Autumn is making its way into State College, Pa. home to Penn State University. The days are shorter, the nights are cooler and trees are beginning to burst with color. But for local retiree Greg Guise, 67, fall’s arrival is falling a bit short this year. Due to the coronavirus, the football season for his beloved Nittany Lions has been delayed nearly two months and once the team does start [...]

When you’re doing your retirement planning, it’s easy to ignore one vital topic: How much taxes will I owe on my retirement income? Frankly, it’s a hornet’s nest. But the topic of taxes and your retirement income is vitally important for your retirement planning. Anqi Chen and Alicia H. Munnell of the Center for Retirement Research at Boston College analyzed data from the federal Health and Retirement Study, on 3,419 [...]

Though Social Security serves as a steady source of income for millions of seniors, many can't live on those benefits alone. Rather, they need additional income to cover their expenses, whether it comes in the form of retirement plan withdrawals or earnings from a part-time job. In fact, the latter option is becoming increasingly popular, with 73% of workers today saying they intend to hold down a job after claiming Social Security, according to [...]

FOR THOSE WHO HAVE PAID off their home or only have a small mortgage, a reverse mortgage may be a way to help cover retirement expenses. A reverse mortgage allows you to borrow against the equity you’ve built up in your home. By doing so, you can supplement your income and remain in your current home. What Is a Reverse Mortgage? RELATED CONTENT The Best Reverse Mortgage Lender A reverse mortgage works differently than [...]

Retirement should be your time to relax and enjoy life, without alarm clocks and meetings. Unfortunately, saying goodbye to your boss also involves saying goodbye to your paycheck. If you haven't already saved ample funds to a 401(k), IRA, Health Savings Account, or a regular old savings account, you may be nervous about making ends meet. Social Security certainly isn't going to cover your lifestyle on its own. And it's tough to [...]

Retirement savings plans generally offer several choices for those changing jobs or retiring. This article discusses the "distribution options" you can generally choose from in deciding how you want the money in your plan treated. What is a distribution? A distribution is simply defined as a payout of the amount of money that has accumulated in your retirement savings plan. This may include amounts you have contributed, the "vested" portion of any [...]