The Investment Company Institute reports that there is roughly $6.5 trillion in Individual Retirement Accounts (IRA).1 To help put that in perspective, that’s well over one-third the annual gross domestic product of the U.S.2 If you have a traditional IRA, you may have the opportunity to stretch it out, meaning the account may be structured […]
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‘Retirement Planning’ Category
Long-term care insurance is one of the most complex types of insurance you may consider purchasing. Here’s a list of 10 questions to ask that may help you better understand the costs and benefits. What types of facilities are covered? Long-term care policies can cover: Nursing home care Home health care Respite care Hospice care […]
Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need long-term care services at some point in their lives.1 So understanding […]
Traditional IRAs, which were created in 1974, are owned by roughly 36.0 million U.S. households. And Roth IRAs, created as part of the Taxpayer Relief Act in 1997, are owned by nearly 19.1 million households.1 Both are IRAs. And yet each is quite different. Tip: Not Quite Anything. IRAs are free to invest in just […]
Despite not being as well known as some other retirement tools, annuities account for 8.7% of all assets earmarked for retirement. With over $2.0 trillion in assets, annuities hold more funds than Roth IRAs.¹ An annuity is a contract with an insurance company. In exchange for a premium or a series of premiums, the insurance […]
In a recent survey, 65% of current workers stated they plan to work for pay after retiring.¹ And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires an understanding of three key concepts: full-retirement age, the earnings test, and taxable benefits. Full Retirement Age Most workers […]
The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, “should you?”Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up to age 70), the larger each monthly check will be. The sooner you start receiving benefits, the smaller […]
Americans workers are split about 50/50 when asked if they are confident they will have enough money to pay for medical expenses in retirement. In a 2014 survey, 45% of all workers reported they were “not too” or “not at all” confident they would have enough money to pay for their medical expenses in retirement. […]
Individuals hold more than $2.0 trillion in annuity contracts; a tidy sum considering an estimated $6.5 trillion is held in all types of IRAs.1 Annuity contracts are purchased from an insurance company. The insurance company will then make regular payments — either immediately or at some date in the future. These payments can be made […]
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Tip: 15% of middle-aged adults are providing financial support to both an aging parent and a child. Source: […]
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