It’s shocking to say, but a large percentage of future retirees are woefully misinformed about Social Security—how they claim benefits, when they claim benefits, and how much they’ll receive—just to name a few Social Security topics. Financial author Mary Beth Franklin just reviewed the latest annual survey of people retired and those...
If you have an IRA then you know that at age 70 ½ the government forces you to begin taking distributions so they can tax money that has, up to now, escaped their clutches. Most people use the Uniform Lifetime Table to figure their Required Minimum Distribution. Find your age,...
“So, who do I want to get my IRA? My spouse? My kids? But I don’t want to leave out the grandkids. Oh, I’ll just fill it in later.” You’d be surprised how often that mental conversation goes on when someone is looking at the beneficiary section of...
For the first time in U.S. history, more than 20% of retirement age workers are choosing to stay in the workforce. That’s more than double the number who made that decision in 1985, according to a new report from United Income. The reason is...
“I can’t wait to retire!” Have those words ever come out of your mouth? Oh, the thought of divorcing that demanding, unreasonable boss; doing what you want when you want; burning all the bridges you never intend to cross again. It’s the payoff for all those years of hard work.
According to a Gallup poll, 51% of nonretired Americans don’t think they will have enough money to live comfortably in retirement. Retired Americans are more confident, with 78% saying that they have enough money to live comfortably. However, wherever you are on the spectrum, no matter if you are just starting...
“I can’t wait to get on Medicare!” I’m hearing that more often from people approaching 65 years old. Since the passage of the Affordable Care Act (ACA) in 2010 health insurance has become anything but affordable. I know people paying more for their health insurance than they pay for their mortgage....
Among America’s older population there is a growing concern about the state of their retirement and many are choosing to stay in the workforce much longer. In a previous article I listed concerns of older workers about whether they will ever be able to retire; concerns that...
Ah, for the good old days when the retirement formula was simple. Get a job. Retire at 65. Go home and collect your pension. But those days are long gone. Pension benefits became too expensive for companies to maintain.  They cancelled the plans, started matching contributions to 401(k)s and pushed the...