Possible changes for catch-up contributions. Since 2002, Americans aged 50 and older have been permitted to make annual “catch-up” contributions to popular retirement accounts – but according to Vanguard’s 2021 How America Saves report, just 15% of retirement savers do. One factor may be the limits on these contributions. Many pre-retirees who are old enough […]
Can having three good friends promote a happy retirement? We can reasonably say that the more money you retire with, the more potential you have to enjoy retirement. Now, what about friendship? If you maintain some strong friendships and an active social circle after age 60, can that make a big difference in the quality […]
Is financial health a factor in your overall health? Data from a newly released Harris Poll of more than 1,000 U.S. Workers suggests that a majority of pre-retirees might answer “Yes” to that question. Sixty-six percent of respondents to the poll identified their financial health as a component of their overall well-being. In fact, financial […]
Could a Second Secure Act Tweak Retirement Rules? When the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law in 2019, it altered retirement plan contribution and distribution rules. There may be an encore. The Securing a Strong Retirement Act of 2021, nicknamed SECURE Act 2.0, has bipartisan support on Capitol Hill, and […]
Pandemic economy or not, some are aspiring to retire early. A new study from hearts and wallets, a research firm founded in 2010 to study American retirement saving and investing trends, hints that the dream of retiring in late middle age is alive and well, although perhaps in need of a reality check. […]
Are your federal income taxes due in may? Maybe, maybe not. In March, the Internal Revenue Service announced that it was pushing the deadline for 2020 federal tax returns ahead to Monday, May 17. This extended due date does not apply to all individual taxpayers, though. For example, if you live in Texas, Oklahoma, or […]
Need cash? Avoid tapping your retirement account. Imagine if your 35-year-old self magically appeared in front of you one day and asked for a percentage of your retirement savings or a bit of your retirement income. While this would never happen, something financially analogous happens in the lives of too many people. They withdraw assets […]
Evaluating an opportunity for an early retirement. The pandemic has hastened the retirement of some baby boomers, and the linked furloughs and layoffs in many industries have led others to wonder if a retirement transition might come sooner than they think. Buyouts became common last year as businesses cut costs. What if you receive one […]
To retire, or not to retire? For some of us, the coronavirus pandemic has complicated the question. As yahoo! Finance reports, a harris poll study conducted this past summer found that 25% of gen xers and 14% of baby boomers think they will retire later than they planned, because of the pandemic’s financial impact on […]
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