DES MOINES — National Retirement Security Month is nationally recognized in October to raise public awareness about the importance of saving for retirement. State Treasurer Michael Fitzgerald is using this opportunity to inform Iowans about the importance of planning for your future. “During this month, all Iowans should review their retirement savings goals, take necessary steps to build a retirement savings and ensure they are managing their funds in a [...]
Only 1 in 5 Americans ages 50 to 75 passed a recent retirement income literacy quiz from the American College of Financial Services. The college asked more than 1,500 retirees and people nearing retirement about topics like investing, medical care, and Social Security. Only a third of those surveyed consider themselves highly knowledgeable about retirement income planning. The overall average score was just 42%. More than half of respondents underestimated life expectancy, and only 32% [...]
Financial professionals may be missing opportunities to help clients understand key risks to their retirement security in these challenging times, according to a study by Allianz Life Insurance Co. These include longevity risk, behavioral risk, market risk and inflation risk.
When many people think about retirement, they primarily think about the lifestyle they look forward to leading. But to be truly prepared, it’s vital to be aware of the “unexpected” expenses of retirement. Below, eight professionals from Forbes Finance Council share expenses those planning for their retirements need to anticipate, as well as tips for preparing to meet them.
If you’re retired and are thinking about downsizing or relocating, and it involves buying a home, you might want to look into how you would finance it. You may discover that qualifying for a mortgage is different from the last time you bought a house. Not only have lenders tightened credit during the coronavirus pandemic, retirees generally have left a steady paycheck behind. It can be tricky for retirees to get a [...]
Retiring from full-time work can be scary financially, when you no longer have a steady paycheck to count on but still have bills to pay. That’s why my “Friends Talk Money” podcast co-hosts Terry Savage, Pam Krueger and I just devoted our latest episode to ways to boost income in retirement. (You can listen to the podcast wherever you get your podcasts.) Let me share some of our advice, as well as [...]