retirement

Am I Saving Enough Money For Retirement and How Much You Should Be Putting Away in 401K or IRA Accounts

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Nothing is more significant over the long term from a financial planning aspect than ensuring you are setting aside and investing a sufficient amount to take care of your monetary needs in retirement. This can be easy to put off, especially if retirement is far away and taking care of your personal finances is low [...]

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How and Where to Open an IRA or Roth IRA Account and Factors to Keep in Mind

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I receive a lot of questions on Individual retirement accounts (IRA) based on related posts I have written about. One question that seems to come up often, is how to actually open an IRA account and where is the best place to do so. An IRA (individual retirement account) is your personal savings plan for retirement, offering [...]

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Roth 401k and IRA Retirement Plans Conversion Limits and Rules

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[Updated] With the recent approval of the Small Business Jobs Act, 401(k) plan participants are now permitted to convert their traditional employee sponsored retirement accounts over into Roth 401(k)s. The change will give many people the ability to better plan for retirement by mitigating tax impacts and leverage benefits currently available via Roth and Traditional [...]

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How To Navigate Through Your 401k Investment Options

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Trying to find the right investments for your 401k can leave you feeling like you are lost in the middle of a maze. Your 401k plan provider may offer a ton of investment options including stocks, stock funds, bond funds, and exchange traded funds. With so many options to choose from, what is an investor [...]

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Traditional IRA versus Roth IRA – 2011 Contribution and Phase-out Income Limits

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[Updated Nov 2010] The IRS has released the official 2011 401K and IRA Limits. These have been updated based on 2011 cost of living adjustments (COLA) which remained unchanged again this year. The main impact to IRA and Roth IRA plans are the income eligibility/phase-out limits. The table below summarizes the key rules and limits [...]

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Update on the $250 Social Security Stimulus (SSI) Payment in 2010 for Retirees, Veterans and the Disabled Who Get No COLA Increase

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[Update Dec 2010 - No $250 SSI Payment in 2010] Congress officially nixed a one-time payment of $250 in 2010 to Social Security recipients who haven’t received cost of living adjustments (COLA) since 2008.  The cancellation of a $250 SSI payment in 2010 was justified on the basis of low inflation (see update below). But many seniors are [...]

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Smart Move: Claiming Social Security Benefits Later Rather Than Earlier

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As a result of the recession, social security retirement and disability benefit claims have risen 50% more than expected. Bloomberg reports that the 150,000 extra retirees claiming benefits may add to the financial pressure on the entitlement program and that expenses would exceed revenue beginning in 2016, with the social security fund running out of [...]

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Roth IRA 2011 vs. 2012 Contribution and Income Limits and Conversion Rules From Traditional IRA Retirement Accounts

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[Updated with 2012 Roth IRA Limits] The IRS has released 2012 IRA information and there is no change to Roth IRA contribution limits over 2011 levels. Income ranges have increased slightly meaning more people are eligible to open a Roth IRA account in 2012. Updated details and a comparison to 2011 levels are shown in [...]

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2011 vs. 2012 401k, 403b Contribution Limits and Catch-up Amounts

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[Updated for 2012 contribution limits] The IRS has now released the official 2012 401k, 403b and other retirement plan contribution limits, which reflect a $500 increase over the 2011 standard contribution limit. This is a result of higher inflation and the latest cost of living adjustment (COLA) figures. The 2012 contribution limit is the first increase in three years. Each [...]

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A look at the Pros and Cons of Reverse Mortgages

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Reverse mortgages are becoming an increasingly popular financing offering with our aging baby boomer population, looking for ways to unlock the value from their homes. Simply defined, reverse mortgages are a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity [...]

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