Do Retirees Need A ‘Living Wage’ – And What Does That Mean?
Yes, I have been calling for a comprehensive Social Security reform ever since I began writing at this platform. And, yes, that plan calls for a change from the current formula to a flat benefit for all, or, as I’ve also called it, a “basic retirement income.” The catch, of course, is this: how do […]
10 Costly 401(k) Rollover Mistakes To Avoid Now
Mistakes when rolling over your old 401(k) can be quite costly and annoying. Sadly, these mistakes are also quite common. On a happier note, these 401(k) rollover mistakes are easy to avoid. First off, not all assets in your 401(k) can or should be rolled into an IRA. Ignoring this can cause expensive tax problems […]
New Year’s Resolutions: Financial Moves To Make For 2021
We’ve made it through the disaster of 2020. It’s a new year, which means it’s time to set our goals and resolutions for the months ahead. Here are my recommendations on what to do now to help you have a successful year financially. Many companies were unable to offer raises to their employees this year, […]
7 Common And Costly Social Security Mistakes
Social Security is an important source of income for most U.S. retirees. On average it accounts for almost 40% of retirement income. Social Security becomes more important the longer a person is retired, often accounting for 50% or more of income for older retirees. Yet, many retirees make decisions that cost them additional lifetime benefits […]
60% Of Workers Dipped Into Retirement Funds During 2020
Workers’ retirement accounts have been hit by the COVID-19 recession. Kiplinger Personal Finance and Personal Capital’s November survey revealed nearly 60% of older American workers withdrew or borrowed money from an IRA or 401(k) during the pandemic, and nearly two-thirds used those retirement savings to cover basic living expenses. We saw hints that withdrawal rates […]
What If Your Target-Date Retirement Funds Really Stink?
For most investors, Target-Date (TDFs) or Lifestyle Funds are a great idea. They reside in your 401(k) as a basket of mutual funds. Professional managers pick them and adjust risk based on your age. The closer you are to retirement — your “target date” — the lower the stock market risk in a TDF portfolio. […]
Congress Moves To Fix Medicare Enrollment, But Misses The Biggest Problem
In its massive end-of-year spending bill, Congress slipped in some important changes that may improve Medicare coverage for hundreds of thousands of older adults who don’t enroll when they first are eligible. Unfortunately, lawmakers only did half the job. The changes will help, but Congress chose to ignore the real cause of the problem. This […]
Check Out These 10 Medicare Tips For 2021
2020 is coming to an end. If you’re on Medicare, here are some tips to help ensure you’re on the best track for the new year. Two things happened during Open Enrollment that merit giving some attention to your drug plan’s network. One national chain seemed to be out of network in more plans than […]
Retirement And Investing Lessons From My Grandfather
It is said that the Americans who stormed the beaches of Normandy and saved the world from the ultimate evil are members of the “Greatest Generation.” I believe the name can also apply to the many people who lived through World War II in Europe and moved to the United States to create a new […]
Should You Buy Individual Stocks or Stick to Mutual Funds?
Even better would be to own a few of the top performers not in the S&P 500 — such as Tesla (TSLA), up 598.9 percent, and vaccine maker Moderna (MRNA), up 620.9 percent. Tesla, by the way, is the sixth-most-valuable U.S. stock. The company’s stock will be admitted to the S&P 500 on Dec. 21. […]