Retirement

January 19, 2023Around 21% of Americans who quit their jobs either cash out their 401(k) or leave it to be transferred into cash by the employer. Both result in billions of dollars in lost retirement savings. Cashing out was a problem before… read more…

January 18, 2023Purchasing an annuity can provide you with an additional stream of income for retirement. One thing you’ll have to decide is to annuitize payments or opt for lifetime withdrawals. Whether it makes sense to opt for annuitization vs. withdrawal can… read more…

January 18, 2023If you’re thinking of retiring early, you may be wondering how much you need to retire at age 55. The exact amount of income you should have put away is going to depend on different factors. But if you want… read more…

January 18, 2023Non-qualified annuities have some unusual tax advantages. With these contracts, you invest money using after-tax dollars. The money in the annuity then grows tax-free or technically tax-deferred, until the contract matures. At that point, called the “annuitization,” you begin receiving… read more…

January 18, 2023Saving for retirement is a top financial priority for many. If you’re one of those who has prioritized retirement by opening a Roth 401(k), it’s crucial to use the account optimally to build tax-free retirement income. The IRS has raised… read more…

January 17, 2023When Roth IRAs were introduced in 1998, they provided the opportunity to create tax-free income in retirement. A few years later, Roth 401(k) and Roth 403(b) accounts were created to allow company retirement accounts to provide tax-free income. When you’re… read more…

January 17, 2023While there may not be a more common or consequential financial question then “how much money do I need to retire?,” there isn’t a one-size-fits-all answer. One person’s retirement income needs will be different from the next, depending on their… read more…

January 17, 2023Investing for retirement means factoring in different types of risk that may affect your portfolio over time. The sequence of returns risk also referred to as sequence risk, can come into play as you begin taking withdrawals from your retirement… read more…

January 17, 2023Sweden is one of the most sought-after countries in the world. It offers an excellent quality of life for retirees with beautiful landscapes and historic, walkable cities to enjoy. The archipelagoes on both the nation’s East Coast and West Coast,… read more…

January 17, 2023The IRS has issued the 2023 retirement contribution limits and the differences between what salaried workers can sock away and how much self-employed workers can save are striking. We’ll discuss how some workers can supersize their tax-deferred retirement savings in… read more…

January 13, 2023After years of scrimping and saving, investing wisely and working diligently your reward could be the luxury of an early retirement – and a big drop in your IQ. New research conducted by faculty at Binghamton University, State University of New… read more…

January 13, 2023If America is seeing a significant uptick in the number of grumpy old men – and women – one reason might well be the big shortfall during 2022 between inflation and their Social Security payments. According to the nonpartisan Senior… read more…

January 12, 2023The main goal of most investors is to garner enough money in the market to fund their retirement years. Yet, many investors are unsure of how to properly pull money out of their accounts once they’re actually in retirement. The… read more…

January 12, 2023Are you retired but interested in going back to work? Unless you’ve developed some hobbies or have significant interests outside your career, retirement can be a lonely place. Suddenly, many of your social contacts are gone. Mental and intellectual pursuits… read more…

January 12, 2023You might be able to transfer a portion of your 401(k) to an individual retirement account (IRA) while still employed. This is known as an in-service withdrawal. While in-service withdrawals can be a good option, that isn’t always the case. Here… read more…

January 11, 2023Are you maxing out the 401(k) plan you have at work every year? Do you still have money left for saving and investment after contributing the maximum to your 401(k) and maybe an IRA or two? If so, then you… read more…

January 11, 2023In December, the Biden Administration signed into law the Secure 2.0 Act, a fairly sweeping update to how the government handles tax-advantaged retirement accounts. Like the previous retirement bill passed in 2019, SECURE (Setting Every Community Up For Retirement Enhancement),… read more…

January 10, 2023When it comes to retirement savings, there are different routes you could go. You may have your traditional 401(k). You could also have an individual retirement account (IRA) or a Roth IRA. But what if you have a Roth 401(k)?… read more…

January 10, 2023IRS guidelines for retirement catch-up contributions are currently established for people ages 50 and older. This allows individuals within this age category to make 401(k) contributions of up to $7,500 starting in 2023 (a slight bump from the $6,500 you… read more…

January 10, 2023The deadline for converting funds in retirement and other accounts to a Roth IRA is Dec. 31 of the year for which taxes will be owed on the converted funds. Retirement savers may want to convert a different type of… read more…

January 10, 2023Social Security Disability pays you the amount you’d receive at your full retirement age. If you’re between age 62 and 67, you may find yourself running low on cash while waiting for a favorable disability decision. Taking Social Security retirement… read more…

January 9, 2023Two of the most common vehicles for building savings are the 401(k) and the health savings account, or HSA. While the HSA isn’t a traditional retirement account, at least not formally, it can provide you with significant value when your… read more…

January 9, 2023The year 2023 brings changes to the rules, limits and options on all kinds of federal programs and Medicare is no exception. Roughly 65 million senior citizens who rely on Medicare for health coverage will pay less for several things,… read more…

January 9, 2023There’s a huge cost-of-living increase coming to Social Security recipients this year – the largest adjustment since 1981, thanks to pandemic-prompted inflation. But that’s not the only change coming. Other dollar limits on Social Security payroll taxes, taxes on benefits,… read more…

January 9, 2023The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays… read more…