retirement
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IRS Announces 2021 Retirement Plan Contribution Limits For 401(k)s And More
The burden is on you to stuff your retirement piggy bank. getty How much can you save for retirement in 2021 in tax-advantaged accounts? How does $58,000 sound? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2021. The basic salary deferral amount for 401(k) and similar workplace plans remains flat at […] More
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Prepare For This Unexpected Retirement Risk
It’s smart to think ahead and plan for the time in your life when you might need care. getty Pre-retirees face several potential risks during retirement that require their focused attention and planning, such as outliving their money, stock market crashes, inflation, and the high cost of medical bills. Now the COVID pandemic has exposed […] More
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Recession Risks Draining Social Security Retirement Trust Fund 1-5 Years Earlier Than Expected
The Covid-19 recession risks draining the Social Security Trust Fund one to five years earlier than its Trustees had projected, says a new study from the Bipartisan Policy Center, a Washington-based think tank. The Trustees had estimated the retirement fund would run out of money in 2034 which was estimated to lead in cuts to […] More
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Why You Shouldn’t Fear For Your Retirement Come This Election Day
getty It’s a common theme during election season: this candidate (or that candidate) spells doom (or boon) for your 401(k). While this may be the soundbite you hear, digging deeper will allow you to discover the justification for the concern (or the promise). This presidential election is no different. “It matters who wins the election […] More
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Retirement Finance In A Low Interest Rate Economy (Homeowner Retirees Can Benefit If They Select The Right Reverse Mortgage)
Senior couple (60yrs) paying bills at home getty Low interest rates were great when you were young and needed to finance the purchase of a car or a house. Now that you are older, and at least partly dependent on the income generated by the assets you accumulated earlier, the low rates that exist today […] More
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Should My Spouse File Early So I Can Take Social Security Spousal Benefits At 66?
Economic Security Planning, Inc. Today’s column addresses questions about early filing and restricted applications, retroactive spousal benefits, choosing which ex’s record to file on and potential effects of foreign pensions on divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which […] More
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3 Social Security Strategies to Bankroll Your Retirement | Business
(Selena Maranjian) Fully 69% of workers are confident that they’ll have enough money in retirement, per the 2020 Retirement Confidence Survey, and that’s great — it’s a solid majority. But it also means that 31% are not confident about their retirement preparedness. The best remedies for that minority include saving and investing more, and investing […] More
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3 Social Security Strategies to Bankroll Your Retirement | Personal Finance
(Selena Maranjian) Fully 69% of workers are confident that they’ll have enough money in retirement, per the 2020 Retirement Confidence Survey, and that’s great — it’s a solid majority. But it also means that 31% are not confident about their retirement preparedness. The best remedies for that minority include saving and investing more, and investing […] More
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How To Avoid Costly Financial Mistakes During Open Enrollment
Most employees buy more health insurance than they need and save less for retirement than they should, according to a recent study from the TIAA Institute. This study provides a cautionary tale for millions of employees making benefits decisions during open enrollment. Researchers studied four years of data from a large university to identify mistakes employees made […] More
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5 Ways Your 401(k) Will Catapult You to Your Retirement Goals | Smart Change: Personal Finance
4. Reduces taxable income Your 401(k) gives you more bang for your buck by reducing your taxable income. If you contribute to a regular savings account, you’re doing so with after-tax dollars. When you add money to your traditional 401(k), it’s being taken out of your paycheck before you pay taxes, and the amount that […] More
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It’s Never Too Early to Save for Retirement – The Denver Post
Whether your retirement dreams involve a cozy mountain cabin, or jet-setting around Europe, all of them have one thing in common: planning. More than just dollars and cents, planning for retirement means creating a clear picture of what life after work looks like to you, and developing a reasonable plan to get you there. Alexandra […] More
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Why Social Security Means More To Your Retirement Than You Think
getty There are many people who feel that Social Security will not factor much in their retirement plans. They feel the benefit is too low to impact the quality of their retirement and that it may not be around much longer. In 2019, the average monthly benefit for Social Security was $1,427 for a single […] More
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