Let’s say you are either switching companies or ready to retire. Should you roll over your 401(k) into an individual retirement account (IRA)? The natural answer is to roll over into an IRA. But IRA rollovers can put you in a worse retirement savings account than your 401(k). Here are key questions to ask: Read […]
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Entries by mbeals
Deciding when to claim Social Security benefits is one of the most important retirement moves you will make. Social Security is by far the largest retirement asset for all but the wealthiest Americans, and the only source of guaranteed lifetime income – with incredibly valuable annual inflation adjustments. And most of us are flubbing it. […]
On his 65th birthday, physical therapist Gary Kinsey incorporated a company that makes medical devices. Older Americans such as Kinsey are increasingly shunning retirement to start companies because they see job opportunities limited after age 55, don’t have enough savings to retire comfortably or want to work for themselves. Read the full article at Bloomberg.
Health-care costs must be an integral part of a retirement financial plan because if they aren’t part of the equation, they can easily drain your nest egg. But here’s the problem: They are impossible to predict accurately. Read the full article at Fox Business.
Does your employer offer back-up elder care? Hundreds do, among them corporations (Home Depot, Yahoo, Hewlett-Packard), universities (Columbia, Northwestern), hospitals (Houston Methodist, Memorial Sloan-Kettering), law firms, nonprofit organizations and several government agencies. They collectively cover millions of employees. It is not the solution we all want to the long-term care crisis and the over-reliance on […]
Americans aren’t saving enough to retire. This gap poses a problem for everyone, not just people who will face near-poverty when they can’t work anymore. Does that merit forcing people to save more? Read the full article at Reuters.
Detroit’s recent high-profile trip to bankruptcy court—allowing it to break decades of costly pension promises—has prompted other city officials to blame “legacy” retiree benefit costs for their dire financial conditions. But pension costs have played only a minor role in the current financial plight of the dozens of U.S. cities that find themselves unable to […]
The issue of retirement inequality has caught fire in Washington, D.C., and a report issued this week throws a new log on the flames. The report comes on the heels of a legislative proposal from progressive Democrats to address retirement inequality through an expansion of Social Security benefits. They want to increase benefits for everyone […]
I have been thinking about two issues – how to reduce leakages from 401(k) plans and whether low-wage workers who are auto-enrolled into IRAs will stay put or opt out. The link between these issues is the employee’s need to access funds before retirement. Some suggest that people establish a buffer – or short-term – […]
Young workers care more about job security than their elders do, according to a new survey comparing what millennials, Generation Xers and baby boomers value in a job. The new survey, part of a larger report on millennials, gender and the workplace released Wednesday by the Pew Research Center, defies popular perceptions of millennials as […]