Social Security benefits represent a salient component of most retirees’ retirement income strategy. For most American retirees today the two most important sources of retirement income are withdrawals from their own retirement savings and their monthly Social Security benefit. As such, it is imperative to be aware of new developments with Social Security and its associated retiree healthcare program, Medicare….
2020 began with the promise of continued strong economic and financial performance and a hint of uncertainty surrounding the November Presidential election. The nation’s unemployment rate was near sixty-year lows, and labor force participation rates were near sixty-year highs. The longest bull market in U.S. history was still running, despite concerns by some investors and analysts that it was getting…
Amidst the excitement of the holiday season and the seemingly endless coverage of impeachment proceedings in Washington D.C., you have may have missed news of sweeping changes to retirement savings that could have a significant impact to your financial plans. On December 20th, 2019 President Trump signed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 into…
Social Security recipients will receive the largest annual raise in Social Security benefits in seven years when their monthly checks increase by 2.8% in early 2019. The Social Security Administration announced the increase after the October release of consumer price index data for September. The 2.8% increase represents the largest Social Security COLA increase since the 3.6% increase for 2012. …
A recent Wall Street Journal article “Time Bomb Looms for Aging America” highlights a growing crisis for older Americans nearing and entering the early stages of retirement. What the article’s authors uncovered in their research is that the generation reaching retirement age is in worse financial shape than the previous generation. This will be the first time this has occurred…
The Insured Retirement Institute recently released the “Eighth Annual Update on the Retirement Preparedness of the Boomer Generation” and the report provides some interesting insights into baby boomers’ expectations and preparedness for retirement. While the insight from the survey provides a valuable look into the mindset baby boomers preparing for retirement, it should be noted that the Insured Retirement Institute…
Investment News, a weekly national publication for financial advisors, recently published an article titled “Sinking At Retirement” by Greg Iacurci. The article maintains, “Current market conditions bode horribly for near-term retirees.” Many baby boomers, including some of our clients, are planning to retire soon. Should pre-retirees on the verge of retirement be concerned about the impact current market conditions may…
The Latest Update on the Fiduciary Rule While you have been watching the recent volatility in the stock market or the latest political drama unfolding in Washington, you may have missed the latest news on the Department of Labor fiduciary rule that we have been periodically writing about for several years. On March 15, the fifth U.S. Circuit Court of…
The old adage of “Location, Location, Location” applies to more than just real estate apparently. According to a report from GOBankingRates and a recent article from Bloomberg News, location can have a big impact on your retirement. More specifically, where you live has a big impact on the health of your retirement nest egg. The GOBankingRates report analyzed and projected…
Are Americans facing a retirement savings crisis? The answer to that question depends on who you ask, and perhaps that individual’s prospects for retirement. The Wall Street Journal recently asked two prominent economists if Americans were facing a retirement savings crisis. Alicia Munnell, director of Boston College’s Center for Retirement Research and Andrew Biggs, resident scholar at the nonprofit American…
