Retirement Planning

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The Ocean & Volatility

Submitted by Larry Frank Sr. on Tuesday, March 8, 2016 - 12:00pm

Nervous retirees often worry that they might lose everything in a volatile market. Yes, if you only own one stock, you could lose it all. But if your portfolio is diversified, the majority of it remains stable like the water beneath the waves.

Market volatility is not as scary as you might think. First of all, younger retirees may have a higher percentage of equity (stocks) in their retirement income portfolio, but as they age, it shallows out. The volatile part of the portfolio from stocks decreases, while the more stable part of the portfolio from bonds increases.

LGBT Retirement Hurdles

Submitted by Claire Emory on Wednesday, February 24, 2016 - 9:00am

Retirement isn’t easy for most couples, and it’s even harder for lesbian, gay, bisexual and transgender (LGBT) people. A modest amount of planning can go a long way to providing the financial support you need.

Drawdown in Retirement

Submitted by Gary Brooks on Monday, February 22, 2016 - 12:00pm

Your financial life, like climbing a mountain, does not end when you reach the summit, your retirement. Getting down safely, or making your retirement income last, requires a set of different strategies. How can you withdraw your money without depleting it?

For years, you work, live below your means, save and invest. Your savings and investments grow at first moderately but faster over time. Your balances and net worth climb upward at a sharper angle now, just as mountain slopes steepen above the surrounding foothills.

Annuity Cautions

Submitted by Wayne A. Lippert Jr. and Eric Ross on Wednesday, February 17, 2016 - 3:00pm

If you’re approaching or already in retirement and your fear of outliving your savings steadily grows, consider this: You pay a premium to an insurance company and in return a lifetime income kicks in when you turn a certain age. But the aging buyer should beware: These products often work in only limited circumstances and often just prey on your fears.

Retirement Delay Considerations

Submitted by Sterling Raskie on Tuesday, February 16, 2016 - 12:00pm

If you’re fortunate enough to look forward to a company or state pension, retiring as soon as possible and collecting the benefit may tempt you, or you might want to collect Social Security benefits at the minimum age of 62. Before launching your golden years, consider all effects on delaying retirement and continuing to work.

First, two obvious points: Find out if you accrue extra pension benefits for extra years of service; regarding Social Security, your monthly benefits generally rise the closer you are to age 70 before you begin taking them.

Waiting is Bad for Retirement

Submitted by Larry Frank on Monday, February 8, 2016 - 9:00am

Your time is a valuable resource you probably often overlook when it comes to another resource: money. We like to spend as much of both as we can today. Doing the math shows how and why it pays to invest as much as possible as early as possible.

What’s our cost tomorrow? Let’s say you want to save $200 per month and you start at age 25. What will you save by age 65?

Retirement For Gen Y

Submitted by Mary Beth Storjohann on Monday, January 25, 2016 - 12:00pm

Millennials (born between 1980 and 2000, aka Gen Y) drown in advice about investing for retirement and growing wealth to achieve financial goals. How much to scrape out of each paycheck to grow yourself a sufficient nest egg? Hard to pinpoint, but you can plan based on your goals and a few general rules.

Survivor Benefits-8 Tips

Submitted by Jim Blankenship on Wednesday, December 30, 2015 - 12:00pm

Social Security survivor’s benefits become available when a Social Security recipient dies and leaves surviving dependents: a spouse, children and other dependent family members. For many, the benefits constitute a transfusion to diminished household budgets at a tough period of life. The devil’s in the details of these benefits, though, and here are some answers you and yours need ahead of time.

Q: What survivor benefits are available to my spouse?

Choose Happiness in Retirement

Submitted by Wes Moss on Monday, December 28, 2015 - 9:00am

People who feel more secure about their finances are more likely to be happy in retirement, a survey by Northwestern Mutual Life Insurance shows. If you don’t want to fall into the unhappy retiree camp, or even worse, not have retirement as an option, learn to avoid the pitfalls, and start saving today.

Retirement Tips for Singles

Submitted by Grant Webster on Monday, December 21, 2015 - 9:00am

A lot of financial planning revolves around families and married couples. But if you’re single, you need just as much (if not more) planning to navigate toward retirement. Here are five tips to get you on track.