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Retirement

How To Turn Your Pension Cash Value Into The Most Retirement Income

Pensions were once the cornerstone of a secure retirement. They provided a retirement income you could not outlive. Today, pension plans are being eliminated or at the very least, are less generous to workers. If you are lucky enough to still have a pension, it is imperative that you plan to maximize the valuable retirement…

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Retirees’ Mandatory IRA Withdrawals Would Shrink Under Treasury Plan

The Trump administration is updating life-expectancy tables governing required withdrawals from tax-advantaged retirement accounts By Richard Rubin Updated Nov. 7, 2019 4:51 pm ET WASHINGTON—Retirees could take smaller mandatory withdrawals from their tax-advantaged accounts under a new Treasury Department proposal designed to adjust for rising life expectancy. If finalized, the rules would take effect starting in 2021,…

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How much you’ll need to save monthly to retire with $5 million

Five-million dollars sounds like a lot of money. And for the 22% of Americans who say they have less than $5,000 set aside for retirement, saving that much may seem like an impossible goal. But what if you could retire with $5 million by the time you were 67? The good news is that it is…

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How to Take Advantage of 401(k) Catch-Up Contributions :usnews.com

The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…

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5 Sources of Retirement Income That Aren’t Taxable

Keep more of your money during your golden years by incorporating these into your retirement plan. Just as taxes are a huge burden for working Americans, they can also be a drain on seniors’ limited resources. If you’re worried about affording your golden years, it pays to set yourself up with a number of income…

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7 retirement saving mistakes financial advisers see too often

Saving for retirement is confusing – it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover. 1. Failing to create a plan A retirement plan is one of the best ways to…

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The Ricks Report – October 30, 2017

The Ricks Report October 30, 2017 Numbers of $ignificance  START SAVING NOW – A child born in 2017 that begins kindergarten in the fall of 2022 would attend college between the years of 2035 and 2039. If that child attended an average public in-state 4-year college and if the annual price increases for public colleges…

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A Tale of 3 Cousins and Their Inherited 401(k) Plans

This is the story of Al, Bob and Carl. Each cousin is the non-spouse beneficiary of his father’s 401(k) plan. Their fathers worked together at the local automotive factory for their entire lives and were all covered by the same plan. The default distribution option in the plan for non-spouse beneficiaries is a five-year payout.…

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7 Things Your IRA Custodian Won't Tell You

It is important to know what your IRA custodian will tell you and what they will not or cannot tell you. The I in IRA stands for individual and many times it is up to the individual to know things or keep track of them. 1. 60-Day Rollovers – An IRA custodian will not remind…

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