Wednesday Q&A Louisiana Teachers Retirement Options: LASERS vs ORP

Louisiana Teachers Retirement Options: LASERS vs ORP Lynn in Madisonville is taking a job with the State, and asks Gregory’s opinion on which teachers’ retirement option to choose. Louisiana has LASERS and the Optional Retirement Plan, and Gregory rolls through a series of questions to help clear up the answer, including concerns about the Windfall…

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Seven Retirement Myths Debunked

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Searching for “retirement planning rules” produces 221 million results on Google. Yes, there’s a lot of advice out there. But even the most common tips can put you on the wrong path, leading to retirement planning mistakes. Here are some of the leading legends, and why they should be taken with a large helping of…

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Retirees wiped out, lose millions: SEC

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When it comes to handling our money in retirement, there’s probably one number to keep in mind above all others. That number? Zero. For example, it’s the exact percentage of our savings we should be gambling on private companies, meaning those not traded on the stock market. And it’s the amount in round dollars that…

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Getting these Social Security benefit questions wrong could cost you

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How long does it really pay to wait to claim Social Security? Getting these benefit questions wrong could cost you KEY POINTS You may have heard it pays to wait until age 70 to claim Social Security benefits. But if you delay claiming past then, you could actually lose money. That question and more tend…

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How to Make Your Money Last Through Retirement

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You’ve worked hard to build your retirement cushion, and now it’s time to enjoy it—but don’t use up that money too quickly. In a perfect world, we would all work for 30 years and retire with full confidence that our investments and retirement planning could support us at our current lifestyle until the day we die. In reality, planning…

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How to pay for healthcare costs in retirement

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Stop focusing on the big, scary numbers As retirement risks go, it’s one of the more impossible to manage and mitigate. Or is it? For years now, firms in the financial services industry, as well as researchers, have been scaring preretirees into thinking they need an ungodly amount of money set aside at age 65…

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4 Retirement Savings Mistakes You Can’t Afford to Make

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If your goal is to enjoy your retirement to the fullest, the last thing you’ll want is to spend your senior years pinching pennies. And if you manage to sock away a nice amount of money in a 401(k) or IRA, you won’t have to. Your savings, combined with your Social Security benefits, could make…

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Most retirees find retirement doesn’t live up to their expectations

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After saving decades for their golden years, it turns out that retirement isn’t at all what people expected, according to a recent survey, with seniors wrestling with spending worries, forced retirement, and an identity crisis. “We expect retirement is going to be one thing and then when you actually get into retirement, as your priorities…

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5 Downsides to Maxing Out Your 401(k)

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Nobody will fault you for front-loading your retirement contributions, but be aware of the limitations. Your employer-sponsored retirement plan — for most, it’s a 401(k) — is one of your more important tools as a retirement saver. With a 401(k), 403(b), or 457 plan, you have the opportunity to contribute current income and take advantage of tax-deferred…

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