If you’re in your 50s, retirement is on the horizon. Here are some important financial planning decisions you need to avoid. Don’t dip into retirement. With the average employee having seven careers in a lifetime, there’s a possibility that you’ll experience seven or more temptations to cash out an IRA rather than roll it over. …
Winning the lottery doesn’t make the top 10 sources of retirement income, yet it’s often a major part of many people’s retirement plans. The top ten list by the way goes something like this: Retirement savings accounts Home equity Pension plans Social Security Certificates of Deposit Stocks and mutual funds Retirement jobs Annuities or insurance…
The primary difference between Roth IRAs and traditional IRAs is the point at which your investment is taxed. Contributions to a Roth IRA are not tax-deductible and withdrawals are generally tax-free. The benefit to Roth IRAs is that there are fewer restrictions and requirements. For inheritance purposes, passing a traditional IRA to your children means…
Owning a home is part of the American dream, or at least it has been. It’s a bit up in the air for the Millennials and while that gets sorted out, the Baby Boomers are still keen to own their own home. A US News story looked at seven housing trends for Baby Boomers which…
By 8:30 at night, my mind starts to shut down. For me, staying up late means staying up until 10 or maybe even 11. I honestly take a nap to make it late enough to see New Year’s. I share this trait with my long-suffering dad. My mom, on the other hand, starts to warm…
If you are retiring in 15 to 20 years, you’re probably already aware that projected Social Security shortages are expected to cut those benefits by nearly 25 percent during that same time frame. This suggests that the U.S. government needs to get on the stick and find a solution to those projected shortages. One of…
By Emily Study A recent column published by the Wall Street Journal states that using proceeds from a reverse mortgage could help retirees strategically maximize the after-tax value of their wealth. In his column, Wade Pfau — a professor of retirement income at The American College in Bryn Mawr, Penn. — suggests that reverse mortgage…
The other day I purchased a shirt from a big box store. As I stood in line waiting to check out, the woman ahead of me asked to use her reward card even though she didn’t have it on her person. “Sure,” said the sales clerk. “Just give me your Social Security number.” I flinched…
Experts project that by the time 2020 rolls around in just five years, the American health care field will see a shortage of 20,400 primary care physicians. One thought is that primary care nurse practitioners (NPs) and physician assistants (PAs) could relieve some of the strain since their numbers are increasing more rapidly than the physician…
Some notable and financially astute people suggest you hold off on retiring your mortgage early and consider investing extra money in retirement savings plans instead. After all, the theory goes; if you take that extra cash and invest it, you will have compounding interest on your side. There are other advantages to using that money…
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