stock Ownership Plan (ESOP)
Employee benefits can cover many types of perks that a worker can receive from a company — including health insurance, paid time off, family leave, professional development and more. For employees who are looking to be able to enjoy an actual stake in the company — and company owners who wish to find a way… read more…