How Athletes Go Bankrupt I just read about professional hockey player Jack Johnson’s financial troubles. We’ve heard this story many times before with other athletes and celebrities, but I still get sick to my stomach every time I see this because it is entirely preventable. There is no reason an athlete who works for nine…
Read MoreWomen are taking action to approach retirement with greater confidence. Some recent, intriguing survey data indicates that women are planning their financial futures with some degree of pragmatism, but also with considerable motivation. One of the key motivations, it seems, is receiving financial advice. Results from a new TIAA-CREF survey (and other studies) bear this…
Read MoreNow or later? When it comes to the question of Social Security income, the choice looms large. Should you apply now to get earlier payments? Or wait for a few years to get larger checks? Consider what you know (and don’t know). You know how much retirement money you have; you may have a clear…
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Are 90% of articles written about retirement pessimistic? Sometimes it seems that way. Repeatedly, we are reminded that most baby boomers haven’t saved enough for the future. There’s no denying this, but the media is giving short shrift to other, more positive developments that may be improving the economic and retirement outlook for many Americans.…
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Why do people open up Health Savings Accounts in conjunction with high-deductible insurance plans? Well, here are some of the compelling reasons why younger, healthier employees decide to have HSAs. #1: Tax-deductible contributions. These accounts are funded with pre-tax income. Your annual contribution limit to an HSA depends on your age and the type of…
Read MoreThe IRS announced retirement plan contribution limits for 2015. A little inflation means a little adjustment. As the Consumer Price Index is up 1.7% over the last 12 months, the federal government is giving Social Security benefits a 1.7% boost for 2015 and lifting annual contribution limits on key pension plans as well. 401(k), 403(b),…
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When you turn 50, retirement starts to seem less abstract. In terms of retirement planning, a 50th birthday can act as a wake-up call. It may offer a powerful reminder to trailing-edge baby boomers and Gen Xers, many of whom are wrapping up their second act with inadequate retirement savings for their third. You may…
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Good news savers! The IRS announced today new 2015 retirement contribution limits for retirement accounts. Here’s what you need to know: 401(k) The elective deferral (contribution) limit for employees who participate in a 401(k) plan is increased from $17,500 to $18,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k) plans is…
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As every calendar year ends, the window slowly closes on a set of financial opportunities. Here are several you might want to explore before 2015 arrives. Don’t forget that IRA RMD. If you own one or more traditional IRAs, you have to take your annual required minimum distribution (RMD) from one or more of those…
Read MoreDo you contribute to a qualified retirement plan at work, such as a 401(k), 403(b) or 457 plan? Does your account have a large balance? If so, you’ll be glad to hear about a new IRS ruling that may give you a nice tax break in the future. At some point in your life, you…
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