By Kerry Hannon, Next Avenue Contributor Getty Lots of retirees have regrets about their retirement choices. The primary problem: they were too optimistic about their anticipated retirement benefits, which led to them not saving enough during their working years. If they could go back in time, they’d have postponed retiring, paid off debts before leaving
Retirement
WASHINGTON, DC – AUGUST 27: Democratic Vice Presidential nominee Sen. Kamala Harris (D-CA.), … [+] delivers remarks during a campaign event on August 27, 2020 in Washington, DC. Harris discussed President Donald Trump’s failure to handle the COVID-19 pandemic and protect working families from the economic fallout prior to the last night of the Republican
getty There are a lot of misunderstanding about the Social Security rules. Some of these rules are coming into play more than usual during the Covid-19 pandemic, so it’s important to know the rules. A misunderstanding can lead to poor decisions and lower lifetime benefits. When someone is both working and receiving Social Security benefits,
WOBURN, MA – APRIL 8: Family members participate in a drive-by birthday celebration for 102-year-old … [+] Agnes Carson outside the New Horizons at Choate independent and assisted living community. (Photo by David L. Ryan/The Boston Globe via Getty Images) Boston Globe via Getty Images Hundreds of thousands of older adults and younger people with
Now is a great time to refinance your home. getty Two weeks ago, both Freddie Mac and Fannie Mae FNMA announced a new mortgage refinancing fee of 0.5%. The new fee was scheduled to start on September 1, 2020. However, yesterday, Fannie Mae and Freddie Mac both announced the new fee will be delayed until
WASHINGTON, DC – AUGUST 22: U.S. Speaker of the House Nancy Pelosi (D-CA) speaks to reporters at … [+] her weekly press conference at the Capitol on August 22, 2020 in Washington, DC. The House was called back from recess to vote on H.R. 8015 Delivering for America Act to allocate funding to the US
getty Earlier this week, the Social Security Administration’s chief actuary reported, in response to a question by Senate Democrats Chuck Schumer, Bernie Sanders, and Ron Wyden, that, if the dedicated payroll taxes to fund Social Security were removed with no replacement income source, the Disability Insurance Trust Fund would be depleted in the middle of
There are potentially serious consequences if Social Security’s payroll taxes are permanently … [+] reduced or eliminated. getty President Trump has made statements recently about the possibility of reducing or eliminating the payroll tax that funds Social Security’s benefits. Understandably, these statements are generating a lot of concern among all quarters, due to the potentially
getty In a positive development for bar applicants and the reputation of the Florida legal community, the Florida Supreme Court announced on Wednesday, August 26, 2020 that the Florida Board of Bar Examiners (“FBBE”) rescheduled the bar examination to take place on October 13th, with October 14th being reserved as a day to continue testing
Across our country, there is no uniform message about how much we can visit and socialize with others, particularly our aging parents. We know for certain that people over 65 are at greater risk for getting sick from Covid-19 than younger people but that does not tell us what’s ok or not about visiting when
By Andrea King Collier, Next Avenue Contributor getty Today was a big day in our house. My husband is a 63-year-old, African American sixth-grade teacher headed back to the classroom in Michigan for in-person instruction. But, since it’s happening during the pandemic, I’m fearful. Many other older teachers and school staffers across America who have
Young couple sitting on sofa discussing finances getty Are you starting your career or a new job and want to know if you should opt in to the company 401(k) plan? Or are you new to saving in a 401(k) and want to learn about some of the basic features? If you just started a
getty As readers of my previous posts well know (Part 1 and Part 2), over 1,150 Florida Bar candidates have been left in a lurch because the July examination, which had been rescheduled to August 19, was cancelled on August 16 and is now going to be rescheduled to a day in October that has
What is “just enough” money to meet your needs and be happy? getty Most American pre-retirees and recent retirees haven’t saved enough money to be able to retire full time at age 65 under their pre-retirement level of income. To make up for this shortfall, they’ll either need to work longer, reduce their spending, or
With an election coming up and a second stimulus package being discussed, assuming that we’ll be … [+] seeing a change in taxes is a pretty safe bet. getty With an election coming up and a second stimulus package being discussed, assuming that we’ll be seeing a change in taxes is a pretty safe bet.
WILMINGTON, DELAWARE – AUGUST 20: Democratic presidential nominee Joe Biden delivers his acceptance … [+] speech on the fourth night of the Democratic National Convention from the Chase Center on August 20, 2020 in Wilmington, Delaware. The convention, which was once expected to draw 50,000 people to Milwaukee, Wisconsin, is now taking place virtually due
getty When the Tax Cuts and Jobs Act doubled standard deductions in 2018, it had the unintended consequence of greatly reducing the amount of people who could benefit from this famous itemized deduction. Despite this, the United States continues to give the most amount of money per person of any other country to charitable causes. The total
US President Donald Trump delivers remarks on the economy at an airport hanger on August 17, 2020 in … [+] Oshkosh, Wisconsin. (Photo by Brendan Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images) AFP via Getty Images As the Republican Convention opens I expect President Trump will make the case he is best
As the CEO of a company whose mission is to help people secure retirement, I am obsessed with the unintended consequences of retirement planning and advice that focuses more on assets than income. It makes sense that the companies that produce this advice and manage the assets, from brokerages like Fidelity and Schwab to robo-advisors
Trump’s DOL is pushing 401k sponsors to include the highest cost, highest risk, most secretive … [+] “private equity” investments ever devised by Wall Street in retirement plans offered to America’s workers, without warning of the massive dangers. getty Trump’s U. S. Department of Labor is pushing 401k sponsors to include the highest cost, highest