- How to Catch Up on Retirement Savings in Your 50s
If you’re in your 50s and feel like you’re behind on saving for retirement, you’re not alone. Many people suspect that they may not have saved enough to comfortably retire even after the date of their planned retirement is not far off. There’s time to make up ground, however. You can still catch up on… read more…
- Early Retirement Tax Strategies to Know
Early retirement tax strategies are crucial for ensuring that your hard-earned savings last throughout your retirement years. By strategically managing your investments and withdrawals, you can minimize tax liabilities and maximize your retirement income. This involves understanding the nuances of tax-advantaged accounts, such as IRAs and 401(k)s and how early withdrawals might trigger penalties. Additionally,… read more…
- Who Is Eligible for Social Security Survivor Benefits?
When a loved one passes away, Social Security survivor benefits offer a form of financial support to those left behind. Eligibility for these benefits primarily depends on the deceased person’s work history and the relationship between the survivor and the deceased. Immediate family members—including spouses, children and sometimes parents—may qualify to receive these benefits under… read more…
- How Much You Need to Save to Retire By 2050
The year 2050 is still decades away, but it’s not too early to start planning for a mid-century retirement. As life expectancy increases and the cost of living continues to rise, setting a realistic savings target becomes more important than ever. Factors such as inflation, healthcare costs and potential changes in Social Security benefits all… read more…
- How to Avoid Paying Taxes on Pensions
Retirement should be a time of financial peace, yet many retirees find themselves surprised by the tax implications of their pension income. Understanding how to legally minimize taxes on your pension can significantly impact your retirement lifestyle and financial security. While pensions are typically taxable, several legitimate strategies may help reduce your tax burden without… read more…
- Understanding the Flooring Approach for Retirement Income Planning
The flooring approach is a retirement strategy that uses guaranteed income sources, like Social Security, pensions, or annuities, to cover essential expenses. This creates a stable “floor” of income for basic needs. When using this strategy, it’s important to identify your essential expenses and choose the right income sources. A financial advisor can help you… read more…
- 7 Tips for Choosing a Medicare Part D Drug Plan
Medicare Part D provides prescription drug coverage for those enrolled in Medicare and can significantly help in the management of healthcare costs during retirement. However, plans are available from many private insurance companies, and each plan differs in terms of costs, coverage and restrictions. This can make picking a plan feel overwhelming. To make the… read more…
- How to Catch Up on Retirement Savings in Your 60s
If you are in your 60s and feel like you have not saved enough for retirement, you are not alone. Many people in this age group realize they may need to catch up on their retirement savings to ensure they can enjoy their golden years comfortably. While it may seem daunting, there are several strategies… read more…
- What Are the General Guidelines for Saving for Retirement?
Saving for retirement is one of the most important financial goals you’ll ever set, and knowing how much to save can feel overwhelming. Whether you’re nearing retirement age or planning ahead, understanding general retirement savings guidelines can help you prepare for a financially secure future. It’s important to determine how much you’ll need for retirement,… read more…
- 10 Ways to Avoid Being Bored in Retirement
Retirement is intended as a well-deserved break after decades of hard work. However, the reality is that many retirees can experience unexpected bouts of boredom. Without the daily structure and social interactions a career provides, it’s easy to feel adrift. Instead, there are ways to keep your retirement years vibrant and fulfilling. Whether you’re looking… read more…
- 7 Jobs That Still Offer a Pension for Retirement
While pensions have become less common in the private sector, there are still jobs that provide this valuable benefit. Government, public-sector and unionized employers are all likely to offer pensions to their employees. It can be worthwhile to consider whether working in one of those fields could be a viable way to provide for a… read more…
- How to Create Retirement Savings Benchmarks for Your Goals
Creating retirement savings benchmarks can ensure financial security in your golden years. Setting clear retirement goals can help you enjoy a financially secure and fulfilling retirement with peace of mind and a sense of purpose. These benchmarks act as milestones, helping you evaluate whether you are on track to meet your objectives. After assessing your… read more…
- Can You Collect Social Security While Still Working?
As you approach retirement age, the question of whether you can collect Social Security while still working often arises. Understanding how employment affects your Social Security benefits is crucial for making informed financial decisions. The good news is that it is indeed possible to receive Social Security benefits while continuing to work, but there are… read more…
- 8 Retirement Savings Strategies for High-Income Earners
High-income earners can optimize their retirement savings by using strategies like maximizing contributions to retirement accounts, making backdoor Roth conversions and managing investments strategically. These approaches can provide tax advantages and help grow wealth to meet long-term financial goals. If you want to build your nest egg, a financial advisor could help you identify investment… read more…
- How to Use Your 401(k) to Invest in Real Estate
Most 401(k) plans invest in mutual funds, stocks, bonds, and other financial instruments, but you can also use these funds to invest in real estate. Real estate investing can diversify your retirement savings and potentially boost returns. To invest in real estate with a 401(k), you need to follow specific rules and choose the right… read more…
- What Percentage of Income Should You Save for Retirement?
Saving for retirement is a major focus during your working years. You want to make sure you have enough money during your golden years, but also enjoy the present. Determining what percentage of your income to save for retirement can help you set some guardrails to accomplishing both. The general recommendation is to save about… read more…
- How Much Social Security Does a Nonworking Spouse Get?
Many families are concerned about Social Security for a nonworking spouse. When one spouse has not worked or has a limited work history, questions about eligibility for benefits often arise. The Social Security Administration offers spousal benefits based on the working spouse’s earnings record, providing financial support in retirement even for those who have not… read more…
- 6 Places That Offer Free Estate Planning for Veterans
Estate planning is important for managing and distributing assets, especially for veterans who have unique benefits like pensions, VA benefits and healthcare coverage to consider. Veterans can access free estate planning services, including wills, through various organizations, so they don’t have to handle this task alone or pay for professional help. If you need help… read more…
- How Spousal Survivor Benefits Work for a Pension
Pension plans often include spousal survivor benefits, which allow surviving spouses to receive part of the pension payments after the pension holder’s death. These benefits can play a key role in long-term financial planning for married couples, as they provide continued income for surviving spouses. You should know how these benefits work if you or… read more…
- 7 Types of Model Portfolios for Retirees to Consider
As retirees embark on the next chapter of their financial journey, understanding the various types of model portfolios available becomes crucial. These portfolios are designed to align with the unique needs and goals of retirees, offering a structured approach to managing investments during retirement. With the right model portfolio, retirees can balance the need for… read more…
- What Retirement Looks Like for a Lawyer: Things to Consider
For lawyers, retirement looks very different depending on your practice. A big-firm litigator, for example, will have spent decades with very high income and very little time. For them, retirement is typically well-funded but might be their first significant free time since law school. A government regulator, on the other hand, will have spent decades… read more…
- 11 Tips to Help You Retire on a Budget
Many Americans are looking for ways to stretch their savings and retire on a budget without compromising their quality of life. By focusing on practical tips you can create a sustainable retirement plan that allows you to live comfortably in your golden years. Here are 11 general tips that can help you retire on a… read more…
- Is Spousal Consent Required to Change 401(k) Beneficiary?
Changing the beneficiary of a 401(k) plan can involve specific requirements, particularly when it comes to spousal consent. In many cases, to protect your spouse’s financial interests, you need spousal consent to change your 401(k) beneficiary designation. This rule stems from federal regulations under the Employee Retirement Income Security Act (ERISA), which mandates that a spouse… read more…
- What Are the Rules for Late 401(k) Deferral Deposits?
Under the Department of Labor’s rules, employers must deposit employee deferrals into 401(k) plans as soon as administratively feasible, typically no later than the 15th business day of the following month. Late contributions to a 401(k) could therefore lead to penalties, interest charges and the need to file a Voluntary Fiduciary Correction Program (VFCP) application.… read more…
- How 401(k) Fee Disclosures Work
401(k) disclosures provide detailed information about the fees and expenses associated with your retirement plan. The costs associated with a 401(k) can significantly impact your retirement savings over time, so being aware of these fees can help ensure that you are maximizing your retirement savings and not overpaying for services you may not need. Reviewing… read more…