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Wednesday Q&A How do you score with your Social Security knowledge?
How do you score with your Social Security knowledge? Follow along with this quiz from the show! If you would like to submit a question that may be featured on the Wednesday Q&A, use the form below! We’re Here to Help Have questions about this week’s content, or need help with your financial plan? We’re here to…
Read MoreHow A 2% Solution Can Be The Key To Increasing Your Retirement Security
GETTY Many people try the wrong route to building their retirement wealth, or rebuilding it after a market decline. The wrong way is to look at only a small part of the financial picture instead of the whole picture. Looking at the whole picture can lead you to faster, easier ways to increase retirement security.…
Read MoreHere’s a foolproof way to create retirement income for the rest of your life
KEY POINTS At age 72, individuals are required to take mandatory withdrawals from their retirement accounts each year, based on their life expectancy. This formula — known as the required minimum distribution — can also work hand-in-hand with delaying Social Security benefits until age 70 to create a sustainable drawdown strategy. If you’re taking this…
Read More4 Things Baby Boomers Should Focus On After The Fed Stimulus Ends
As the “easy money” era runs its course, money management doesn’t have to be difficult. A look at what’s next. From low rates to where? There was a time when retirement planning was straightforward. It went something like this: invest some money in stocks for growth, and buy bonds with the rest. After all, bond prices…
Read More4 Reasons Your Taxes In Retirement May Be Lower Than You Think
Financial Advisor Talking To Senior Couple At Home Signing Documents Smiling GETTY One of the most common mistakes I see people make is overestimating their tax rate in retirement. This is important for a couple of reasons. First, as Roth 401(k) and 403(b) plans become more common, estimating your future tax rate is a big factor…
Read MoreOn The Retirement Crisis, We’ve Heard It All Before
“A groundbreaking new study holds troubling news for millions of Americans now nearing retirement age,” pronounces an influential Washington, DC think tank. The study, authored by a prominent economist, finds that “More than 40% of households headed by someone between the ages of 47 and 64 will not be able to replace even half of…
Read MoreSocial Security trust funds could run out even faster due to the coronavirus pandemic
KEY POINTS Social Security’s trust funds could run out as much as four years earlier due to the coronavirus pandemic, according to new research from the Wharton School at the University of Pennsylvania. Just how much the funds are affected will depend on how fast the U.S. economy recovers. Those planning for retirement may want…
Read MoreSocial Security recipients may be in for a rude awakening later this year
There’s a larger problem: aligning retiree spending with Social Security checks By Alessandra Malito Social Security beneficiaries might not receive much of a cost-of-living adjustment next year — and some say recipients might not get anything at all. COLA is linked to the consumer-price index, which has suffered lately because of low oil prices. Based…
Read MoreWhat Is the Social Security COLA for 2021?
Kiplinger’s is forecasting an increase in Social Security benefits of less than 1% next year. Getty Images By DAVID PAYNE, Staff Economist Kiplinger The Kiplinger Letter is forecasting that the 2021 Social Security cost-of-living adjustment will be below 1%. The COLA, which will be officially set in October 2020, would be down from the 1.6% COLA increase…
Read MoreWhat Social Security Beneficiaries And Other Seniors Should Know About Their Stimulus Checks
Here’s what seniors need to know about their COVID-19 stimulus checks. GETTY One of the most widely anticipated provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act are the one-time stimulus checks promised to Americans in the coming weeks. But some seniors and disabled adults have been left understandably confused about whether and how they…
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