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Income Planning
The average American starts saving for retirement at this age
The sooner you start saving for retirement, the more opportunity you’ll have to build a solid nest egg without having to sacrifice too much on an ongoing basis. But data from Nationwide tells us that Americans are putting in roughly a decade in the workforce before giving their long-term savings a thought. The average American begins funding a…
Read MoreCongress’s 5 Biggest Changes In 2020 That Will Impact the Future of Your Retirement
American flag waving with the Capitol Hill in the background-GETTY The days of relying on Social Security and defined benefit plans for a secure and comfortable retirement are swiftly coming to an end. The next waves of retirees should have substantial personal savings in order to create a detailed and long-lasting plan, better than those…
Read MoreObservations from the Brink of Retirement
A retirement income specialist shares three important lessons he’s learned during his own financial and mental journey as he gets ready to dive into retirement. His personal insights could help guide your path as well. Planning for my own retirement has been interesting, as my day job is teaching financial advisers about retirement planning. At…
Read More6 Ways The SECURE Act May Impact Your Retirement
GETTY The new Setting Every Community Up For Retirement Enhancement (SECURE) Act, just signed by President Trump, is the broadest piece of retirement legislation passed in 13 years. Ultimately, the law focuses on retirement planning in three key areas: 1) modifying required minimum distribution (RMD) rules for retirement plans; 2) expanding retirement plan access and…
Read MoreThe Secure Act changes the way people will inherit money — are you hit by the new rules?
The new legislation eliminated the ‘stretch IRA’ provision, but not everyone is impacted Getty Images/iStockphotoFuture beneficiaries of retirement accounts have different rules than current inheritors. The Secure Act, which was signed earlier this month, changes the way beneficiaries will receive money from inherited retirement accounts, but not everyone is in danger of a big tax…
Read MoreTop Retirement Savings Tips for 55-to-64-Year-Olds
There’s still time to give your savings a good boost before you retire If you’re between 55 and 64 years old, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically.…
Read MoreI Killed My Teenager’s Fancy College Dreams. You Should, Too.
Forty-five million Americans owe a collective $1.6 trillion in student debt. Here’s why my daughter won’t be one of them. Photo illustration by Slate. Photos by Vasily Koloda on Unsplash, master1305/iStock/Getty Images Plus, and ayzek/iStock/Getty Images Plus. A couple months ago, my 17-year-old daughter’s guidance counselor called her into his office to ask pretty much…
Read More4 Questions to Consider Before Opening a New Credit Card
When you’re offered a discount at the checkout counter in exchange for applying for a new retailer-branded credit card, it can be tempting, especially if you’re looking to defray big holiday gift expenses. But it’s not always the right choice. Applying for a credit card can temporarily lower your credit score and place more…
Read MoreHow Companies Are Capitalizing On Tech To Reach A Generation
Even though they’re not widely viewed as being as “tech-savvy” as their Millennial offspring, Baby Boomers are embracing tech at a surprising rate. In fact, 73% of people over 60 use a smartphone. They’re using tech to get the most out of life, especially as they begin to retire. But Baby Boomers aren’t eager to spend their golden years in hospital beds…
Read MoreSpending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs
GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected. It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…
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