People are retiring earlier and living longer, making longevity one of the greatest risks retirees face, write portfolio managers Michael Meltzer and John Petrides. They suggest managing this risk by diversifying across investment classes and “[f]ocusing on protecting the ‘quality’ of the income stream by favoring companies with a strong…
Clients will be able to contribute more money to their 401(k)s in 2020, and legislative changes will allow for IRA contributions past age 70½. There is a 1.6% cost-of-living adjustment for Social Security in 2020, but Medicare premiums are also set to rise. CNBC
Kiplinger’s tax editor Rocky Mengle explains 10 key ways the Setting Every Community Up for Retirement Enhancement Act, which President Donald Trump signed into law Friday in a financing package, changes retirement saving in the US. “While some provisions are administrative in nature or intended to raise revenue, most of…
Many Americans don’t have access to 401(k) plans, and those who do often do not save enough for retirement. Disparities in retirement savings have intensified since the Great Recession, according to the Economic Policy Institute. CNBC
Financial advisors should help clients prepare for the possibility of being either a caregiver or care receiver, writes financial planner Bryan Kuderna. IRAs and cash value life insurance can offer liquidity for those who retire early to become caregivers, while long-term-care insurance or setting aside money for a stipend to…
The lives of millions of Americans in retirement could be shaped by three major pieces of legislation awaiting action in the Senate, the Setting Every Community Up for Retirement Enhancement Act, the Rehabilitation for Multiemployer Pensions Act and the Retirement Security and Savings Act. It isn’t clear whether any of…
An understanding of emotional and personal issues can help advisors provide additional value for clients and help them make a successful transition to retired life. Clients may face certain challenges after leaving the workforce, including a potentially diminished social circle. Financial Advisor online
People looking to minimize taxes or pass their retirement savings on to heirs have a few tax-efficient options, writes F. Michael Zovistoski of UHY Advisors NY. He suggests using IRA funds to buy life insurance then hold the policy in a trust and using qualified charitable distributions. WealthManagement
Working longer to boost retirement savings can be a good idea, but health conditions often force people to leave their jobs. Most Americans who are at least 65 years old have multiple chronic conditions, according to the CDC. CNBC
Financial advisors reveal some of the mistakes they see retirees make, including not having a realistic budget and taking pensions or Social Security too early. Many retirees also do not mentally prepare for retirement, says Brandon Garrett of Snow Garrett Wealth Management. ThinkAdvisor
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