Today's column addresses questions about eligibility to take retirement benefits at 70 after taking spousal benefits at full retirement age, filing early as the lower earner or delaying and finding current and future benefit estimates after filing for other benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president [...]
The coronavirus has wreaked havoc all across America, with skyrocketing unemployment, a volatile stock market and countless businesses going under. One group that has been hit particularly hard has been retirees, or those looking to retire soon. Between loss of income, dropping 401(k) values and general uncertainty, it’s been a hard time to plan a stable [...]
If you're a college football fan, perhaps you've thought about retiring to Alabama, once fans can once again congregate past COVID restrictions. But there are also non-football reasons to spend your golden years in the Yellowhammer State — like relatively low taxes for retirees. While most people end up paying the highest income tax rate, [...]
When you're planning for retirement, it's fun to contemplate all the travel, rounds of golf and restaurant meals you have ahead of you. You've earned it! However, many retirees don't take into consideration the cumulative impact of federal and state income taxes on withdrawals from their nest eggs. Most forms of retirement income — including Social [...]
After years of long work hours, responsibilities at home with the kids and busy schedules, retirement can be a great time to reconnect with a spouse — so long as they’re aware of each other’s goals for this next chapter. Retirement Tip of the Week: Before you even think about leaving the workforce, talk to [...]
The COVID-19 pandemic and shutdown upended our lives on multiple fronts. While enduring widespread unemployment and the economic downturn, many Americans leaned on their retirement accounts to help make ends meet. If you experienced retirement savings setbacks, consider using these strategies to refill your retirement bucket in 2021 and beyond. Reassess your situation “If you [...]
QUESTION: I’m living on just my retirement during this pandemic. How can I stretch my dollars? ANSWER: Making ends meet on what normally is a limited monthly income can be challenging for many retirees and that’s particularly true during a pandemic. COVID-19 mandated restrictions have reduced some routine expenditures, such as eating out in restaurants, [...]
It's scary to stop earning income when you stop working, but everyone dreams of a comfortable retirement, so it's a bridge you'll have to cross eventually. Popular sources of retirement income, such as Social Security and retirement accounts, might be enough to cover bills for most investors, but there are several alternative cash flow opportunities that are [...]
A group of small investors who frequented an internet chat board produced mammoth gains in GameStop stock in recent days, while saddling big Wall Street players with elephantine losses. In the fallout, the popular stock-trading app Robinhood and several hedge funds are reeling, even as some of the GameStop investors have moved on to other [...]
Retirement savings challenges are derailing many workers amidst the Covid-19 pandemic. The resulting economic crisis is taking a toll. The retirement savings challenges last year disrupted many employees’ ability to build their retirement balances. Fortunately, a single year cannot spell disaster for retirement savings – so long as it does not become a pattern that persists for [...]