No one likes to think about the end, but when it comes to money, it’s important to plan for retirement with a long-term mindset. Making your money last is something that all retirees and those planning for retirement have to think about. After all, no one wants to run out of money before they die….
How Pre-Retirees and Retirees View the Future
When thinking about retirement, it all comes down to finances. After all, there’s a particular lifestyle that people have become accustomed to. A lot of emotional and financial planning goes into retirement. Most baby boomers are already there. So, how’s retirement for them? And what about the Generation X group? They’re planning retirement. How are…
Reducing Your Required Minimum Distributions Tax Bomb for Your Heirs
September 22, 2022
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The type of retirement fund you have can seriously affect the amount of money your beneficiaries will receive. With certain types, they could lose a lot of money to taxes because of laws about 401(k)s and other plans. Some simple changes to the type of your retirement account can enable your heirs to avoid a…
The Savings Game: Rules Regarding Inherited IRAs, and Other Reader Questions
By Elliot Raphaelson Q: My dad passed away in April 2020. He left me his traditional IRA. He was 80 and was taking required minimum distributions. I understand from your columns and others that I am required to take required minimum distributions each year because of the SECURE Act. I was under the impression that,…
Regrets? Retirees Have a Few
By Janet Bodnar From Kiplinger’s Personal Finance How would you respond if someone asked you what advice you would give your younger self to improve your financial situation in retirement? In its Retiree Reflections Survey, the Employee Benefit Research Institute put that question to more than 1,000 retirees between the ages of 55 and 80….
Delayed Retirement Credits Explained
People who delay starting their Social Security beyond their full retirement age get a bonus equal to two-thirds of 1% added to their Social Security checks for each month they wait to begin benefits. If your full retirement age is 66, that comes out to a 32% bonus if you wait until age 70 to…
How Much Should You Get in Required Minimum Distribution Withdrawals?
September 21, 2022
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When you decide you are ready to retire, you may want to start withdrawing funds from your retirement account(s). You will need to be a minimum age of 59½ before you are allowed to do so without penalty. If you have reached the age where you need to take out required minimum distributions (RMDs) (70½…
Longtime NHL Defenseman Zdeno Chara, 45, Retires as Bruin
BOSTON—Zdeno Chara announced his retirement Tuesday after playing 21 seasons in the NHL and captaining the Boston Bruins to the Stanley Cup in 2011. The 6-foot-9 defenseman from Slovakia is calling it a career at age 45. He returned to TD Garden in Boston to make that announcement two years after splitting with the Bruins…
5 Unexpected Expenses to Prepare for in Retirement
It’s no secret that retirement can be expensive. It’s why we spend (or should spend) most of our productive life planning and preparing for it so it doesn’t become a financial nightmare. But even with the best-laid plans, some unexpected expenses can pop up and throw a wrench in your budget. That’s when we think,…
How to Balance Competing Savings Goals
Saving money sounds straightforward—set cash aside for a future purpose—but in reality, people often face competing savings priorities. We want it all: the travel, the house, the flush savings account. So how do we figure out which savings goals to put first, especially when we’re working toward so many things at once? “You’re also still…
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