social security
Consider Having a Backup Plan
When looking ahead in anticipation of Social Security benefits, many people expect to wait until an average age of 66 to make a claim.1 However, Nationwide Retirement Institute’s fifth annual Social Security survey found many retirees start drawing Social Security at the earliest possible age of 622 — frequently the result of being laid off or…
Read MoreThe Future of Medicare and Social Security
There is little doubt that Medicare and Social Security are important programs that help older Americans in retirement, particularly now that so many are living beyond previous life expectancy rates. In fact, past models for savings rates may be failing many older Americans, who represent the only demographic seeing significant increases in poverty rates in…
Read MoreWhen One Spouse Retires First
It’s easy to think of retirement and dream of a relaxed stroll into the sunset with your significant other by your side. After all, many advertisements repeat this theme with salt-and-pepper-haired couples strolling hand in hand across a beachfront. Yet, this is not always the case. Anymore, we often see couples retire at different times…
Read More3 Common Questions About Social Security
While Social Security shouldn’t be relied upon to be the sole source of income during retirement, it can play an important role in your overall financial strategy for retirement. But making sense of the basic ins and outs of Social Security can be overwhelming. Here are three questions people commonly ask as they approach retirement…
Read MoreEquifax Cybersecurity Incident
You have likely heard that on July 29, 2017, Equifax discovered a breach of some of the sensitive information that they maintain in their data bases. Equifax estimates that as many of 143 million Americans were impacted by this hack. This data security incident may have exposed some of your personal information, including your Social…
Read MoreMaintaining Independence in Retirement
Independence is something we have to work for throughout our lifetimes, whether we want to or not. As babies, we push our way up from four limbs to two and start walking our way into messes. As toddlers, we profess “No!” and “Mine!” to make our point. In the teenage years, we rebel against parents…
Read MoreWhat is a “safe” retirement withdrawal rate?
In an investment portfolio, the withdrawal rate is the monetary percentage from which a retiree draws from his account each year. A “safe” withdrawal rate is a fixed percentage distributed as a systematic withdrawal that reasonably expects portfolio funds to last throughout the retiree’s lifetime. When determining your personal retirement withdrawal rate, it’s important to…
Read MoreWhen Should You Retire?
About half of Americans retire between the ages of 61 and 65. Among today’s retired households, a traditional pension or retirement plan appears to be one of the differences between a high- and low-income lifestyle. That’s because among the 41 percent of retirees whose annual income is less than $25,000, only 21 percent receive income from…
Read MoreLive Long or Prosper? How Retirees can do Both.
Some retirees underspend throughout their golden years, sacrificing quality of life to assure they don’t outlive their income. Others resist their desire to be philanthropic because of concerns that donations could leave them short on money down the road. A market downturn during the early years of retirement can be one of the biggest risks…
Read MoreFacts About IRAs
While an IRA may have a lower annual contribution limit (2017: $5,500; $6,500 age 50 or older) than a workplace-sponsored retirement plan, opening an IRA can provide an opportunity to help diversify your retirement assets. An IRA offers certain benefits that are generally not available in a 401(k), such as: Lower cost Larger spectrum of…
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