You have 15 or fewer years until retirement, you have a sound retirement financial plan that is adequately funded, and you’re counting down the years. And then, out of the blue, you’re let go. Your retirement financial plan becomes suddenly irrelevant, since it had assumed several more years of peak earnings, along with commensurately larger […]
It’s the gift that everybody wants: the ability to get a do-over when you make a mistake. In golf, it’s called a mulligan, or the chance to redo a stroke. With Social Security, it’s called a withdrawal of application. However, the circumstances under which you can exercise this option are limited. And you only get […]
Getting out of debt isn’t easy. It usually requires a lot of time and sacrifice. But having a game plan can make the process easier no matter how much you owe. If you’re not sure where to start, consider these six success stories about paying off debt with the help of simple tricks, tools, and strategies. […]
About 64 million Americans rely on Social Security benefits as a major part of their income in retirement. Consider these facts: Approximately 50% of married couples and 70% of unmarried persons receive 50% or more of their income in retirement from Social Security, according to the Social Security Administration. A good way to maximize your […]
It’s often reported that underfunded public employee pension systems create barriers to state and local governments’ ability to provide ample public services like education, parks, and libraries. Too often overlooked, however, is another looming fiscal challenge: the rising costs of paying for health insurance for America’s retired public employees. The Federal Reserve estimates that the […]
Social Security isn’t meant to sustain you in retirement by itself. Your benefits will replace around 40% of your former paycheck if you’re an average earner, and most seniors need far more than that to live comfortably. That’s why workers are often encouraged to save for retirement on their own. But in a recent TD […]
Retirement is an expensive prospect, so much so that most seniors need about 70% to 80% of their former income to maintain a decent lifestyle. Social Security will provide about half that amount for anyone who’s an average wage-earner; but the rest of that retirement income needs to be generated elsewhere, and for those who […]
Financial advisers typically advise parents to create a college savings account when a child is young — but it’s the grandparents who should set one up. When Grandma and Grandpa set up a 529 plan, which is a state-sponsored college tuition account, the assets don’t count against the child when they’re filling out their financial […]
While romance may be brewing ahead of Valentine’s Day, so are some dirty secrets. About 44% of U.S. adults admit to hiding a bank account or debt, or to spending more money than their partner would be comfortable with, according to a new study from CreditCards.com, which surveyed 1,378 adults who are married, in a […]
While saving is usually the focus of early retirement discussions, saving exists only in relation to spending. Everyone spends something, no matter how frugal your habits. In early retirement books, blogs and podcasts, we tend to throw around the phrase “spend on your values” flippantly, as shorthand for only spending money on the things that […]
U.S. presidential candidates get asked many questions about the country’s state of affairs — one of which is what they will do about “entitlement programs.” “Entitlement” often refers to Social Security and Medicare, but critics argue that’s the wrong way to describe it. Many Americans take to social platforms saying they’ve paid into the system […]
“Turn off the lights.” “Why would you go out and spend money for coffee?” I grew up middle-class in the 1950s with a litany of lines like that from my Depression-era mother. Usually, I didn’t listen to them. But now that I’m 70 and figuring out ways to budget in retirement in San Francisco, I’m […]
