I am a 62 year-old single man and have never had a retirement account. I do own both my home and a rental property which are paid for and I have no other debt. I have $100,000 in savings which I would...
Tag: Retirement planning
401(k)s Shouldn’t Be Neglected When Switching Jobs. Here’s What to Consider.
Many workers changing jobs in the wake of the pandemic—whether it’s for more money, better advancement opportunities, or flexible scheduling—risk overlooking one important factor: their retirement sav...
How retirees can survive a bear market
Wait until the VIX gets a lot lower before putting any sideline cash back to work in the stock market. That’s the implication of a 2019 academic study in the Journal of Financial Economics. Entitled “...
U.S. states fall short of pledges to cut ties with Russia
Driven by moral outrage over Russia’s invasion of Ukraine earlier this year, U.S. governors and other top state officials made it clear: They wanted to cut their financial ties with Russia. A few stat...
How to save $1 million for retirement on an annual salary of $70,000
Consistently saving a small percentage of your salary is a simple way to ensure you’re prepared for retirement. As a rule of thumb, most financial advisors suggest you save 10% to 15% of your ea...
‘You don’t want to die at your desk sending an email.’ Beyond the numbers, are you ready to retire?
Nancy Schlossberg attended a retirement party for a colleague, and afterward heard people remarking how the guest of honor should have retired years before because she was “so old.” “People were sayin...
Six things that could change your mind about retiring early
Robert Johnson, a professor of finance at Creighton University’s Heider College of Business, retired from a career in financial education in 2018 but recognized that he wasn’t comfortable spending his...
9 ways the Inflation Reduction Act affects Medicare coverage, and what it means for you
Major changes to prescription drug affordability for more than 50 million beneficiaries enrolled in Medicare Part D are likely on the way because of a new law. The Inflation Reduction Act “finally del...
Should you set up a joint account with your adult child?
Some retirees love to count their money. But even they may reach a point where they tire of paying bills and tracking their cash flow. Seniors who start to worry about cognitive impairment may want to...
I’m 65 and want to retire in 6 months. I have a $125K annuity, plus $100K of money that I’m not sure what to do with. Should I get professional help?
Is a financial planner right for you? Getty Images/iStockphoto Question: I had $225,000 in my 401(k) and then I rolled over $125,000 to an annuity at 7%, as I wanted income. I just turned 65 and want ...
Why target-date funds may sabotage your retirement
If you’re like most of the 30 million or so people investing in a target-date fund mutual fund inside your retirement account, you’ve likely adopted a set-it-and-forget-it attitude toward your nest eg...
Should You Do a Roth Conversion? How It Can Help With Your Taxes.
The first half of this year marked the worst performance for the S&P 500 since 1970. With inflation soaring and interest rates rising, the index posted a loss of 20.6%. The dire sentiment may hav...
‘I’m in a very lucky position’: I will receive a $300,000 inheritance. Should I pay off my mortgage or invest the money?
I currently owe $300,000 on my house with a 2.5%, 30-year mortgage. I am maxing out my retirement accounts — IRA and 401(k) — and looking to retire in less than 10 years. I will receive an inheritance...
‘I fear that between the two of us, that’s not enough.’ We want to quit working in 10 years, but only have about $175K saved. Do we need professional help?
Some things to consider if you’re thinking about hiring a financial adviser. Getty Images/iStockphoto Question: I’m 54 years old and have an IRA account with $27,000 in it, but it’s been decreasing ov...
Do I Need A Financial Advisor Or Should I Go It Alone?
Do you need a financial advisor? The answer depends on different factors — the complexity of your finances, how comfortable you are managing investments, where you are in your wealth journey, and wher...
Public Pension Systems Join Those Stung by Crypto Crash
Listen to article (2 minutes) Among the investors who bet on cryptocurrency over the past year are pension funds that manage public workers’ retirement savings. Now those funds are navigating the cras...
Opinion: Inflation report brings 2 pieces of good news for retirees and retirement savers
Retirees and those seeking secure income got two items of very good news this week, though you may only have heard about one. July’s inflation came in below fears (although a debate now rages on what ...
This is the ‘Jay Leno rule’ of saving money. You don’t have to be rich to do it
Comedian Jay Leno Getty Images/iStock Comedian Jay Leno has openly shared that while collecting two salaries — one from his ‘Tonight Show’ hosting gig and one from the 150 annual comedy shows he’d app...
When can you retire? This beginner’s guide can help you find the answer.
“I want to know if I can retire,” Marie said, dropping her investment file on my desk and sitting down across from me. She was typical of many preretirees everywhere, trying to figure out when they co...
My boyfriend, 68, has almost no ‘mad money’ for fun activities and trips. He lives with his father, 95, and expects to inherit his house. Is it unreasonable to expect him to get a part-time job?
I am a 65-year-old retired woman with modest Social Security and annuity payments. I also own my own home and have savings. I’ve been seeing a 68-year-old retiree since just before the pandemic. He li...
IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback
Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in ...
I want to refinance my mortgage, but I’m about to turn 70. Is it wise to refinance at my time of life?
I hope you can help me figure this out. I am 69 years old and will turn 70 at the end of the month. I’ve been offered a cash out refinance loan and need to decide whether to take a 15- or 30-year loan...
Opinion: Fidelity’s bitcoin move getting all the wrong publicity
What would Ned Johnson do? The late, great Fidelity Investments honcho built his family’s Boston-based money management firm into one of the biggest in the world over the course of a long career. John...
Should you roll over your 401(k) to an IRA? Here are 3 tips for this key retirement decision.
In his classic tune “Roll Over Beethoven,” Chuck Berry famously belted: “Roll it over then move on up.” Well, if you’ve saved for years in a 401(k) plan, you’ll want to know how — or whether — to roll...
‘Home prices where I live are close to $600,000.’ Is it a smart move to buy a house with all-cash — or better to take out a mortgage?
Dear Big Move, I’ve recently been thinking about purchasing my first home at 35. I have a nest egg of about $1.8 million that I’ve accrued over the past 14 years. This money is completely invested in...