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How and When to File for Social Security
Most people look forward to retirement and plan on Social Security to cover at least some of their retirement expenses. Before you decide to join the nearly three-quarters of Americans that opt for early benefits at age 62, consider that many Americans are better off delaying benefits to maximize their income during retirement and the […]
Is running out of retirement money a fate worse than death?
Imagine this – the year is 2040. You are 80 years old, in reasonably good health, and you have just spent your last penny of retirement savings. You have no other sources of income. For the rest of your life, you will rely on government handouts and the charity of others. Sit with that image […]
Generate Portfolio Income in Retirement
In an ideal world, retirees would have so much money saved before retirement that they could hang up their hat without having to work for another dollar. However, portfolio income in retirement is a huge challenge for many retirees. Unfortunately, for most people, having a nest egg – even a decent sized one – isn’t […]
5 Reasons to Work Another Year Before Retiring
There’s no shortage of advice about how to save enough to retire early, but in some cases, you may want to consider the opposite. By deciding to work another year, you can realize a host of benefits that can permanently increase your retirement income, reduce your outstanding debts and make life less stressful. Let’s take […]
5 Sources of Retirement Income in 2022
Earning retirement income during uncertain economic times requires some creativity and optimism. With stock market volatility, a “set it and forget it” approach to retirement strategy likely won’t result in much extra income. Every investor is different and the right strategy for you reflects on your investment goals and interests. A blended approach can be […]
Using Covered Calls to Generate Retirement Income
Many retirees draw down their portfolios to finance their retirement, but generating income can help stretch your savings much longer. While dividend stocks and bonds are popular income investments, covered calls can provide an extra boost (and some downside protection). As a result, they may be a worthwhile addition to your retirement plan. In this […]
Should Cryptocurrency Be Part of Your Retirement Plan?
Retirement investors often look for ways to generate income from their existing investments, especially during uncertain economic times. The recent volatility in the stock market spilled over to affect many sectors, especially cryptocurrency. Bitcoin’s inventors launched cryptocurrency as a concept in 2009 as a possible alternative to prevent another 2008 financial meltdown. Bitcoin and other […]
Should You Take Social Security Early?
More than a third of insured workers claimed social security benefits as soon as they became eligible in 2013, according to the Boston College Center for Retirement Research. The big question is whether this decision appropriately reflected the individuals’ circumstances or whether they made a costly mistake. If you’re approaching retirement, it’s important to carefully weigh […]
72T Distributions: How to Take Early Withdrawals from your IRA
In this article, we examine 72T distributions. It’s no secret that Uncle Sam wants you to save for retirement. With IRAs, Roth IRAs, and 401(k)s, you can defer or avoid a lot of tax by stashing away money early and letting it compound over time. The only catch is that you need to leave the […]
Should You Borrow from Your Retirement Plan?
Nearly 20% of 401(k) participants have an outstanding plan loan, according to the Employee Benefits Research Institute, despite the widespread advice to leave these funds untouched until retirement. While it’s certainly ideal to keep your nest egg vested until retirement, retirement plan loans aren’t necessarily a bad idea for those who require easy access to short-term […]