Retirement Planning

When to Begin Collecting Social Security

Deciding when to begin collecting Social Security depends on a number of factors, including how long you anticipate needing it. Deciding when to retire and begin collecting Social Security is an important life decision. Some people may feel they don’t have enough savings to retire and delay their retirement plans to continue working, which means postponing when they begin collecting Social Security. Current law allows workers to begin collecting Social Security between 62 and 70 years of age. The longer …

Many Workers Wonder When (And If) They’ll Retire

Inflation, market fluctuations, and uncertainties about Social Security raise concerns Retirement is supposed to be our “golden years,” but many Americans worry there will be nothing “golden” about it—and they might even have to cut back and scrape by to pay their bills (or keep working). NerdWallet reported in 2023 that 27% of Americans saved less than they normally would for retirement in the previous 12 months due to inflation.1 Stockmarket downturns and higher taxes have also challenged retirement finances …

Eyes on the prize

Despite Challenges, Americans Remain Focused on Saving for Retirement In the face of economic uncertainty, market volatility, geopolitical unrest and the ongoing COVID-19 pandemic, plan participants have continued to save for retirement. Vanguard’s annual report, “How America Saves 2022,” cites a number of encouraging factors that are contributing to this trend. Plan Sponsor Support The report acknowledges that the pandemic has brought more attention to the unstable position of most Americans’ finances (70% of Americans surveyed say anxiety over finances …

Reality Check on Your Retirement Savings

Whether you’re 23 or 35, it’s important to know whether you are saving enough for your retirement. There is no time like the present to ensure you are allocating enough funds to your retirement account. With folks routinely living into their 80s and 90s, it’s more important than ever to ensure your money lasts your lifetime. Millennials have the advantage of time. You can benefit from compounding and the long-term trends that can make a real difference over the course …

Managing a Budget During your retirement

Retirees face a critical task in managing their income and expenses to ensure that they can support their lifestyle and any healthcare costs. Unless you have accumulated substantial wealth where money is not a concern, you face a critical task when you reach retirement to make sure that your assets will support you through your lifetime. When you retire and no longer earn an income to pay for your bills and living expenses, developing and adhering to a financial plan, …

When’s the Right Time to Retire?

This article discusses the factors you should look into when deciding when to retire. Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you’ll benefit from planning your post-work life as early as possible. According to Gallup, the percentage of Americans who expect to retire at age 66 or older has risen dramatically, from 21% in 2002 to 41% in 2018. People expect to live and work longer …

Common Retirement Investment Mistakes

There are a few common retirement investment mistakes to keep in mind as you seek to maximize your savings and investments. Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.⁠11 While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no single action that can …

Women, Money, and Today’s Retirement

Despite all of the other advances made in our society in recent generations, women continue to face unique challenges when it comes to preparing for their financial futures.

Retiree Challenge: Making Your Money Last

The ultimate goal for most retirees is making sure their assets last as long as they live. And because of increased longevity, managing cash flow is more critical than ever. While many variables come into play, there are a number of planning moves that can help retirees live within their means and make appropriate adjustments in response to changes in income and expenses. Tools for the Task If you are retired or about to retire, you will need to clarify …

Understanding Minimum Distribution Rules

If you’re approaching retirement, you’ll eventually need to make serious decisions about when to begin taking withdrawals (known as distributions) from your retirement accounts, how to receive the money and how to calculate the taxes you’ll owe.* Fortunately, the rules governing required minimum distributions (RMDs) have been simplified in recent years. Still you should exercise caution to ensure that you’re following the rules correctly. The Basics Many people begin withdrawing funds from their IRA and 401(k) soon after they retire. …

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