I recently saw an interview with the Acting Director of the Social Security Administration (SSA) discussing retirement preparedness in the US. The statistics she gave were startling: For 61 percent of elderly beneficiaries, Social Security provides the majority (more than 50 percent) of their … [Read more...] about How much will I get from Social Security?
Whether you're a twenty-something who has just gotten your first job or you've been out in the world of work for decades, here is how to start investing. First of all, good for you! The earlier you start saving, no matter how much it is, the more money you will have later. And if you're … [Read more...] about How to get started investing
Medicare open enrollment is a time each year during which people who are on Medicare can change their health plans or their prescription drug coverage for the following year. This year’s open enrollment period is from Oct. 15 through Dec. 7. Here are your benefit options: Original Medicare: … [Read more...] about Medicare open enrollment: How to pick a plan
We don't like to talk about the end of our lives, but it's something that is important to plan for, both for ourselves and for those we leave behind. These days, estate planning includes not only who will inherit our worldly goods when we die, but also what will happen to our digital … [Read more...] about What happens to your online life when you die?
As retirement gets closer, Americans know they need to save more. But what is the best approach for the over 50 crowd? As you near the end of your working life, are you better off putting money in a company 401(k), an individual retirement account or a health savings account? The self-employed, who … [Read more...] about Best savings options for people near retirement
For many, investing is scary. Memories of the financial crisis and stock market crash of 2008 and 2009 and the tech bubble burst in the early 2000s scare many consumers away. On top of that, the myth that you need a substantial amount of capital to start investing persists. With worries about stock … [Read more...] about How to find extra money to invest this year
Many Americans fear they’ll never be able to retire, but there are those who are able to retire early, saying goodbye to the rat race before they hit 60 and pursuing their true passion. For many, that passion includes continuing to work, but at their own pace and doing something they truly … [Read more...] about Early retirement: How 3 people did it
We've all heard the sad stories: A senior citizen was fleeced out of his home by an unscrupulous caregiver. A home repair worker turns out to be a thief who takes all the jewelry. A call announcing you've won a prize turns out to be a ploy to get you to empty your bank account. As fast as law … [Read more...] about How to protect yourself (or your parents) from scams against seniors
As the baby boomers get older, they face an important question: Who is going to take care of them when they can no longer care for themselves? About 13 percent of Americans try to answer this question by buying long-term care insurance, which is a fraction of those who will need help. Yet issues … [Read more...] about Should you buy longterm care insurance?
Now that taxes are out of the way, it’s time to think about paying yourself. Whether you are saving for retirement, a college education or just some random future item, you may well be using mutual funds. Mutual funds are investments that pool money from many individuals. A professional portfolio … [Read more...] about Don’t let mutual fund fees eat up your savings
Retirement plans are supposed to be simple, but they are more complex than we'd like. That sometimes makes them seem so impossibly complicated that the best thing is just to do nothing. Doing nothing is precisely the wrong thing to do; the complexity isn't nearly as complicated as it is sometimes … [Read more...] about Managing retirement plan rollovers
We've all heard the warnings and are well aware that we should save more for retirement. It's always a good time to take concrete steps to do just that. Uncle Sam wants you to save for retirement so much that the federal government has created a number of tax-advantaged retirement accounts, … [Read more...] about 7 types of retirement savings accounts