By Sandra Block From Kiplinger’s Personal Finance It’s not unusual for savers to ignore their 401(k) statements during market downturns, and that’s not necessarily a bad strategy. If you’re years from retirement, you’ve got plenty of time for your investments to recover, and sticking your statement in a drawer could prevent you from taking actions…
Is an Annuity The Worst Investment a Young Person Can Make?
October 16, 2022
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One of the best things that my mom ever did for me as a young adult was start an investment strategy for me. She wanted to get me started with investing so she set up some investment account with her financial advisor for my benefit. At the time, I was young, clueless and completely indifferent….
How to Enjoy a Frugal Retirement on a Fixed Income
A retirement journey is joyful. You have devoted your youth to ensure a happy retirement, and you’ll never have to worry about money again. However, even after retirement, it is best to manage unpaid debts, mortgage payments, auto loans, etc. If you planned your retirement when you were young, you wouldn’t have to worry about…
Your Retirement and Annuities: Investing and Funding
October 8, 2022
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The promise of lifetime income from Annuities has been around for centuries dating back to Ancient Rome. Originally, Annuities were just simple instruments that guaranteed a steady stream of income. But, things got more complicated as the years went by. For instance, in the late 1980s, variable Annuities became popular when mutual fund sub accounts…
Is an Annuity a Good Investment?
What springs to mind when you think of investing? You probably envision Wall Street and the frantic pace of the New York Stock Exchange floor. There are some of you who may visualize Fortune 500 ticker symbols. You could also think of the less exciting pie chart on your annual mutual fund report if you’re…
Alternatives to Annuities
October 5, 2022
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You may be attracted to the idea of receiving a lifelong income after retirement. Unfortunately, pensions are disappearing. Only 31 percent of Americans currently retire with defined benefit pension plans. While 84 percent of people receive Social Security Old Age, Survivors, and Disability Insurance (OASDI) benefits, it was never intended to be their sole source…
Annuities: Types and Examples
Whether you know it or not, you’ve at least heard the word “annuity” thrown around. Unconvinced? You’ve probably encountered annuities in the following instances: Defined benefit pensions. Defined benefit pensions guarantee specific benefits upon retirement. Employers can administer pensions in the form of a lump sum or lifetime annuity. Due to the fact that these are deposits to banks, the…
How Pre-Retirees and Retirees View the Future
When thinking about retirement, it all comes down to finances. After all, there’s a particular lifestyle that people have become accustomed to. A lot of emotional and financial planning goes into retirement. Most baby boomers are already there. So, how’s retirement for them? And what about the Generation X group? They’re planning retirement. How are…
The Savings Game: Rules Regarding Inherited IRAs, and Other Reader Questions
By Elliot Raphaelson Q: My dad passed away in April 2020. He left me his traditional IRA. He was 80 and was taking required minimum distributions. I understand from your columns and others that I am required to take required minimum distributions each year because of the SECURE Act. I was under the impression that,…
How Much Should You Get in Required Minimum Distribution Withdrawals?
September 21, 2022
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When you decide you are ready to retire, you may want to start withdrawing funds from your retirement account(s). You will need to be a minimum age of 59½ before you are allowed to do so without penalty. If you have reached the age where you need to take out required minimum distributions (RMDs) (70½…
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