- Medicare Extra Help Income Limits for 2025
Medicare Extra Help is a subsidy program that’s designed to assist eligible Medicare recipients with paying for their prescription drug costs. Some people who have Medicare Part D qualify for Extra Help benefits automatically. Those who don’t qualify automatically can… read more…
- Is a 401(k) Worth It?
Until the 1980s, most of America used pensions to plan for retirement. Offered by employers, these defined-benefit plans set up a fund on behalf of workers in order to calculate each employee’s retirement benefits individually. This put all the responsibility and associated risks on the pension fund and the employer. Therefore, they were responsible for… read more…
- How to Buy an Annuity: A Step-by-Step Guide
Annuities can create an additional stream of income for retirement that’s guaranteed and dependable. An annuity is a contract that you purchase from an insurance or annuity company. In terms of how to buy an annuity, it’s possible to start… read more…
- Qualified Pre-Retirement Survivor Annuity (QPSA)
We all of course want to plan for a long and happy life, but the fact of the matter is it’s possible to die earlier than expected – even before you receive your retirement benefits. For some, a pre-retirement death would pose problems for a spouse or dependent. One possible solution could be a qualified pre-retirement… read more…
- How and When to Use an IRA to Buy a House
You may be considering dipping into your retirement savings to buy a residence, come up with a down payment or cover closing costs. There are plenty of pros and cons when it comes to using your IRA to pay for… read more…
- How to Retire at 59: Step-by-Step Plan
Retiring at 59 can feel like striking the perfect balance, early enough to enjoy your freedom while you’re still active, but close enough to traditional retirement age that Medicare and Social Security are on the horizon. Still, stepping away from a paycheck six years before Medicare eligibility requires careful coordination of income, healthcare coverage and… read more…
- Can You Contribute to an IRA After Retirement?
An IRA (and its corollary, the Roth IRA) is a form of tax-advantaged retirement account that lets you save money during your working years so you can withdraw it during retirement. There is no age limit to contributing to an IRA, meaning that you can do so at any point in life. However, you can only… read more…
- Can I Contribute to an HSA After I Retire?
A health savings account (an HSA) is a form of tax-advantaged retirement account designed for healthcare spending. You can make contributions to your account at any time so long as you aren’t enrolled in Medicare. During any period when you… read more…
- Here’s Why Your 401(k) Savings Are Mysteriously Increasing
The data is in: 401(k) savings have hit record levels. Profit-sharing and 401(k) plans enjoyed more participation than ever before–all despite the negative impact of the COVID-19 pandemic. The reason? The impact of a government program leads to higher contributions, even if the saver isn’t always aware of it. A financial advisor could help you… read more…
- Need Cash From Your IRA Before Retirement? This New Rule Can Help
The costs associated with withdrawing money from a 401(k) or IRA early are well-known. Doing so before age 59.5 means paying a 10% penalty on top of ordinary income tax. However, there is a lesser-known way to avoid this steep penalty when withdrawing money early from a qualified retirement plan. The Internal Revenue Service permits… read more…
- How Lifecycle Funds Work
Lifecycle funds – also known as “target-date funds” – are an option for retirement planners that doesn’t require regular upkeep. By reducing risk as you get closer to your goal, lifecycle funds increasingly focus on preserving capital than boosting capital appreciation. These funds have become popular recently because of their “set-it-and-forget-it” investment approach. In this… read more…
- How to Get a Social Security Award Letter
A Social Security Administration (SSA) award letter confirms that you have been approved for benefits. Unsurprisingly, these letters are sometimes also referred to as benefit letters. These are usually sent to people who have applied for disability coverage, as well as other Social Security programs. Applying for a Social Security award letter is relatively straightforward,… read more…
- What Is the Social Security Administration (SSA)?
Social Security is commonly known for providing an income for people in retirement. However, the Social Security Administration (SSA) does much more than provide social retirement plans. The SSA also provides social insurance protection to workers who become disabled and provides survivor benefits to families when the main income earner dies, among other services. Consider… read more…
- How to Retire at 65: Step-by-Step Plan
The age of 65 is the traditional time when people stop working and retire to live off the fruits of their labor. That doesn’t mean 65 is the ideal age for everyone to retire, though. In order to retire at age 65, you’ll want to evaluate your current assets and their income-producing potential, as well… read more…
- How to Retire at 30: Step-by-Step Plan
For many Americans, the prospect of retiring at or near 30 is a thrilling idea. Although it is possible to do, it takes a monumental amount of work and planning to accomplish. According to a 2021 PWC report and data from… read more…
- This Strategy Can Preserve Your Retirement Savings in a Down Market
The primary risk that retirees and those approaching retirement face is an obvious one: running out of money. However, a study published in the Journal of Financial Planning suggests reverse mortgages can help retirees protect their portfolios from market dips and extend their savings. Rather than relying exclusively on distributions from investments, retirees can temporarily… read more…
- 408(k) Plans vs. 401(k) Plans
The 401(k) retirement plan is the most widely known and used employer-sponsored retirement plan. The 408(k) is another type of employer-directed retirement plan in which small business employees can participate. It is also called the simplified employee retirement plan (SEP-IRA). Both the 401(k) and the 408(k) refer to sections of the Internal Revenue Service Tax… read more…
- 2026 Medicare Advantage Open Enrollment Period
Medicare is a government-sponsored program designed to help eligible seniors and others pay for healthcare. Medicare Advantage plans offer an alternative to Original Medicare, which includes Part A and Part B coverage. The Medicare Advantage Open Enrollment Period is your… read more…
- Will Inheritance Affect My Medicare Benefits?
Medicare is designed to help eligible Americans pay for their health care. You can apply for Medicare the year you turn 65, though it’s also possible for younger Americans with disabilities to qualify. If you’re set to inherit money you may be wondering if the financial windfall will affect your Medicare benefits. The short answer… read more…
- What’s the Maximum Family Social Security Benefit?
Family members of someone who collects Social Security may be able to claim their own monthly checks based on that person’s earnings record. But the government limits the benefits that can be paid out to a family on one earnings record. This cap, known as the maximum family Social Security benefit, typically ranges from 150%… read more…
- Medicare Extra Help Basics
Medicare is designed to help with healthcare expenses for people aged 65 and older, certain younger people with disabilities and people with end-stage renal disease. The Medicare Extra Help program offers additional assistance with paying for prescription drugs for people who are enrolled in Medicare Part D coverage. The Social Security Administration estimates that this… read more…
- How to Retire With $4 Million
Most people aim to enter retirement with enough savings to maintain a comfortable standard of living. However, if you’re accustomed to a higher-cost lifestyle, reaching that goal may require more than a baseline retirement target. A portfolio valued at $4 million can support substantial annual income, cover routine expenses and provide flexibility for discretionary spending… read more…
- Understanding Delayed Retirement Credits
Delayed retirement credits, which lead to larger Social Security benefits in the future, can be a financial windfall for individuals who earn them. They may be earned by deferring your Social Security benefits past your full retirement age, something you can do until you turn 70. Delayed retirement benefits are a motivation to go as… read more…
- Roth IRA Investments to Consider
When you are saving for retirement, it’s best to do all the necessary research about what types of investments should go into each of your retirement accounts. The types of investments you should put in a traditional individual retirement account… read more…
- What Is a Surrender Charge?
A surrender charge is a penalty an insurance company charges when an annuity owner cancels or withdraws too much from the annuity before an agreed period of time called the surrender period has passed. Surrender charges can significantly reduce the… read more…