Workplaces have grown steadily less friendly to older employees, and the pandemic has pushed more of these workers from the labor market. Joey Himelfarb estimates that in his 25 years in sales, hawking everything from Hewlett-Packard computers to cars and swimming...
Motivating people to save for retirement isn’t easy. Fraught decisions around when to start a nest egg, how much to set aside, and where to invest can be so overwhelming that inertia often sets in. Increasingly, economists who study this paralysis have shown that...
The world has been in a panic since the outbreak of coronavirus, causing almost unprecedented market volatility. Some have been quick to compare this to the credit crisis of 2008 that lasted five years. Depending on the duration of the health crisis, I foresee it more...
The old line about retirement goes something like: “My problem is not that I have too little money left at the end of the month, it’s that I have too much month left at the end of the money.” For many people, though, the real issue could be having too little money for...
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. Q1....
As the Coronavirus has spread in communities around the country, Americans are becoming increasingly concerned about the impact of the virus on jobs, the economy and their own financial security – but most importantly about the health and safety of their loved ones....
One of the biggest challenges in retirement is building a reliable stream of monthly income to support you for what could be a very long time. While retirees have long relied on bonds for this purpose, a retirement income expert recently told MONEY that there’s a...
Washington, D.C. – U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2020 Best Places to Retire in the United States. The rankings offer a comprehensive evaluation of the country’s 125 largest metropolitan...
As National Financial Planning Month, October serves as a good opportunity for an annual check-up on your financial health to ensure you’re on track to meet your goals. Whether those goals are specific to retirement or not, regular checks can help prevent any...
Its No Myth, Lack of Diversity Puts Retirement At Risk. What Other Myths Need To Be Busted? There is a retirement crisis in America. 1 in 4 baby boomers have less than $5,000 saved for retirement, a staggering amount since average healthcare costs alone will cost you...
As both Self-Improvement Month and Self-Care Awareness Month, September serves as a strong reminder to take time out of our busy calendars and turn the spotlight on ourselves. Representing two sides of the same coin, self-improvement asks the question “how can I push...
Corporate America really started to take notice of pensions in the wake of the dot-com crash, in 2000. Interest rates and stock prices both plummeted, which meant that the value of pension liabilities rose while the value of the assets held to meet them fell. A number...
Entering retirement can be a particularly jarring experience for seniors, and not only because they’re leaving behind the familiar world of work. For the change also requires a shift in one’s financial orientation — from savings accumulation to decumulation. Above...
Tax-free health savings accounts, Roth IRAs, insurance and annuities can help cover retirees’ future health-care costs Here’s a counterintuitive thought: Healthy clients are likely to have higher medical costs in retirement than their less-healthy...
America’s senior citizens have their backs to the wall financially a new study confirms. Professor John Pottow, a law professor at the University of Michigan, reports that the rate of United States (U.S.) seniors entering into bankruptcy is on the rise. Pottow’s study...
You need to know how they work, because many financial planners recommend them to their clients for retirement planning purposes. In fact, one study shows that almost 90 % of planners recommend them. Does that mean you need them? Well, you can decide if you do, and if...
Retirement is a stage in life that should be looked forward to and celebrated. But to get there, you have to plan accordingly. Like learning a new skill, planning for retirement is a long-term process that includes countless course corrections and practice along the...
Take it from a professor who has spent the last 10 years focusing on the distribution phase of retirement, here are some lessons to live by. As a professor at The American College of Financial Services and the co-creator of the Retirement Income Certified Professional...
Fixed vs. variable annuities In a fixed annuity, the insurance company guarantees the principal and a minimum rate of interest. In other words, as long as the insurance company is financially sound, the money you have in a fixed annuity will grow and will not drop in...
For nearly a decade, the month of June has served as Annuity Awareness Month, a time to help financial professionals and pre-retirees appreciate the value of a diversified retirement portfolio. During this month, organizations like IALC encourage those planning for...
Bill Benson and his wife had planned to fortify their retirement savings once their children left home, so they’d have enough to travel and relax. But at 68, Benson is still working full-time, and that empty nest he envisioned isn’t so empty. Benson’s eldest daughter...
This year has been an exciting time for retirement policy: Just over the horizon sit several potential updates to the laws governing how Americans plan for life after work. In May, the House of Representatives passed the most significant piece of retirement...
DES MOINES, Iowa–(BUSINESS WIRE)–The simulations have been run and the numbers have been crunched: annuities help improve retirement outcomes compared to investments alone. “Workers show strong interest in guaranteed income1, but one-third of individuals...
While annuities have long been a viable retirement option, those new to retirement planning may discover a bit of misinformation about them. If you’re considering annuity-based products—such as fixed index annuities—as a way to boost the diversity of your retirement...
Droves of retiring baby boomers are driving change in late-life transportation and travel. Health care and technology innovations are helping retirees enjoy active lifestyles. Today, boomers are the longest living generation in history and remain at the forefront of...
