News Analysis Fretting over your 401(k) lately? For all the current turbulence in these retirement plans—from their rocky recent market performance to asset managers’ politicization of their investments through the “environment, social and governance” agenda—the main problem lies in their flawed design decades ago, a range of retirement experts say. They say many retirees—particularly the…
Lost Retirement Horizon: Why 401(k)s Are Not OK (and Not Just Because of the Lousy Economy)
Retirement: Don’t Overlook New Rules Governing Inherited IRAs
By Sandra Block From Kiplinger’s Personal Finance The Internal Revenue Service (IRS) recently offered new guidance to adults who inherited an Individual Retirement Account (IRA) from someone other than a spouse. Here’s what you need to know to avoid a stiff penalty. First, a bit of history. Under the Setting Every Community Up for Retirement…
Retiring Soon? 8 Facts About Retirement You Need to Know
The U.S. has gone through several economic crises that put a lot of Americans into the gutter. While it’s been more than eighty years, the memories of The Great Depression are still vivid today. Indeed, it has taught most of us a tremendous and painful lesson that will always linger. But in the following decades,…
Plan for Health Care Costs in Retirement
The mantra for most people is financing a good retirement. With 401 (k)s and Roth IRAs, saving for those retirement excursions or financing a hobby is at the forefront of most individuals. But what about health care costs? Those usually increase with age. How do these expenses factor into your retirement fund? In a worst-case…
The Savings Game: Who Has to Report RMDs This Year?
By Elliot Raphaelson From Tribune Content Agency The IRS has issued additional guidelines regarding the reporting of Required Minimum Distributions (RMDs) for beneficiaries under the SECURE Act of 2019. One of the most important provisions of that law raised the minimum age for RMDs from 70 1/2 years of age to 72 years of age….
Open Enrollment Medicare Scammers
This period is the thick of Medicare enrollment. It runs from October 15 to December 7. You may have many questions, and you may be researching your options. But beware, there are scammers out there who might take advantage. Every year, thousands of seniors are the victims of Medicare scams. In 2021, imposters conned seniors…
Annuity Options for Retirement Savings—No Fuss, No Jargon, No Gimmicks
As of November 2021, only 15 percent of private industry workers had access to a defined benefit pension from their employer. Why is that disheartening? A pension guarantees a steady income once you retire. Meanwhile, more options are being offered to workers to save for retirement. As of 2021, 81 percent of private-sector employees had…
A Tax Credit to Reduce Health Care Premiums
By Joy Taylor From Kiplinger’s Personal Finance Question: I’m purchasing health care coverage through my state’s exchange and wonder if I’ll be eligible for a tax credit that reduces my premium. Who qualifies for it? Answer: The premium tax credit is available to eligible individuals who buy health insurance through an exchange. More people qualify…
The 10 Best and 10 Worst States for Retirees: A Comprehensive Guide
Many people are more mobile and moving today thanks to the benefits of technology and working remotely. People nearing retirement age are also looking for new places to call home. A recent study by Blacktower Financial Management Group analyzed the best and worst states for retirees. This article will break down these states one by…
It’s Not Too Late Too Boost Your Retirement Savings, Reduce Taxes
By Kelley R. Taylor From Kiplinger’s Personal Finance Maxing out your retirement plan contributions can be an effective way to boost savings for retirement and potentially reduce your taxes. With the end of the year fast approaching, along with the 401(k) contribution deadline, here are some reminders to help you take advantage of tax breaks…
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