“When people reach their 50s, a common realization is how close retirement is getting — and how far they are from having enough money to enjoy life after work… 50-somethings who are falling short need to get serious about fattening up their nest egg.” Today’s article suggests several ways in which those trying to play catch-up with their retirement funds can find extra money to boost their savings. Why might you want to give up your daily $2 cup of coffee? And what is the “new kind of debt that some advisors are seeing more of in the 50-something crowd” that threatens their nest egg? CLICK HERE to read more.
“Your financial life, like climbing a mountain, does not end when you reach the summit, your retirement. Getting down safely, or making your retirement income last, requires a set of different strategies. How can you withdraw your money without depleting it?” Today’s article outlines four tips relating to withdrawing retirement assets (e.g. set a cash bucket aside) with the aim of helping “you come down from the summit with improved likelihood that your money will last as long as you do.” CLICK HERE to find out what the four suggestions are.
“One of the most dangerous positions to be in financially is when you’re rolling over a 401(k) plan into an individual retirement account (IRA). Any number of financial services providers would love to get their hands on your money, but may trap you into lousy deals.” Today’s article stresses that some 401(k) education is essential if one wishes to avoid getting bamboozled. As such, it lays out some useful strategies to help prevent against “a lot of heartache and being overcharged.” What are the pros and cons of different types of money managers? Do you even need to roll over your money? CLICK HERE to read more.
When should you claim your Social Security? How much do you need to save for retirement? When should you retire? Today’s article argues that there is no simple and quick answer to these types of questions. Rather, “when planning for retirement we must avoid the pitfall of making isolated decisions without considering the impact on one’s entire comprehensive retirement plan.” To read more about how these critical retirement questions need to be considered in a coordinated manner and not in isolation, CLICK HERE.
Uncle Sam wants (to help) YOU! Today’s article highlights several ways in which the federal government, “mindful that a lot of people are falling behind in financial matters, or never really got started, … has been making efforts just to get more Americans to Square One” in terms of retirement readiness. From new tools (e.g. myRA accounts) to established programs that appear to be underused due to a lack of public awareness about them (e.g. The Saver’s Credit) to a guide to help navigate the decision on whether to take one’s pension as a lump sum or through payments, CLICK HERE to learn what resources Uncle Sam has to offer. to read about all five considerations you may want to discuss with your partner.
Retirement for two! “What could be more romantic than planning for your future together?” asks today’s article, which goes on to outline five considerations that should be part of the retirement conversation for couples. While the topics – and the related discussions they require couples to have -may not, in fact, be the stuff of romance (e.g. planning for potential rough times such as the premature death of a spouse, or divorce) they are nonetheless important. CLICK HERE to read about all five considerations you may want to discuss with your partner.
Something in the financial world is surging. Unfortunately that something is electronic tax scams. Today’s article highlights a recent IRS consumer alert stating that “email and texting scams designed to trick U.S. taxpayers into providing personal data have surged 400% so far this year….” In fact, “the 1,389 incidents reported to date represent more than half the…total for all of last year.” What scams is the IRS urging taxpayers to be on guard against and what steps is it taking to combat this onslaught? CLICK HERE to read more.