- Cost of Home Care vs. Nursing Homes
Many people get the opportunity to analyze whether it is more affordable to get home care or to live in a nursing facility. Whether it’s your aging parents, or if you’re getting up there in years, you may be comparing… read more…
- Can You Borrow from an IRA Without Penalties?
The Internal Revenue Service prohibits individual retirement account owners from borrowing against funds in their accounts. Still, a number of exclusions and workarounds can allow at least temporary use of IRA funds before reaching retirement age. The effort calls for… read more…
- The Secret For Women to Make Retirement Income Last? Get a Financial Advisor
Women struggle to make their retirement funds last, according to a recent study from Alliance for Lifetime Income (ALI), an insurance and investment group, that produced a “State of Women 2022” report with HerMoney.com. That’s because their earnings are hamstrung… read more…
- Should You Pause 401(k) Contributions in a Bear Market? Morningstar Compares Alternatives
Morningstar recently compared the numbers on different scenarios for investors who may be thinking of pausing their 401(k) contributions. The result was not favorable for those who opted to stop contributing to their retirement plans, and the data showed that… read more…
- Making a 401(k) Withdrawal for a Home Purchase
Buying a home is an important financial milestone. In fact, it’s most likely one of the largest purchases you’ll make in your lifetime. You may be tempted to make a 401(k) withdrawal for a home purchase, especially if you need… read more…
- Planning on a Long Retirement? Rethink Your Equity Exposure
Between longer lifespans and a seemingly never-ending bull market, you might be tempted to invest heavier in equities during retirement than the “110 minus your age” rule dictates. But new research from Dimensional Fund Advisors shows why retirees should be… read more…
- Medical Retirement vs. Regular Retirement
Many of us are familiar with the traditional route to retirement. You get a job, open retirement savings accounts and eventually enter your golden years and retire. Then you sit back and enjoy the fruits of your labors. However, not… read more…
- 41% of Americans Think They Pay Nothing in 401(k) Fees (They’re Wrong)
Fees are eating away at Americans’ retirement savings. And they’re woefully ignorant about this occurrence. That’s according to a study from the Government Accountability Office (GAO), which found that nearly 40% of 401(k) plan participants don’t understand the fees they… read more…
- 4 Retirement Plans for Self-Employed People
Being self-employed has a multitude of benefits. While you can be your own boss and enjoy the flexibility and agency that comes along with this style of employment, there are certain things that aren’t as readily available. This includes employer… read more…
- Trump Loses His Clutch on Your 401(k) in Department of Labor Ruling
On Tuesday, the Biden administration finalized a series of rules that will make it easier for employers to include so-called impact investment funds in their retirement plans. Specifically, the Department of Labor will no longer ban employers and advisors from… read more…
- T. Rowe Price Says Saving 15 Years Earlier Can Earn You Over $1 Million More in Retirement
A study by T. Rowe Price has found that the age at which you start saving for retirement can make a huge difference in the amount you will have accumulated by the time you retire. The study compares the effect… read more…
- Cost of Healthcare in Retirement
Healthcare is one of the biggest costs you will face in retirement. In fact, by many estimates, it’s the single biggest cost for retirees. A representative study by Fidelity found that a 65-year-old couple in 2022 will need more than $315,000… read more…
- COBRA Rules for Retirees
If you’re soon to be retired and aren’t yet eligible for Medicare, you may be in the market for a new health insurance plan and thinking about taking a look at getting health insurance with COBRA. Due to its high costs,… read more…
- How to Invest Money After Retirement
Investing during retirement can be something of a catch-22. On the one hand, you want to keep your money growing. You don’t want to let it languish in a no-interest checking account, though doing that may cause you to lose… read more…
- How to Avoid Medicaid 5-Year Lookback Penalties
Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for long-term care, but it… read more…
- These Five States Just Eliminated Income Tax on Military Retirement
Serving in the military is a hard job, with many service members spending long lengths of time away from their family and putting their lives on the line. There are perks that come with service, though, and five states recently… read more…
- Retirees Can’t Ignore This Major Threat Any Longer
Rampant inflation and rising consumer prices aren’t just impacting Americans’ finances today, it’s worrying them about tomorrow. Americans now view inflation as the biggest financial threat to their retirement plans, according to a survey conducted by Allianz Life Insurance Company.… read more…
- Retired? Here’s Why Stocks, Not Bonds, Should Still Power Your Portfolio
If you’re already retired, it may be time to rethink the role that stocks and bonds play in your portfolio. While conventional wisdom suggests that investors should shift more assets to bonds as they approach retirement, at least one expert… read more…
- TikTok Exposed a Major Mistake You May be Making in Your Roth IRA
TikTok is hit or miss for accurate advice on finance topics. Although the “#finance” hashtag has amassed over 989 million views, there is just as much bad advice as there is good. But one user shared a tip that went… read more…
- What Percentage of Retirees Have a Million Dollars?
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not… read more…
- At What Age Do Seniors Stop Paying Property Taxes?
As a senior citizen, you probably will end up paying property taxes for as long as you are a homeowner. However, depending on the state you live in and often once you hit your 60s (usually around the ages of… read more…
- What Is Your Coast FIRE for Retirement?
Adherents of the Financial Independence/Retire Early (FIRE) movement aim to reach a point where they don’t need ongoing income to retire and to get to that point before reaching age 65. Not surprisingly it requires rigorous savings and a frugal mentality. However,… read more…
- Why 2022 Medicare Part B Premiums Soared
The surprisingly big jump in Medicare Part B premiums for 2022 reflects the sky-high cost of a controversial Alzheimer’s disease drug. The premium hike will put more than a dent in the newly increased Social Security cost-of-living allowance, which worked out… read more…
- What’s Your FIRE Number for Early Retirement?
The FIRE movement promises a surefire way to help you retire below the national average retirement age of 64 and be financially independent. But first, you should know your FIRE number, or the amount of retirement money that you need… read more…
- Here’s Why 401(k) Balances Went Up During the Pandemic
The COVID-19 pandemic changed the world in more ways that most people can count, from the way kids go to school to how restaurants operate. One change that may not have been easy to predict — the pandemic has led… read more…