Best Time to Begin Social Security
Best Strategy for Claiming Social Security Retirement Income
A recent study indicates that the typical family loses an average of $111,000 due to poor choices of when to begin taking Social Security retirement benefits. With Social Security retirement payments making up an average of one-third the average retirees’ income, making the right decision is vital to your financial well-being. Let’s start with the […]
New Strategies for Your IRA
New Strategies for Your IRA
Last week I discussed how Congress is potentially stealing hundreds of thousands of dollars from your IRA by enacting the SECURE Act which eliminates the long-held ‘Stretch IRA’ by forcing non-spousal IRA beneficiaries to withdraw all funds within 10 years. In my example, a 10-year-old inheritor of a grandparent’s IRA, under current ‘Stretch’ rules, could […]
Stretching Your IRA
What If I Live to Age 100?
Just for fun, let’s begin with a bit of history. Five thousand years ago, life expectancy was 18 years. By the 1900s, life expectancy had risen to age 47. Today, it’s age 79 and continues to rise. What’s more shocking is that demographers predict children born in 2000 will, on average, live to age 100 […]
What If I Live to 100?
401k In-Service Withdrawal: Good Idea or Bad?
I recently ran into a situation where an employee withdrew money from their 401k in order to buy a home that he had been renting. Certainly, owning a home is part of the American dream, but is it a good idea to use your retirement savings? In this case, he took an ‘in-service withdrawal’ instead […]
Early Withdrawal From Your 401K
Are You an Empty Nester? Do this!
I get it. Raising kids is not only hard, it’s very expensive! According to the U.S. Department of Agriculture, the average cost of raising a child for a middle-income family is $233,610…not including college! This comes out to about $14,000 per year per child. It’s no wonder that the average savings account balance across American […]