Financial News and Updates
Near or Far
It isn’t always easy to save for retirement, in part because, for many people, it is far enough away that we don’t feel any sense of urgency. One possible solution? Make the future feel closer. You can start this process by asking what future benefit could be provided by choosing
Married Couples and Social Security
We were recently asked a question that led us to believe this week’s topic might be useful to many of you. While most of us are aware of how Social Security works, here are the five most important things every married couple should know about Social Security. 1) Nothing keeps
Many are Scared to Spend Money in Retirement
One common concern among retirees is that they may outlive their retirement funds. As a result, many people are scared to spend their retirement funds. It’s not surprising, given how ill-prepared many Americans are for retirement. Professionals in the financial services industry frequently say exactly that. It’s not surprising that
Last Week
Last week, we spoke about RMDs and we were then asked to take it a step further and talk about the issue of leaving an IRA to beneficiaries once you have begun to take your annual distributions. With an Inherited IRA, you may either need to take annual distributions no
RMDs
For many investors entering their 70s, diligently contributing to and saving in tax-deferred retirement accounts must soon turn to making mandatory annual withdrawals. That’s because the government requires retirees to take required minimum distributions (RMDs) from such accounts after a certain age. Retirees may find RMDs to be a bit
Lifespan Variation
An interesting study performed by the Center for Retirement Research at Boston College delved into the concept of lifespan variation, and why it provides valuable information about mortality beyond life expectancy. “It is precisely this uncertainty around the average lifespan that gives rise to “longevity risk” – the possibility of
Five Easy Steps For Financial Fitness
Are you the kind of person who likes to make lists? You might see the use in this list of “five easy steps for financial fitness.” #1 Create a budget; #2 Manage your debt; #3 Create a plan that keeps you disciplined in all kinds of markets; #4 Prepare for
Unexpected Retirement Expenses
Withdrawing an extra $10,000 from your savings for a new roof may not seem like a big deal at the time. But, costs add up, and plans for covering future costs may be disrupted. Every little bit counts in retirement, so you should have a detailed budget that covers as
Where did I put it?
All too often when we need to find an important financial document we can’t remember where we put it. Keeping important documents up to date and accessible is essential. Even after you finalize your will and have decided what your financial plans are, there is one more important step to
Nickle-and-Dimed
No, you’re probably not imagining it. 69% percent of Americans surveyed by Lending Tree in 2023 reported they’d paid an extra fee when using a credit card for a purchase. A smaller, more recent survey by WalletHub put that figure at 79%, with 85% of the participants saying that credit
Pre-Retirement Syndrome
Have you heard this phrase? It is often used to refer to the anxiety and stress that people feel in the years leading up to retirement. While it is common to feel a sense of stress with any major change, many feel a higher level of anxiety as they approach
Gen Xers and Retirement
Members of Generation X will begin turning 60 this year. Generation X (born between 1965 and 1980) is a diverse generation, with people coming from various socioeconomic backgrounds. However, they all confront a few common retirement income difficulties. If you are a member of Generation X who is about to
Resolution Fatigue
At this time of year there tends to be discussion about what our New Year’s resolution will be. Researchers suggest that only 9% of Americans that make resolutions complete them. In fact, research goes on to show that 23% of people quit their resolutions by the end of the first
Risk/Reward
It is important to think about your risk/reward ratio tolerance–terms like “conservative” and “risky” can mean different things to different people which is why it is necessary to think it through. This way, you can also get a feel for what level of risk is necessary to try to obtain
IRA Conversion
Conversions of a traditional IRA to a Roth can differ individual to individual, even where the same sum of money is involved. Let’s take, for example, two individuals, each with $100,000 in a traditional IRA, that the funds were identically invested and would double over 10 years. The tax rate
Are You Maximized?
As year-end approaches, it might be a good time to reflect on if you are allocating funds to be sure to maximize your contributions to tax advantaged accounts. If you can, you should consider making your contributions sooner rather than later. Even though you have until year-end to make contributions
Recover Your Lost Retirement Account(?)
An increasing number of retirement plan accounts have been left behind, and then forgotten, when workers change jobs. Thankfully, a new federal database should help you more easily track down your lost retirement account from a previous employer. There were over 24.3 million forgotten 401(k) plan accounts, worth around $1.35
Lost 401k
As we approach year end we are frequently being asked about what we call “Lost 401k” accounts. Perhaps you changed jobs, or your employer went out of business or merged with another company, or maybe you’ve just put the memories of a workplace that you left years ago far, far
