Retirement Planning

How many 401(k)s have more than $100k in them? According to the Employee Benefit Research Institute (EBRI), the average 401(k) balance at the end of 2012 was $63,929. Even with stocks rising last year, the average balance likely remains underwhelming. Is this enough money to retire on? No – and this is only part of…

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. *April 1 is the absolute deadline to take an initial IRA Required Mandatory Distribution (RMD). *April 15 is the deadline for making annual contributions to a traditional or Roth IRA. Let’s discuss the contribution deadline first,…

Little things matter. When planning for retirement, people naturally think about the big things – arranging sufficient income, amassing enough savings, investing so that you don’t outlive your money, managing forms of risk. All of this is essential. Still, there are also little financial adjustments you can make at mid-life that may pay off significantly…

Here are six things you need to know about Social Security in 2014. For clarity’s sake, here is a rundown of what is changing next year, and what isn’t. Social Security recipients are getting a raise – but not much of one. Next year, the average monthly Social Security payment will increase by $19 due…

Some people start saving for retirement at 20, 25, or 30. Others start later, and while their accumulated assets will have fewer years of compounding to benefit from, that shouldn’t discourage them to the point of doing nothing. If you need to play catch-up, here are some retirement planning and savings principles to keep in…

There is seldom a dull moment on Wall Street. Stocks may rise or fall dramatically over the course of a year or a decade. Sometimes, breaking news may tempt you to pull money out of a 401(a) plan or 457 plan, or greatly reduce your contributions to either. If you’re considering such moves, think twice.…

Here are 6 things you need to know about Social Security in 2014. For clarity’s sake, here is a rundown of what is changing next year, and what isn’t. Social Security recipients are getting a raise – but not much of one. Next year, the average monthly Social Security payment will increase by $19 due…

The IRS has made minor adjustments to retirement plan contribution limits for 2014. As inflation has been tame in 2013, these COLAs aren’t dramatic; as a result, some retirement plans won’t see any next year. Here is a roundup of the changes for 2014. IRAs. Not much change here: the 2014 contribution limit is still…

Before retirement begins, gather what you need. Put as much documentation as you can in one place, for you and those you love. It could be a password-protected online vault; it could be a file cabinet; it could be a file folder. Regardless of what it is, by centralizing the location of important papers you…