Retirement

Hey, We Agree On Something It’s difficult to get a bill passed on a bipartisan basis in the current Congress, but the latest retirement bill is one of those rarities. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is designed to give Americans greater access to retirement funds while making it easier to
0 Comments
“Attention, employers. This is Denise. She’s just entering the working world, but she’s already concerned about retirement. She knows that traditional defined benefit pensions covered 84.4% of workers in 1979 but only covered 27.7% as of 2015 – and the share probably hasn’t been increasing. She expects you to offer a 401(k) or similar defined
0 Comments
Mistakes are part of the human condition; it’s impossible to avoid them 100% of the time. But financial mistakes are in a class all their own — they tend to have a snowball effect and get worse over time. A seemingly small money mistake in your twenties can have outsized consequences in your thirties, forties,
0 Comments
By Sandra Parsons Debt is a major barrier to financial well-being among Americans. While we tend to think of debt as an issue affecting young and middle-aged people, the truth is that senior citizens carry debt, too. Among seniors approaching retirement, debt can be an obstacle to maximizing savings. Retirees living on a reduced income
0 Comments
A good 401(k) plan can be an attractive selling point for businesses looking to hire the best and brightest. However, smaller businesses may have a hard time establishing a 401(k) plan capable of competing for the attention of potential employees. Few small businesses have the resources to carry out 401(k) administrative tasks, and the smaller
0 Comments
You’re never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them
0 Comments
By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
0 Comments
You may be mentally and physically ready to retire, but are you financially ready to retire? Don’t just automatically assume that your current nest egg is sufficient because you’ve reached a certain age. Assess your financial readiness, starting with these five questions. 1. What Are Your Retirement Goals? – Typical advice suggests aiming for 80%
0 Comments
You must maximize your retirement funds to increase your chances of enjoying a comfortable retirement, so it’s important to avoid unnecessary fees that take a bite out of your nest egg without providing value in return. Consider these five retirement expenses that are generally avoidable if you pay attention and properly plan your finances. 1.
0 Comments
For millennials who are just stepping into their workaday world, planning for retirement is definitely not something they seem to have on their mind. However, as Social Security benefits are sure to scale back over the next two decades, retirement planning has become a must for every millennial who wants to maintain the same standard
0 Comments
Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level? Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any
0 Comments
How would you like to retire early? Millennials certainly like the idea, according to a recent survey from Bankrate.com. Millennials identified the perfect retirement age as 61 – a full six years before their full retirement age (FRA) as defined by Social Security and one year before they can even claim reduced Social Security
0 Comments
Are you familiar with the 4% rule and how it relates to retirement? Let’s find out. Choose one of the options below. The 4% rule refers to… a) The average amount of your retirement time you’ll spend looking for something you misplaced. b) The average annual amount of time you’ll spend getting medical care. c)
0 Comments
If you are one of the fortunate few who have a defined benefit retirement plan, you have more predictability in your retirement income than most. You can calculate your combined pension benefits and any Social Security benefits that you have earned and have a clear idea of your annual income throughout retirement – assuming you
0 Comments
Did you realize that not all financial advisors are obligated to act in your best interest? Financial professionals are obligated to offer products and advice that are suitable for your needs, but not all of them are obligated to offer the best advice possible. Two standards govern financial advisors – the fiduciary standard and the
0 Comments
Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life. Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
0 Comments
By Eric Olsen, Executive Director HELPS Nonprofit Law Firm Affordable transportation is often a concern for senior citizens. Some seniors go without basics to make car payments they can’t afford for a car with little or no equity. Others need affordable replacement transportation but don’t have the income to finance a car. What are
0 Comments
It takes solid planning and fiscal discipline during your working years to enjoy a financially comfortable retirement. But how can you properly plan if you don’t really understand how to manage your money to maximize retirement benefits? Even if you pay a financial advisor to assist, in the end, the decisions are still yours to
0 Comments