Retirement should inspire thoughts of mixed drinks on the beach and long afternoons with the grandkids. But for many people, just mentioning the word spurs anxiety. Younger Americans are waiting too long to put money away, middle-aged workers rarely make up for lost time and people approaching retirement hope to hold onto their jobs long enough to save just a few dollars more. Most people know they should be doing [...]

During your working years, you're supposed to do your best to sock away money in an IRA or 401(k) plan. But that money shouldn't just sit in cash. Rather, you should invest it for growth. The same applies during retirement. Once you stop working, you should plan to keep your IRA or 401(k) invested so it continues to grow (though it's wise to retain a portion of it in cash, in [...]

Today's column addresses questions about eligibility to take retirement benefits at 70 after taking spousal benefits at full retirement age, filing early as the lower earner or delaying and finding current and future benefit estimates after filing for other benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner. See more Ask Larry [...]

The coronavirus has wreaked havoc all across America, with skyrocketing unemployment, a volatile stock market and countless businesses going under. One group that has been hit particularly hard has been retirees, or those looking to retire soon. Between loss of income, dropping 401(k) values and general uncertainty, it’s been a hard time to plan a stable financial future. Find Out: How To Protect Your Retirement Savings During the Coronavirus Pandemic Yet, there [...]

If you're a college football fan, perhaps you've thought about retiring to Alabama, once fans can once again congregate past COVID restrictions. But there are also non-football reasons to spend your golden years in the Yellowhammer State — like relatively low taxes for retirees. While most people end up paying the highest income tax rate, it's not too bad at only 5%. Plus, Social Security benefits and payments from traditional [...]

When you're planning for retirement, it's fun to contemplate all the travel, rounds of golf and restaurant meals you have ahead of you. You've earned it! However, many retirees don't take into consideration the cumulative impact of federal and state income taxes on withdrawals from their nest eggs. Most forms of retirement income — including Social Security benefits, as well as withdrawals from your 401(k)s and traditional IRAs — are taxed [...]