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 Advisors. Pfau is professor of retirement income in the PhD in Financial and Retirement Planning [...]
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 eat much, but says she’s been particularly heartbroken for people in the service industry who [...]
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 an option, either because you've already set your plans in motion or because your job [...]
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 now our whole world has been rocked with retirement accounts that have lost a lot [...]
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 from SimplyWise, an online platform offering retirement advice, found that when the stock market dropped [...]
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?