For many future retirees, life insurance is an important component of retirement planning. Policies that build cash value, such as whole life and variable universal life policies, can be tapped for additional retirement funds if necessary. The recent debacles with the stock market and other securities have many wondering: is my money safe in an …
If you’re moving to a new employer, you may be wondering how you can secure the retirement savings you’ve accumulated. While specifics differ among companies, the most commonly offered retirement plan is the 401(k). In case you’re not aware of how it works, the 401(k) allows you to invest directly from your gross income without …
Having owned an employment agency for twenty years, Linda Miller thought she was well-off enough to retire four years ago, and she did. Now, she’s back at work selling Avon cosmetics. Why? “All the money is going for gas and groceries,” she laments.
The old saying “you snooze, you lose” is especially applicable to saving for retirement.
No lesser a genius than Albert Einstein once declared “the power of compound interest” to be “the most powerful force in the universe.” That’s probably true; and the second most powerful force is arguably the power of regular saving. Together, they’re “thermonuclear” in power—but only if they have enough time to operate.
For example: based on reasonable historical assumptions, a 55-year-old will have to put away $610 per month in order to have $100,000 saved up by age 65. If he or she had started 10 years earlier, only $216 per month would need to be saved in order to achieve the same result. And if the savings program had begun at age 25, only $50 per month would suffice!
It’s a perennial question. When you reach age 62, you can apply for Social Security benefits, but they’ll be significantly reduced for life. Or, you can wait until you’re old enough for full benefits (a sliding scale between ages 65 and 67, depending on when you were born). Which is best? The question isn’t easy …
When should you start taking Social Security benefits? Read More »
When people think of retirement investments, gold rarely crosses their minds. After all, gold doesn’t provide any income, and the whole purpose of saving for retirement is to replace the income shortfall when you’re not working any more. To be sure, gold makes little sense for those who are already retired, and are seeking an …
It’s no secret that covid-19 has caused serious problems for employees of some businesses. How serious are they? The old joke about the difference between a recession and a depression comes to mind: If your neighbor’s out of work, it’s a recession. If you’re out of work, it’s a depression. Regardless of what you call …
Social Security, Medicare, Veteran’s benefits are government programs YOU have paid for and have a right to, not pesky “entitlements.”
If you’re a baby boomer nearing retirement age, and have been fortunate enough to be able to put aside a substantial nest egg, you may be in an “in between” place: ready, willing, and able to leave your job and try something else, but not ready to give up working entirely. In the past, people …
Tens of millions of baby boomers are approaching retirement age. Over the course of the few decades, this enormous segment of the population will stop contributing to Social Security, Medicare, and private investment programs. It will instead be drawing upon these institutions to the tune of trillions of dollars. This will result in enormous dislocations for the economy as a whole, shaking its very foundations. Still, some people—like deputy assistant secretary of the Navy Russell Beland—insist on sticking their heads in the sand and pretending that the problem will go away by itself.