Submitted by Jonathan DeYoe on Mon, 01/13/2014 - 12:00pm
Fewer employers offer traditional pensions anymore. Many that do are ditching their plans and giving employees lump sums. Here’s what to know about your options.
With traditional plans, called defined benefit, employees don’t contribute and companies put away the money for retirees to draw on. The retired employees’ salaries, length of employment and other factors determine retirement benefits. Companies continue to slash these in many ways.
Submitted by Jim Blankenship on Thu, 12/26/2013 - 3:00pm
It pays to know all formulas you use to calculate your ever-changed Social Security benefits. Here’s a look at one of them, which affects how much you get, a seemingly abstruse yet crucial concept called bend points.
Submitted by Larry Frank Sr. on Thu, 11/07/2013 - 12:00pm
You save and save and save for retirement, trying to tune out those escalating estimates of what you need to never run out of money. Conventional wisdom blathers that in retirement you spend only 75% of your current expenses, anyway. Think again, and here’s why.
Retirees often spend too much early in retirement and – the retiree’s nightmare – outlive their cash.
Submitted by Rick Kahler on Fri, 09/06/2013 - 3:00pm
Yes, there are good things about being old, such as increased happiness, less stress, better marriages and deeper friendships. You seldom hear that: People tend to focus on the negatives of aging.
How old is “old”? I don't know exactly, but after my recent birthday I can say that it's much older than 58. My 12-year-old son told me, “Dad, I’ve always thought of people who are over 60 as being really old. I don’t think of you as really old, so guess I will need to redefine what is old.”
Submitted by Jonathan DeYoe on Wed, 06/19/2013 - 12:00pm
Getting ready for retirement involves more than just calculating how much you will need and the rate you can draw down your savings. The year before you retire is a crucial time to prepare both financially and psychologically.
Often, I feel that many retirees underestimate their expenses, get bored without a daily grind and panic over market corrections.
Here are a few exercises that you can take during that last year of working life to get ready for the reality of retirement.
Submitted by Sterling Raskie on Thu, 02/21/2013 - 9:00am
As an advisor, I sometimes need to play marriage counselor. Money differences are one of the biggest sources of marital discord. Recently, I resolved a key disagreement that divided a couple. The answer: Let each spouse have his and her own bank account.
The couple – let’s call them John and Jane Bickerson – is nearing retirement, and sat down with me to look at their cash flow needs, possible dates to quit working and the ever-present question, “Do we have enough?”
Submitted by Jonathan DeYoe on Fri, 02/15/2013 - 12:00pm
The most important retirement planning task for your last working year is calculating where your income comes from when you retire. This probably seems completely obvious, but it usually isn’t. Your portfolio needs to yield more every year to keep up with inflation.
Submitted by Larry Frank Sr. on Tue, 02/05/2013 - 9:00am
When you save for retirement, the ugly truth is that you also need to keep your spending at a sustainable rate. Decreasing your standard of living is hard, in retirement or when working. But it’s easier if you control your consumption now.
Submitted by Matthew Illian on Fri, 01/11/2013 - 3:00pm
Longevity is a blessing and many of us are living longer. Unfortunately, this makes retirement planning much more complicated. In retirement, you may be wiser to take out less money from your savings than you planned.