There are plenty of good reasons to hold down a job in retirement. Not only can working provide extra income and thereby compensate for a lower retirement plan balance, but it can also serve as entertainment. Many people find it difficult to go from a full-time work schedule to having no place to be all week. Working in some capacity could help structure your days and give you an activity [...]

This past year has been a doozy, and the humble emergency fund is enjoying a moment in the spotlight. As the coronavirus pandemic rages on, it's never been more critical to have a solid stash of savings. But even if your job is secure and you don't foresee any major expenses, it's still wise to have some cash socked away in an emergency fund. Not only will it help you [...]

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 [...]