Summary Although it began as a retirement income program, over the years Congress has greatly expanded the benefits that Social Security provides. Overall, the federal government’s budget is more than $4 trillion a year. The biggest portion of that goes to Social Security beneficiaries. By 2035, Social Security will only be able to pay 79% [...]
Turning 50 is a big deal, especially in your financial life. After turning 50, it's time to start rethinking the way you've always done things, become a little bit more conservative with your investments, and start planning ahead. Rhian Horgan, CEO of financial technology company Kindur, and founder of retirement planning app Silvur, says that there are four [...]
By now you’ve probably heard of the SECURE Act, and that it’s the most significant piece of retirement legislation to become law in more than a decade. You also may have read that its changes could affect nearly every saver in the U.S. — from those just starting out in their careers to those already retired. If [...]
The 4% rule doesn’t apply in today’s low-interest world, said a retirement researcher who also is the author of several books on retirement planning and spending. Wade Pfau talked about the impact of current events on retirement income planning Thursday during an online town hall meeting held by the National Association of Insurance and Financial [...]
A retired Atlanta Police Department sergeant knew that when she got her stimulus check, she wanted to "make a difference" with it. Retired Sgt. Carrie Mills loved her job and loves her city. She said it’s been breaking her heart to see people struggling in the midst of this pandemic. Mills doesn’t go out to [...]
If you've been planning on retiring soon, recent events may have you rethinking your choice. The coronavirus crisis has led to some significant declines in the stock market that may have affected your retirement account balance. Millions of Americans have also been left unemployed or with reduced income. For some Americans, delaying retirement simply won't be [...]
The coronavirus is affecting more than just our health. For some, our entire financial wellbeing is potentially turning upside down as overtime and part time jobs have been all but eliminated. For others, our spouses are facing layoffs, furloughs, or reduction in work hours. Some were just about to pull the plug to retire and [...]
The world is upside down. The only thing that is certain is uncertainty. If you’ve been planning to retire in the next 18 months, you’re likely wondering whether you should make the exit you’ve been dreaming about or keep working until the chaos from the pandemic passes. It’s a big question with no easy answer. A new study [...]
You were convinced you could keep all or most of your savings invested in the stock market, maximize your earnings and then, somehow, choose just the right moment to move your money to something safer. How’s that working out for you, given the uncertainty we’re experiencing right now in the U.S. and globally?
When I first notified my agency of my plans to retire at the end of 2018 after serving 21½ years I was met with a lot of skepticism. People commented that I would be back within a year and that they would keep my locker ready. Some even mentioned betting with each other on how [...]