Mike’s column discusses the true costs of in-home versus institutional care for seniors.Continue reading
Learn a few things you can do when you’ve been or are at risk of a data breach.Continue reading
Mike’s latest RJT article offers ideas for what to look for when visiting financial planning websites.Continue reading
When youre overrun with papers, know what to retain and for how long.Continue reading
While many employees concentrate on making selections related to insurance plans, it’s also time to consider your contributions to your 401K or other retirement savings accounts for the 2019 plan year. It’s also a great time to think about other ways you can ensure your retirement income will be adequate when the time comes to start drawing on it.
Since 2007, when the median retirement savings was only about $75,000, there has been a significant increase in the amount baby boomers are saving. That’s good news, considering that an estimated 39% of baby boomers expect their primary source of retirement income to be self-funded from 401Ks and similar retirement savings accounts. While the median amount of baby-boomer retirement savings is closer to $165,000 now, it still falls short of what will be needed to fully fund retirement that could be 20, 30 or even more years long.
In 2018 you can contribute up to $18,500 to your 401K plan and if you’re age 50 or older you can make a “catch-up” contribution of $6,000 more for a total of $24,500. In 2019 the contribution limit will increase to $19,000. While an increase in your monthly contribution might not be realistic for your financial situation, if you are able to give yourself this gift, it can help secure your later years and reduce your tax burden at present.
Many people may not be aware that the full retirement age (FRA) for Social Security benefits has been gradually increasing. FRA is now age 67. According to a Boston College study, 42% of men and 48% of women begin drawing benefits at the minimum allowable age of 62. This can significantly reduce your amount of benefit you receive.
You can defer Social Security benefits until age 70 and increase your monthly income about 8% per year for each year you defer. Unfortunately, many opt to begin receiving benefits early because they haven’t saved enough in other areas to fund their retirement. From its inception, Social Security was designed to supplement retirement income not serve as the primary source. Among Social Security beneficiaries, 50% of married couples and 71% of singles receive at least 50% of their retirement income from Social Security.
If you’re at or nearing retirement age, you may want to consider continuing some form of work. By continuing to work, even with reduced pay, hours, and stress, you’ll be able to have an additional retirement income source that, coupled with savings from 401K, pensions or other income, could allow you to defer your Social Security benefits thereby increasing the amount you’ll ultimately receive.
Consider giving yourself a gift toward your retirement income this holiday season. It is certainly one you’ll be grateful for in the future.
A Special Needs Trust provides added peace-of-mind in helping ensure the financial well-being of your loved one with a disability.Continue reading
When trying to determine the best residential options for an elder loved one, there are many choices. Exploring the differences is important both from a financial and a lifestyle perspective.Continue reading
Recognizing and addressing signs of financial incapacity can help protect your elder loved ones from the potential of financial abuse.Continue reading
Many grandparents serve as the primary care provider for grandchildren at the same time as being parents and taking care of their own aging parents. That’s a financial triple-decker.Continue reading
You wouldn’t pilot a plane without a plan so don’t take chances with your retirement. Plan for the uncertainties that come along for the ride.Continue reading