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Retirement Planning
Retirees Beware: These States Tax Your Social Security
Social Security benefits are meager enough, yet these states take some of that money away. Though it can be skimpy, Social Security is a major source of money for retired Americans: The Social Security Administratration says about 1 in 5 older married couples and nearly half of single seniors rely on their benefits for 90%…
Read MoreMany older workers entered the pandemic with little saved toward retirement. Here’s how they can improve their finances now
KEY POINTS A lot of older workers do not have a pension or 401(k) plan to draw money from when they retire. Many approaching retirement often have meager savings — just $88,000. If that’s you, there are steps you can take to help you live more comfortably later. Many people’s retirement dreams received a reality check following the…
Read MoreThe ‘Stretch IRA’ Estate Planning Strategy Is Gone. Here Are 4 Other Options.
The Covid-19 era is a mess, and we’re still in the middle of it. But life goes on. So, let’s be more open to doing what we would do in more normal times. What I normally do is give tax advice. Here’s some updated estate planning advice for well-off folks to consider. Evaluate “stretch…
Read More6 Mistakes You Don’t Want to Make When Choosing a Wealth Advisor
When you decide to choose a wealth advisor, this is a major decision. You’ve worked hard earning this money or preparing for your retirement. Here are six areas of concern to consider: 1. Hiring an advisor who doesn’t put your needs first You want to hire a wealth advisor who is prepared to answer all of your questions…
Read More5 Tips For Saving The $1.9 Million Americans Say They Need To Retire
Are you saving for retirement? If you are, then you can’t avoid wondering whether your retirement planning has your savings on track for you to live comfortably when you finally call it a career. And how much money is enough? On average, 401(k) plan members think they’ll need $1.9 million, according to Schwab Retirement Plan Services. And…
Read MoreSandwich Generation Faces Caregiving Challenges
The sandwich generation has it tough in the best of times. The pandemic has made it even tougher. Life is chaotic for the Galluzzos with the entire family at home all day. Photo by Gina LeVay Things were hard enough for Jennifer Galluzzo before the pandemic hit. Four years ago, the full-time working mother of three became…
Read MoreAn Investing Road Map for Retirees
For people in drawdown mode, tips on asset allocation, Social Security, annuities, withdrawal rates, and more. Even retirees who are seasoned investors will tell you that transitioning from accumulating to spending from their portfolios is a challenge. The “right” withdrawal strategy seems to be a moving target. Devising an asset-allocation plan that balances safety and…
Read MoreShould I Pay Off Credit Card Debt or Invest for Retirement?
The Story Getting rid of credit card debt and investing for retirement are both smart ways to set yourself up for long-term financial health. Meaning you might have some financial FOMO when deciding whether to focus on option A or B. So tell me how to make the right choice. Trick answer…C: build up your emergency…
Read MoreA Retirement Readiness Checklist
Determining if you’re on track to retire can be more manageable if you break it into smaller steps. As the mother of six kids, one of whom had special needs, my mom was organized, to say the least. She carefully calibrated her schedule to accommodate her many responsibilities and she relied on lists, always lots…
Read MoreThree Alternatives To The Stretch IRA
GETTY At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed with dual purpose. The foremost focus of the act was to bolster retirement security throughout the country by providing broader access to retirement accounts. While that aspect of the SECURE Act is modest in magnitude, the second…
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