The recession is eroding retirement security even more deeply, as more Americans tap into all available resources to meet current needs. In many cases, that means tapping into 401(k) accounts, IRAs, or taking Social Security early. Fidelity Investments reported recently that 11 percent of its active 401(k) plan participants borrrowed or withdrew funds from their [...] [...more]
What are the special considerations for retirement planning that gay and lesbian couples need to keep in mind? Retirement educator Steve Vernon offers an excellent run-down at CBS Moneywatch. Vernon delves into must-do beneficiary paperwork issues surrounding pensions and estates. But he also highlights a key benefit arena where not much can be done–Social Security. [...] [...more]
How much will you need to live on in retirement? You’ll often hear the big financial services companies offer this rule of thumb: Plan to replace 80 percent of your working income in retirement. Ellen Wagner tossed the rule of thumb out the window when she retired in 2008. Instead, she developed a plan to [...] [...more]
Renée Hirshfield didn’t expect to tap her retirement account to pay for her daughter’s college tuition. But when she opened the bill for Sarah’s junior year at Mount Holyoke College, sticker shock set in. “She had been getting a fair amount of financial aid, but there had been a slight spike in my income the [...] [...more]
Everyone should have some cash set aside for emergencies, although the amounts vary depending on whether you’re working or retired. But with today’s rock-bottom interest rates, how can you squeeze bit more yield from your cash reserve–without taking inordinate risk? Christine Benz of Morningstar.com talks about where to stash your cash to get higher yield [...] [...more]
