Coronavirus Relief Package Relaxes Rules Allowing Withdrawals from Your 401(k) – but Tapping These Funds May Be Unwise

There’s no doubt about it: $2 trillion is a lot of money. We’re just beginning to get a clearer picture of the details buried in the massive stimulus package passed by both houses of Congress and signed into law last week by President Trump.  The unprecedented bill, passed in record time in response to the…

We’re All Riding on a Financial Roller Coaster – So, Here’s What to Do (and Not to Do) to Survive the Trip in the Best Possible Shape

Any day now, if you haven’t already, you’ll probably be receiving your quarterly 401(k) statement in the mail or on line. It won’t be pretty reading. The stock market over recent weeks has taken the whole country on a wild roller coaster ride, and with all the turmoil it’s hard to know what the average…

Are You Financially Ready to Retire? Here are Eight Warning Signs That Might Suggest the Answer is No

You’ve dreamed about it. You’ve planned for it. But now that retirement is approaching, you might be asking yourself – “Am I ready for it?” In our research here at AgingOptions, we come across a wide range of articles on the topic of retirement readiness, most recently this one from the current edition of USNews.…

Investor’s Business Daily Says These are the Five Biggest Retirement Mistakes People Make – But We Think Something is Missing

As we at AgingOptions scan the headlines for relevant articles to bring to your attention, we run across many that have titles like, “Six Things You Must Do Before You Retire,” or “Four Things You Must Look for in a Financial Planner.” This week we came across another, on the website of Investor’s Business Daily,…

The Capitol Building is where they debate social security benefits.

If You Have a Large IRA, Beware: the Just-Passed SECURE Act May Have Created a “Big Tax Bomb” for Your Heirs

It was a rare bi-partisan moment two months ago in Washington, DC, when the SECURE Act passed both House and Senate by a wide margin. This important piece of legislation, which took effect January 1, 2020, was the first major retirement-related legislation since the 2006 Pension Protection Act. In classic “Washington-speak,” SECURE is an acronym…

As You Make Your Retirement Plans, Don’t Overlook the “Harsh Reality” of Senior Debt

In our “spend now, pay later society,” going into debt is considered normal. Advertisers would have you believe that maxing out the credit card and dipping into home equity to finance the American dream is the patriotic thing to do. But debt can be a heavy burden, especially as we approach retirement. As this recent…

Transamerica Survey Says Over One-Third of Seniors Report Declining Financial Health in Retirement

If retirement is on your horizon, you’ve probably been spending a lot of time wondering how well your finances will hold up once you cut the ties to full-time work. For many retirees, the financial transition to retirement turns out fine. However, that’s not always the case, according to this early 2019 article from Motley…

Many Retirees are Unprepared for Unplanned Expenses, Experts Say, and the Consequences Can Be Costly

A study published last year by the Society of Actuaries shed light on a subject that should be of concern to retirees, according to this 2018 Money magazine article. While many retirees manage their day-to-day budgeting fairly well, a significant percentage are completely unprepared for financial emergencies, and when an unplanned expense comes along, they…

Kiplinger Article Says There May Actually Be More to Retirement Planning Than Money!

Is financial planning all there is to preparing for retirement? As an AgingOptions blog reader and radio listener, you know the answer is, “Of course not.” Yet the way many people behave, you would think all you need to retire successfully is a pile of money. The truth is, we know many who have retired…

Economist Tells CNBC: “It’s Clearly a System Flaw” When So Few Americans Are Able to Save for a Secure Retirement

If you’re facing retirement without enough savings to feel secure, you’re hardly alone. Now a new report from the Economic Policy Institute confirms just how bad things are. Regardless of how old they are, few Americans are anywhere near the point of being financially prepared for retirement, and that, says the Institute, reveals some serious…