Retirement income may come from a variety of sources. For many people, retirement income may come from a variety of sources. Here’s a quick review of the six main sources: Social Security. Social Security is the government-administered retirement income program. Workers become eligible after paying Social Security taxes for 10 years. Benefits are based on […]
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Could Social Security Really Go Away?
That may be unlikely, but the program does face financial challenges. Will Social Security run out of money in the 2030s? You may have heard warnings about this dire scenario coming true. These warnings, however, assume that no action will be taken to address Social Security’s financial challenges between now and then. It is true […]
Pension Plans & De-risking
Corporations are transferring pension liabilities to third parties. Where does this leave retirees? A new term has made its way into today’s financial jargon: de-risking. Anyone with assets in an old-school pension plan should know what it signifies. De-risking is when a large employer hands over its established pension liabilities to a third party (typically, […]
Is America Prepared to Retire?
A look at some ways to get ready. Are Americans saving enough? Only 19% of U.S. adults describe themselves as “very confident” when asked about their savings. Worry spots include retiring without enough money saved (16%) and anxiety about having a “rainy day” emergency fund (14%). These findings come from the 2018 Consumer Financial Literacy […]
Social Security by the Numbers
Facts about the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. Social Security has been a pillar of retirement life for several decades, but how much do you really know about it? Here are some facts that might surprise you: The Social Security trust fund exceeds the gross domestic product of every major economy in […]
5 Retirement Concerns Too Often Overlooked
Baby boomers entering their “second acts” should think about these matters. Retirement is undeniably a major life and financial transition. Even so, baby boomers can run the risk of growing nonchalant about some of the financial challenges that retirement poses, for not all are immediately obvious. In looking forward to their “second acts,” boomers may […]
Underappreciated Options for Building Retirement Savings
More people ought to know about them. There are a number of well-known retirement savings vehicles, used by millions. Are there other, relatively obscure retirement savings accounts worthy of attention? Are there prospective benefits for retirement savers that remain under the radar? The answer to both questions is yes. Consider these potential routes toward greater […]
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Financial Fraudsters Preying on Boomers & Elders
If something sounds too good to be true, it probably is. If you are in or near retirement, it is a safe bet that you would like more yield from your investments rather than less. That truth sometimes leads liars, scammers, and fraudsters to pitch any number of too-good-to-be-true “investment opportunities” to retirees. Given all […]
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The Snowball Effect
Save and invest, year after year, to put the full power of compounding on your side. Have you been saving for retirement for a decade or more? In the foreseeable future, something terrific is likely to happen with your IRA or your workplace retirement plan account. At some point, its yearly earnings should begin to […]
Before You Claim Social Security
A few things you may want to think about before filing for benefits. Whether you want to leave work at 62, 67, or 70, claiming the retirement benefits you are entitled to by federal law is no casual decision. You will want to consider a few key factors first. How long do you think you […]