Older workers and retirees are understandably concerned about the impact the COVID-19 pandemic, and the resulting economic uncertainty, could have on their retirement. Of course, those who made a point of planning for a financial slump – knowing it’s never a matter of if, but when a market downturn might happen – are generally in [...]
Americans make plenty of mistakes when it comes to planning for retirement, the biggest of which is not saving enough. In fact, a recent GOBankingRates survey found more than half of Americans will retire broke. Find Out: 27 Best Strategies To Get the Most Out of Your 401(k) Even if you have made saving a priority, however, [...]
COVID-19 had an immense impact on the economy and caused wild swings in financial markets, but it also provided a couple of big lessons when it comes to retirement planning: Prepare as best you can for anything, and learn quickly from your mistakes. With 2020 now behind us, here are a few tips on how [...]
The Covid-19 pandemic is triggering a retirement rethink for many Americans. A survey by the National Institute on Retirement Security (NIRS) found that about half of Americans are now more concerned about their retirement security in light of the Covid-19 pandemic and are considering the possibility of working longer. At the same time, the pandemic [...]
As her parents grew older, Carol Marak saw how they relied on their three children for care and knew that wouldn’t be an option for her. Without a partner or children, she would have to build a different future for herself. Marak, 69, of Dallas, decided she had to learn as much as possible about [...]
Do you plan to "retire in place" and stay in your current area, or are you interested in retiring in a different state? In either case, you may want to consult an annual study by WalletHub if retirement is imminent. The study ranked all 50 states using 41 statistical metrics that were weighted and grouped [...]
Social Security benefits are probably going to be important to your financial security in retirement. But you need a realistic assessment of what they will -- and won't -- do for you. Unfortunately, many Americans either overestimate the financial help Social Security will provide or are too gloomy about the program's prospects. To better understand [...]
How much income will you need in retirement? Here’s an eight-step plan for figuring that out. 1. Start with your current income. As an example, let’s assume you make $100,000 annually. 2. Assume some inflation. No one knows what inflation rates will be between now and your retirement. What we do know is that postage [...]
A brisk walk around the block several times a week could do wonders to preserve a healthier mind - as well as body - as you age, a new study suggests. In a year-long study conducted by University of Texas, Southwestern, researchers found that middle aged and older Americans scored higher on cognitive tests and were [...]
Given the various ways in which retirement resources might be taxed, it is important to consider that the potential tax liability could account for a significant share of retirement assets, according to a new study. In fact, households in the aggregate will have to pay about 6% of their income in federal and state income [...]