- How to Estimate Your Expenses in Retirement
Anticipating your retirement expenses is key to saving the right amount in 401(k)s, IRAs and more. Although getting exact figures might not be possible, projecting costs for healthcare, housing and lifestyle can help you create a realistic savings goal during… read more…
- Is $3 Million Enough to Retire at 55?
If you plan on having $3 million in savings by the time you turn 55 and you’re wondering if you can retire on that amount, then there are some things to consider. From understanding what your costs will be in… read more…
- How Much Income Will I Need to Replace in Retirement? T. Rowe Price Says Start With This Percentage
Retirement planning can be full of complicated calculations and projections. Whether you’re estimating a reasonable withdrawal rate from your investment portfolio or minimizing your tax liability, you have many decisions to make as you plan your golden years. But figuring out… read more…
- Types of ERISA-Covered Retirement Plans
The Employee Retirement Income Security Act (ERISA), is a federal law that protects members of employer-sponsored retirement and health plans. Most American workers belong to retirement plans that are covered by ERISA. The list of covered plans includes the most… read more…
- Can I Transfer My IRA into a Savings Account?
You can transfer your individual retirement account (IRA) to a savings account, but you may have to pay a penalty and income tax. Here’s what you need to know. When you have a big expense to cover, you might ask… read more…
- Is a 401k Considered an Asset?
Your 401(k), and any other retirement accounts, are financial assets. These are portfolios in which you hold securities and investment products that have either realized or potential value. This makes your 401(k) portfolio an asset in your name as long… read more…
- Why Maximize a 401(k) Without an Employer Match?
When an employer matches your contributions to a 401(k), it represents one of the best retirement savings opportunities around. Not only does the match effectively double the size of your contribution up to the employer’s matching limit, but employer contributions… read more…
- Deadline Is Looming to Max Out 2022 IRA Contributions
We’re well into the new year, but retirement savers can still make contributions to retirement accounts for tax year 2022. Savers have until April 18 – Tax Day – to contribute to their individual retirement accounts (IRAs), simplified employee pension plans… read more…
- Retirement Saver’s Credit Goes Further in Conversion to Saver’s Match
The SECURE 2.0 Act was recently signed into law by President Biden. Coming just a few years after the first SECURE Act, this legislation makes a bevy of changes designed to make it easier for Americans to save for retirement… read more…
- A Roth 401(k) Just Got a Lot More Attractive
A Roth 401(k) is a solid option for retirement savers, especially those who don’t anticipate finding themselves in a lower tax bracket when they retire. A Roth 401(k) works similarly to other retirement savings accounts — you put your money… read more…
- What Is a Roth IRA?
A Roth IRA is an individual retirement account funded with after-tax dollars. You can’t deduct contributions to a Roth IRA at tax time, but you can withdraw your money tax-free in retirement. A Roth IRA is a popular choice for… read more…
- Early Retirement Can Create a Financial Crisis
Not many people would pass up the opportunity to retire early. In fact, there’s an entire movement built around the idea of early retirement – Financial Independence, Retire Early (FIRE). Need help planning for retirement? Consider working with a fiduciary… read more…
- How to Retire in Five Years With No Savings
Who doesn’t dream of retirement? Once you clock out of work for the final time, you can spend more time with family and friends, take up a new hobby or even write your memoirs like you’ve always wanted to. But retirement… read more…
- What Is a SARSEP Retirement Plan?
A Salary Reduction Simplified Employee Pension Plan (SARSEP) is a specialized retirement plan that used to be available to employees of small businesses. While these plans could not be established after 1996, those established prior to 1997 still exist. SARSEPs… read more…
- What Is a Life Insurance Retirement Plan (LIRP)?
The main purpose of a life insurance policy is to take care of your loved ones after you die. However, your life insurance policies can also be significant stores of value. In particular, if you hold one for most of… read more…
- Majority of Americans Plan to Work During Retirement
American investors are getting the jitters about retirement. More than half say they might need to work during retirement. Close to half say they’ll need to work during retirement. And another large contingent say they’ll need to move someplace cheaper… read more…
- 7 Types of Retirement Income Sources
When people retire, they go from having one main source of income to having several. The exact number of income sources and how heavily you’ll rely on them depends on your level of retirement planning. While some people rely solely… read more…
- How Long Will $1,500,000 Last in Retirement?
If you find yourself with $1.5 million in retirement savings, you’re doing more than five times better than the average retiree, who only has $279,997. It is true that $1.5 million can last indefinitely in retirement if you don’t spend… read more…
- Four Retirement Withdrawal Strategies
Withdrawing money the right way matters. We often talk about how to save for retirement. That is, after all, essential business for everyone during their working life. Whether you follow the 60/40 strategy, put your money into real estate or… read more…
- How to Retire In 10 Years with No Savings
Despite having nothing saved for retirement, it’s possible to retire in as few as 10 years. By cutting your cost of living to the bone and saving every available penny, almost anyone can accumulate sufficient assets to generate enough investment… read more…
- How to Navigate a Divorce After You Retire
Retirement is a major milestone that most couples look forward to. But some couples find the transition to retirement negatively impacts their marriage, sometimes resulting in irreconcilable differences and divorce. Rates of late-in-life divorce, also called “gray” divorce, have risen… read more…
- 7 Ways to Reduce Tax Liability in Retirement
If you’re approaching retirement age, you have a lot to think about. Focusing on limiting your tax liability can be especially valuable. After all, the more taxes you pay in retirement, the less money you’ll have to live off. If… read more…
- Debt Limit Ceiling Crisis Could Hit Your 401(k), Social Security and Medicare
America’s debt ceiling was reached — again — on January 19, 2023 as the country exceeded its $31.4 trillion spending cap. The cap was raised to that amount in December 2021. As much terms like “ceiling” and “cap” are used… read more…
- Retirement Catch-Up Contributions Get Bigger But Beware These Tax Changes
The benefits of aging include senior discounts, wisdom gained from experience and – when it comes to retirement saving – catch-up contributions. Anyone 50 and older have the option to contribute extra cash to a wide variety of retirement accounts. And… read more…
- You Can Now Delay RMDs But Think Twice Before You Do
Conventional logic says you should delay withdrawals from your tax-deferred retirement accounts as long as possible to maximize the tax-free compounding that can increase the size of your overall nest egg. But the IRS won’t wait forever to get its… read more…