9 Facts About Retirement
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you. […]
What Is a Roth 401(k)?
While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s. Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans. And starting in 2023, retirement rules were updated to allow more retirement plans the ability to offer Roth contributions.1,2 […]
How Retirement Spending Changes With Time
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households “live it up” and spend more than they anticipate as retirement starts to unfold. In 10 or 20 years, though, they may not spend […]
Retirement Traps to Avoid
Estimating the Cost of College
It doesn’t take a degree in finance to see that the cost of college continues to rise. In its 2023 report, the College Board showed that in-state tuition and fees at private non-profit four-year institutions increased by 5% in inflation-adjusted dollars between the 2013-14 and 2023-24 school years.1 For many families, the lion’s share of […]
When Should You Take Social Security
The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, should you? Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up to age 70), the larger each monthly check will be. The sooner you start receiving benefits, the […]
Mutual Funds vs. ETFs
The growth of exchange-traded funds (ETFs) has been explosive. In 2006, there were less than 1,000; by 2023, there were nearly 10,000 investing in a wide range of stocks, bonds, and other securities and instruments.1 At first glance, ETFs have a lot in common with mutual funds. Both offer shares in a pool of investments […]
Retirement Is a Beginning
How do you know you are psychologically ready to retire? As a start, ask yourself four questions. One, is your work meaningful? If it is emotionally and psychologically fulfilling, if it gives you a strong sense of purpose and identity, then there may be a voice inside your head telling you not to retire yet. […]
Who Is Your Trusted Contact?
Investment firms have a client service feature that may be a benefit to certain investors. They will ask you whether you would like to provide the name and information of a trusted contact.1 You do not have to supply this information, but it may offer some advantages. The request is made with your best interest […]
9 Facts About Social Security
Social Security has been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you. The Social Security trust fund is huge. It was $2.8 trillion at the end of 2022.1 […]