How will you pay for long term care? The sad fact is that most people don’t know the answer to that question. But a solution is available. As baby boomers leave their careers behind, long-term care insurance will become very important in their financial strategies. The reasons to get an LTC policy after age 50…
Read MoreAre you planning for your retirement? You may be alone! A new report released today by the Employee Benefit Research Institute titled the Retirement Confidence Survey tells a sad story for U.S. workers and saving for retirement. Here are the three shocking numbers (or more accurately, the lack of numbers): 57% of U.S. workers surveyed…
Read MoreHow do you picture your future? If you are like many baby boomers, your view of retirement is likely pragmatic compared to that of your parents. That doesn’t mean you have to have a “plain vanilla” tomorrow. Even if your retirement savings are not as great as you would prefer, you still have great potential…
Read MoreThe American Taxpayer Relief Act of 2012 (ATRA) brought major changes to federal tax law, and it profoundly impacted retirement and estate planning. Here is an overview of seven big changes particularly relevant to retirees and/or those approaching retirement age. Federal income tax brackets were altered. Where we once had six tax brackets, we now…
Read MoreSocial Security benefits have increased 1.7% this year. This doesn’t come close to the 3.6% boost retirees got for 2012, but it does mark the second straight annual cost-of-living adjustment. (After a hefty 5.8% COLA for 2009, there were no COLAs for 2010 or 2011). So for 2013, the average monthly Social Security payment going…
Read MoreIn March, Social Security will stop mailing checks to all but a small percentage of retirees. About 5 million seniors still get their benefits in the form of a check – and if you are one of them, what alternatives do you have for the future? The new options: direct deposit or a Direct Express…
Read MoreThe IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies, because it offers savers so many potential advantages. The key argument for going Roth can be summed up in a sentence: Paying taxes on…
Read MoreThe importance of budgeting. You won’t be able to withdraw an unlimited amount of money in retirement, so a retirement budget is a necessity. Some retirees forego one, only to regret it later. Run the numbers before you retire. Years before you leave work, sit down for an hour or so and take a look…
Read MoreA big payout leads to a big question. If you are taking a lump sum pension payout from your former employer, what is the next step for that money? It will be integral to your retirement; how can you make it work harder for you? Rolling it over might be the right thing to do.…
Read MoreTime to boost your IRA balance. In 2013, you can contribute up to $5,500 to your Roth or traditional IRA. If you will be 50 or older by the end of 2013, your contribution limit is actually $6,500 this year thanks to the IRS’s “catch-up” provision. The new limits represent a $500 increase from 2012…
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