Older Adults Are Failing at Retirement Planning, Study Shows

         Research by the American College of Financial Services illuminates the need for improving retirement financial literacy. The 2023 Retirement Income Literacy Study revealed that most adults ages 50 to 75 lack knowledge about retirement income, which can lead to a lack of confidence about achieving the best possible retirement outcomes. Just 15 percent of […]

National Retirement Risk Index: Many to Fall Short of Goals

         Nearly half of American households will fall short of their retirement goals, researchers have found. According to the Center for Retirement Research at Boston College’s National Retirement Risk Index (NRRI), if Americans work until age 65 and annuitize their assets, 47 percent will still be unable to maintain their standard of living. The new […]

5 Reasons for Seniors to Celebrate in 2023

         It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with the new year upon us, there are some silver linings — in particular for seniors. Here are five reasons for seniors […]

Highlights of How the Omnibus Bill Will Benefit Older Adults

         The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff. Here is a breakdown of some […]

What Are the Best Ways to Get Out of Debt Before You Retire?

          Retirement is an expensive affair, and planning for it involves managing finances even after you have left the workforce. It is commonly estimated that you should have about 70 percent to 90 percent of your pre-retirement income to maintain the same living standard after you retire. A secure retirement means planning your finances efficiently, […]

When to Avoid Naming a Trust as Beneficiary of Your Retirement Plan

Naming a trust as a beneficiary of your retirement plan can be a good idea in some circumstances, but it can be dangerous if you are worried about creditors coming after your estate.  There are a lot of good reasons to name a trust as a beneficiary of a retirement plan, whether it is a […]

Online Survey Helps Older Adults Assess Their Financial Vulnerability

All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions.  It is hard to ascertain the exact number of people affected by […]

A Bipartisan Bill Meant to SECURE your Retirement

The Setting Every Community Up for Retirement Enhancement Act, aka the SECURE Act, was passed in 2019 to help Americans prepare for their retirements; however, in truth, what it does is accelerate income taxes on retirement accounts for many citizens. The ten-year rule marks the deadline for the disbursement of your retirement account following your […]

Are Wanderlust and Retirement Crossing Paths for You?

Do you dream of retiring to some foreign land? Maybe in South America, Europe, or perhaps the Caribbean? It isn’t uncommon. As reported recently in an article by The Week, “As of April 2019, the Social Security Administration was sending 685,000 payments to beneficiaries overseas — a 40 percent increase over the past 10 years”. […]