Longevity risk is real. Accumulating assets for retirement was a lot easier than managing retirement income. Now you practically have to be an actuary to make sure your money doesn’t run out before you do!
A Roth conversion for some IRA assets may provide more tax savings than you realize.
Over half of all Americans expect to live a comfortable retirement and only one third think Social Security will be important to them.
The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.
I wish I could take credit for this list, but I can’t. This is from the Society of Actuaries who outlined these unexpected or shocking expenses in its 2015 Risks and Process of Retirement Survey. I doubt it’s changed much since. Here they’re ranked by the likelihood of it happening.
There may be times when you might decide it’s worth claiming your Social Security benefits early!
What could those tax hikes look like? Let’s consider the possibilities.
IRAs are popular choices as a retirement vehicle, today holding over $11 trillion in assets, estimated to comprise more than one-third of all retirement assets. What’s interesting is that naming trusts as IRA beneficiaries has become more common.
Remember when we heard the SECURE Act eliminated the stretch IRA for most all non-spouse beneficiaries?
Bad decisions can create time bombs, and few decisions can be as disastrous as those that result from the mistakes many women make when it comes to claiming Social Security benefits. This is particularly true for widows, divorced spouses, and stay-at-home parents.
If you’ve changed jobs or are getting ready to retire, don’t leave your old retirement account behind. Rolling over your employer-sponsored plan—like a 401(k) or 403(b)—into an IRA or new employer’s plan keeps your money growing tax-deferred and gives you more control over your investments.
The Big Picture:
For years, baby boomers drove the housing market, and much of the economy, as they moved into their first homes, began raising families, and moved-up to larger homes finally ending-up in the “McMansions” we’re all familiar with today. The boomers are now older—they’re no longer moving up. In fact, they’re just beginning to “decumulate” and downsize.
