More people are taking loans from their retirement accounts (401(k), 403(b), etc.) than ever, simply because they can. Here’s the problem: seeing one’s retirement account as a savings account, or worse, a personal ATM machine. That’s so ridiculous I cannot even tell you. Sure, it’s your money, but it’s not your money now. It’s for…
Is Social Security Running Out of Money?
The Build Back Better bill that Congress sent to the Senate had several social reforms. It proposed more spending on Medicaid and offered hearing benefits through Medicare. But Social Security wasn’t mentioned. When the Senate passed the Inflation Reduction Act, it also didn’t address Social Security. Social Security is running out of funding. The Social…
Ask Kip: How to Donate to Charity and Get Income in Return
August 19, 2022
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By David Rodeck From Kiplinger’s Money Power Q: I’ve been thinking of making a sizable donation to charity, but I’m a bit worried about giving away money I might need in retirement. I’ve heard that a Charitable Gift Annuity could be the answer. How does that work? A: A Charitable Gift Annuity can generate retirement…
Retirement Savings: When and How to Start?
“After climbing the mountain you can finally enjoy the view”—Anonymous From our 20s till the late 60s, we climb a mountain full of professional responsibilities, family responsibilities, struggles and challenges. Oftentimes, we feel tired and no longer feel the zeal to continue. But, the view at the top of the mountain flickers in front of our…
The Savings Game: Roth Advantages Reviewed
By Elliot Raphaelson Based on reader inquiries, many readers do not understand when funds are available after a Roth conversion. When you make a Roth IRA contribution, it is understood, by most, that after you pay the income tax in the year of the contribution, there is no tax or penalty associated with the withdrawal…
4 Top Tips to Protect Your Portfolio Against a Recession
By James Royal From Bankrate.com With stocks plummeting and interest rates rising, many investors expect a recession in the near future. So how can you prepare your portfolio for a possible downturn? Bankrate’s Second-Quarter Market Mavens survey asked professional investors what you should do to protect your money and how to invest in the event…
Your Upcoming 401(k) Statement May Shock You
If you have been saving for retirement using a 401(k), you may be surprised at what you see on your next statement. The new “lifetime income illustrations” could leave you very disappointed. You also may want to make some adjustments based on what you learn from the new information. SECURE Act Provisions In 2019, when…
It’s Time for Gen Zs To Start Thinking About Retirement Investing
Retirement is important for everyone, but it’s even more crucial for those in Generation Z. Why? Because the earlier you start saving, the more money you’ll have to enjoy in your golden years. As Gen Zs are starting to enter the job market, they should be thinking about retirement investing now rather than a decade down the road….
14 Ways to Stretch Your Retirement Savings
When you’re looking at the fast-approaching years of your planned retirement, you may be thinking about how much you’re looking forward to being free from a daily work schedule. But, if you’re like most folks, you’re also thinking about how on earth you’re going to pay for it all with your retirement savings. It’s a rare…
Beneficiary Designation: Don’t Leave Your Loved Ones in the Cold
June 25, 2022
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If you have life insurance policies, retirement accounts, or annuities, it’s your responsibility to designate a beneficiary. Naming a beneficiary ensures that your loved one or heir is taken care of in the manner you want. What Is a Beneficiary A will isn’t the only document that establishes who will receive your assets once you pass…
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