Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Tip: How Much? Check your Social Security earnings and see an estimate of your benefits on the Web site, www.ssa.gov. Here are nine things […]
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‘Retirement Planning’ Category
Healthy Body, Healthy Pocketbook People save for a variety of things in retirement. Some dream of vacation homes in tropical destinations, others plan to spend time with grandchildren and family. Of all the activities you are saving for in retirement, did you know that health care may have the biggest price tag? One study found […]
Where Will Your Retirement Money Come From? For many people, retirement income may come from a variety of sources. Here’s a quick review of the six main sources: Social Security Social Security is the government-administered retirement income program. Workers become eligible after paying Social Security taxes for 10 years. Benefits are based on each worker’s […]
Important Birthdays Over 50 Tip: Average Benefit. In the beginning of 2014, the average monthly Social Security benefit for a retired worker was about $1,294. Source: Social Security Administration, 2014 Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the […]
Although 90% of women say they are the chief bill-payer and shopper at home, more than 70% believe they are behind schedule when it comes to saving for retirement.1,2 And a full 60% say they haven’t tried to calculate how much they need to save in order to live comfortably in retirement.3 These figures suggest […]
Changing jobs can be a tumultuous experience. Even under the best of circumstances, making a career move requires a series of tough decisions, not the least of which is what to do with the funds in your old employer-sponsored retirement plan. Some people choose to roll over these funds into an Individual Retirement Account, and […]
While many people are familiar with the benefits of a traditional 401(k) plans, others are not as acquainted with Roth 401(k). Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans.¹,² And some have rolled out offerings as part of their retirement programs. As the name implies, Roth 401(k) […]
Target-date funds continue to gain ground in the employer-based retirement plan arena. It is estimated that by 2018, they will garner more than 63% of total defined contribution plan participant contributions and account for 35% of total 401(k) plan assets. A new study by Cerulli Associates reported these findings and revealed other key trends influencing […]
In January of this year the U.S. Tax Court ruled that the “once a year” IRA rollover rule applies to all of an individual’s IRAs, not to each separately. The court’s decision conflicts with a longstanding IRS position (as outlined in IRS Publication 590) that states the rule applies separately to each IRA owned, thus […]
Employers are enhancing their retirement plans and increasing access to professional investment advice in an attempt to bolster employee retirement readiness.A new study by Aon Hewitt, which polled more than 400 plan sponsors serving 10 million plan participants, revealed a number of initiatives being taken to strengthen employee ability to achieve greater financial security in […]
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