Your retirement isn’t a game of chance. It is not something to “hope for the best” about, trusting that a landslide of cash will shortly flow our way. That’s not the way retirement works. And believe it or not, that’s a good thing. You have more control over your retirement than you might think. “You win [...]
You may have a very idealistic vision of retirement — doing all of the things that you never seem to have time to do now. But how do you pursue that vision? Social Security may be around when you retire, but the benefit that you get from Uncle Sam may not provide enough income for [...]
Anybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement plan by August 31. IRS Notice 2020-51 provides rollover relief with respect to waived RMDs, permits repayments to inherited [...]
Due to the coronavirus pandemic, 30% of Americans have withdrawn from their emergency fund prematurely. The percentage is significantly higher for millennials: 45% of millennials have tapped their emergency fund, compared to 32% of Gen X and 16% of boomers. The harsh reality is the snowball effect this creates. People are having difficulty managing their current expenses, [...]
Who says you have to completely give up work when you retire? Once all your retirement planning comes to fruition, it can be a great time to relax, but it can also be a time to pursue retirement hobbies that make money to help supplement your retirement income. If you're looking for an activity, you could start [...]
When planning for retirement, the truth is that the earlier you start saving and investing, the better off you'll be, thanks to the power of compound interest. And even if you began saving late or have yet to begin, it's important to know that you are not alone, and there are steps you can take [...]
While most workers are responsible for their own retirement savings these days, high schools don’t have required classes on 401(k)s and Individual Retirement Accounts (I.R.A.s). And colleges usually don’t teach anything about Roth I.R.A.s or 403(b)s. That’s where we come in. Here is what you need to know about saving for life after you stop [...]
The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due to the coronavirus. The CARES Act, the $2 [...]
Numerous studies—both past and current—report a looming shortfall of retirement savings for American workers who are approaching their retirement years. Some people call this a retirement savings “crisis,” whereas others characterize it as a serious retirement planning challenge. MORE FROM FORBESIs There Really A "Retirement Crisis"?By Steve Vernon Regardless of whether you call it a crisis [...]
A simple mindset shift, more bicycle riding, and other small adjustments to your daily routine can move your retirement date years or even decades earlier, personal finance and lifestyle blogger Pete Adeney (a.k.a Mr. Money Mustache) explained to The Motley Fool in an interview three years ago. Since then, his frugal methods have continued to rise in [...]