Most people spend the majority of their working years planning for their retirement. You diligently save and invest, hoping that your nest egg will grow. When you retire, worrying about running out of money shouldn't be a concern. This is why it's extremely important that you plan for longevity in your retirement planning process by doing these four things. Image source: Getty Images. 1. Know your life expectancy If you [...]

The fear strikes when retirement becomes a realistic option: Will I run out of money? The question is pressing since corporate America abandoned pensions for 401(k)s. The 401(k) puts the risk on employees, including how much to invest and how much to withdraw during retirement. Figuring out how to invest in a retirement savings plan was hard enough, but the uncertainty pales to calculating how much you can withdraw from [...]

If you designate beneficiaries for your retirement accounts, that’s usually a surefire way to pass those assets directly to your desired heirs without going through probate—but not always. Because those beneficiary designations are so important, you should verify your choices every year in case there’s a change due to, say, marriage, birth, divorce or death. Especially marriage and divorce. Which brings me to a crucial issue: When dealing with IRA and 401(k) [...]

Suzy rings up another customer in a party supply store. Surrounded by bright, bouncing balloons celebrating everything from anniversaries to birthdays, Suzy scans a bag of blue plastic spoons while speaking to a friend. Leaning across the checkout counter between bouquets of mylar balloons, the friend gleefully asks, “Hey Suzy! Your birthday is coming up, isn’t it?” Reluctantly Suzy responds, “Yeah, it’s the big 6-6,” as she tosses a package [...]

The start of a new year is a great time to get your finances in order. This is especially important for seniors who may be living on a fixed income and whose decisions about money could have a profound effect on their security in their later years. There are three specific tasks retirees should complete ASAP to make sure they're on track for a good 2021 -- and are securing [...]

The start of a new year is a great time to get your finances in order. This is especially important for seniors who may be living on a fixed income and whose decisions about money could have a profound effect on their security in their later years. There are three specific tasks retirees should complete ASAP to make sure they're on track for a good 2021 -- and are securing [...]