Have a Game Plan for the Retirement “Red Zone”

In a recent PlanAdviser.com article, John Manganaro discusses with Michael Rosenberg, head of investment-only defined contribution business for Prudential Investments, how market conditions that define the decade before a person’s retirement can drastically alter their lifestyle once they retire. Rosenberg cites recent Prudential research that shows that the value of a portfolio can be depleted…

 

5 Social Security Mistakes to Avoid

For many Americans, Social Security is, or will be, a significant portion of their retirement income. However, a recent Motley Fool article cautions against thinking it’s as simple as claiming your benefits and then receiving a monthly check. Five of the Motley Fool’s retirement contributors offered their thoughts on what would-be Social Security recipients should keep…

 

Survey: Millennials Unwilling to Sacrifice Now for Future Financial Security

A new survey from Charles Schwab indicates that an unwillingness by Millennials to sacrifice things that add to their current quality of life, and student debt, are preventing them from saving enough for their retirement. The survey covered 1,000 401 (k) plan participants broken into three generational groups: Millennials (those under age 35), Generation Xers…

 

When to Claim Social Security Benefits Earlier Rather Than Later

Most articles that I read about when to claim Social Security benefits say that it is better to delay as long as possible to maximize your monthly payment. However, a recent Motley Fool article outlines some situations where it may be better to take Social Security earlier rather than later. With the new Social Security laws just passed…

 

RMD Deadline Approaching

My mom turned 70 this past April, which meant in October she started taking her required minimum distributions (RMD) from her individual retirement accounts. In an article for ConsumerAffairs.com, James Limbach offered a reminder to anyone born before July 1, 1945, that time is running out to take their own RMDs. If you fall into…

 

Potential Hidden Tax Burden for MLP Holders

A recent WSJ.com article by Laura Saunders contains a cautionary tale for investors holding master limited partnerships in their IRAs. Many are receiving surprise tax bills for units of master limited partnerships they hold. The article highlights the fact that IRAs and Roth IRAs, while offering tax-free investment growth, do carry some hidden tax traps….

 

Implications of Social Security Strategy Changes

  On CNBC.com, Sharon Epperson discusses Congress’ new budget deal that ends “file and suspend” and “restricted application” options for Social Security. However, retirees have a six-month window before these changes go into effect, and not acting before then could have serious financial ramifications. According to the article, making these decisions before they are “could…

 

Check Your Ego at the Retirement Planning Door

In an article on GoBankingRates.com, Gina Horkey outlines ways in which your ego may be undermining your retirement goals. She highlights ways in which we could sabotaging our retirement plan, including: Unrealistic Expectations—Statistics show that you should lower your expectations and save more aggressively. According to a survey conducted by the Insured Retirement Institute, only…

 

Treasury Introduces New Retirement Saving Plan: “myRA”

Last week the Treasury Department formally launched new retirement-savings accounts geared towards workers who don’t have access to traditional retirement accounts, such as 401(k)s or 403(b)s. The retirement-savings vehicle is called “myRA” and officials said the goal of the program is to teach more workers the importance and the ease of saving for retirement. “When…

 

A Mortal Sin of Retirement Planning: Procrastination

Putting off until tomorrow is jeopardizing many Americans’ retirements. According to a new survey from Bank of America and Merrill Edge, Americans are procrastinating when it comes to saving for retirement, even though the majority had set a 2015 goal of saving for retirement. According to the latest Merrill Edge Report, 59% of the 1,000 respondents…