Saving for retirement is confusing — it’s no surprise we make mistakes along the way. Luckily, there are strategies to get back on track. Below, financial planners share the most common mistakes, and how they help their clients recover.
Jeston Walker announced his retirement from the Gary Police Department in Indiana. After making his final radio sign-off, what Jeston heard on the other end from his brothers in blue brought him to tears. Jeston's fellow officers offered him words of appreciation and encouragement for his retirement on his last day on the police force. [...]
When it comes to retirement planning, many Americans find themselves underprepared. A majority of baby boomers (born between 1946 and 1964) and Generation X’ers (born between 1965 and 1978) often end up without retirement savings or don’t have realistic expectations about post-retirement costs. According to the Insured Retirement Institute, only 25 percent of boomers are confident [...]
When you're trying to balance multiple financial responsibilities at the same time, saving for retirement may seem like a lesser priority than your other tasks. In fact, 42% of workers say they don't want to think about retirement planning until they get closer to retirement age, a survey from the Transamerica Center for Retirement Studies [...]
Millennials have their work cut out for them when it comes to prepping for retirement. A new Wells Fargo survey of 2,700 US workers and 1,000 retirees uncovered a huge distinction between how baby boomers pay for retirement and how their kids plan to pay for their own in a few decades. The survey ultimately found [...]
Are you leaving money on the table when you retire? The answer is likely a resounding YES! (Whether you realize it or not.) You want and need every penny you can muster to fund a secure future. So,, it is important to take advantage of every opportunity to increase your assets and make smart use [...]
For many retirees, even those who have meticulously planned their retirement income, the amount of taxes they are expected to pay may come as an unwelcome surprise. It's understandable. This is a new form of income that they may not be familiar with. "Sometimes they think that because they are retirees, they don't have to [...]
I’m working on a budget for retirement. Could you tell me the expenses that people tend to miss or overlook after leaving work? I’m trying to avoid as many surprises as possible.Good question. “Stealth expenses,” as one retiree described them to me, are waiting behind any number of corners in retirement. The fact that you’re [...]
The Social Security Administration announced key numbers that affect workers and retirees today—a substantial increase in the wage base for workers and a modest increase in benefits for retirees. First the wage base news. The maximum amount of earnings subject to Social Security tax will rise 3.6% to $137,700 in 2020. That means a significantly bigger [...]
Don’t wait until late in the year to take actions in your IRA or 401(k). You might be too late. It can take a while to analyze your choices and determine the best action to take, especially for actions with a lot of variables such as converting part of a traditional IRA to a Roth [...]