Did you know that older Americans spend more on home and home-related products and services than on health care? As they are nearing their retirement age, many Americans are asking themselves: “Should I pay off my mortgage?” Read further to see why you may want to
Social Security has become a popular topic recently thanks to a growing number of retiring baby boomers. If you are one of those 76 million individuals planning to retire soon, you should consider the following Social Security strategies outlined by Retirement and Financial Planning Specialist Gail Buckner in his Your $ Matters column. Click the link to learn more.
A recent tax court case decision changed the interpretation of the “one-rollover-per-year” rule, resulting in more restrictions on IRA rollovers. Starting January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA per year, no matter how many IRAs you have. However, you are still allowed to make as many transfers from trustee to trustee as you want and as many rollovers from traditional IRAs to Roth IRAs (“conversions”) as you want. Read more
Advice from Mr. Money Mustache who retired at 30 and has been a stay-at-home dad for the past nine years. For many Americans, the idea of early retirement must sound like a delusion. Our confidence that we have enough money saved for retirement has been at historically low levels according to the 2014 Employee Confidence […]
Statistics presented by TIAA-CREF indicate that large majority of grandparents do not share their financial history or wisdom with their grandchildren. It also indicates several misconceptions the boomer generation has about the cost of a present-day college education. Joseph Stabnick has several tips for grandparents to pass down solid financial advice to their grandchildren and help them save for college.
According to a report by Kaiser Family Foundation, a couple retiring in 2014 will spend an average of $220,000 out-of-pocket for a variety of expenses including Medicare premiums, supplemental insurance, hospital readmission and other medical services. Preparing for retirement is becoming increasingly more costly and it is imperative that one prepares for a comprehensive retirement
Newly released data from Fidelity Investments indicates that Americans are saving more for retirement. The trend is consistent across people in all age demographics over the past year, with IRA contributions reaching record highs. Given America’s obsession with short term gains in recent years, experts are encouraged at the development. Find out more here
When individuals plan for their retirement, many make several mistakes. Although it is highly unlikely that one can perfectly prepare for the financial ailments of the future, Kelly Campbell highlights five significant mistakes that you can avoid when preparing for retirement. Find out what they are here
Under the Foreign Account Tax Compliance Act, which has gone into effect starting July 1, the IRS now has the capability to assess an individual’s financial assets held in foreign institutions. This capability is unprecedented and represents the dynamically shifting global atmosphere of information sharing between governments and businesses. FATCA aims to attain maximum transparency and optimize tax revenue. However, it is uncertain what type of effect this will have on American citizens
Delaying one’s retirement is seemingly daunting, as many look forward to the relaxation and leisure associated with traditional retirement. However, this recent analysis finds that working for a longer time entails many benefits that transcend the benefits of a comfortable, but disengaged life. Working through retirement brings mental happiness as well as physical strength to ensure a longer, healthier life, and can bring more financial security.
