You’ve done a good job saving for retirement. You’ve got your living expenses covered, with something left over for some travel and fun. Just one thing: Did you remember to plan for long-term care? It’s no fun to talk about, but the unfortunate truth is that many of us will have a need for long-term care [...] [read full article…]
The limits on contributions to Health Savings Accounts (HSAs) make it unlikely that these accounts will play anything more than a minor role in how retirees fund their health care expenses, according to new research by the Employee Benefit Research Institute (EBRI). HSAs were created as part of the Medicare Prescription Drug, Improvement, and Modernization [...] [read full article…]
The Roth IRA is celebrating its 10th birthday this year. Brought into this world by the Taxpayer Relief Act of 1997, Roths were first brought to market in 1998. Since the legislation was passed in early August, it’s a good time of year to blow out some birthday candles and take a look at how [...] [read full article…]
A majority of Americans file for Social Security benefits as soon as they become eligible at age 62. In many cases, you’ll receive higher lifetime benefits by waiting at least until the Normal Retirement Age (NRA) of 66 or higher. Now, the Social Security Administration has launched a new online Retirement Estimator that allows you [...] [read full article…]
If you’re worried about achieving financial security in retirement, there’s a simple solution: Work a little longer. Most people say they don’t plan to retire until they turn 65. But that’s not what we’re actually doing. More than half of Americans actually retire at age 62–even though it’s not usually the best decision. Working even just [...] [read full article…]
Think you’ve got a pretty good handle on planning for retirement? I doubt it. The MetLife Mature Market Institute recently published results of its Retirement Income IQ Test, and the results were just awful. Metlife—the insurance company’s research and education arm—surveyed more than 1,200 people who are five years away from retirement age on 15 multiple [...] [read full article…]
General Motors’ decision to eliminate retiree health benefits for salaried workers is the latest sign pointing to rising out-of-pocket health care expense for most retirees. The struggling automaker plans to cut medical coverage that many use to supplement gaps in Medicare insurance, substituting increased cash pension payouts; unionized workers aren’t affected. The rising cost of retiree [...] [read full article…]
Q: I have a substantial IRA that I’m leaving to my younger brother as beneficiary in the event of my death. I’m hoping that it can be a rollover IRA for him so he could stretch out liquidation and taxation over his lifetime. My husband is deceased, I have no children, and my other brother [...] [read full article…]
The respected Employee Benefit Research Institute (EBRI) released new research this week that attempts to quantify how much more the average worker will gain through automation of 401(k) retirement savings plans at work. I wrote recently about the surging use of automated retirement portfolio management; the new EBRI study claims to be the first of [...] [read full article…]
Have you cranked the cost of long-term care insurance into your retirement plan? Along with out-of-pocket health care expenditures, the average 65-year-old couple will need to spend an additional $85,000 on premiums for long-term care insurance, according to Fidelity Investments research. Fidelity arrives at that number assuming a couple buying a long-term care policy at age [...] [read full article…]
RetirementRevised.com is the companion website of Retire Smart, a column written by Mark Miller that appears in more than 30 newspapers each week. For millions of Baby Boomers, retirement is an opportunity for reinvention, rather than taking it easy. Mark is helping write the playbook for the new career and personal pursuits of a generation.
