Weekly Newsletter

“Third-party Posts”

2 Big Changes to RMDs That Will Affect Retirees in 2023

2 Big Changes to RMDs That Will Affect Retirees in 2023

KEY POINTS Retirees can push back RMDs to age 73 in 2023. The penalties for not taking RMDs will drop significantly. A big change is coming to workplace accounts with a Roth designation in 2024. The $1.7 trillion spending bill that Congress passed last week includes...

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How much life insurance do I need?

How much life insurance do I need?

In most cases, if you have no dependents and have enough money to pay your final expenses, you don’t need any life insurance. If you want to create an inheritance or make a charitable contribution, buy enough life insurance to achieve those goals. If you have...

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7 Ways Retirement Will Be Different in 2023

7 Ways Retirement Will Be Different in 2023

Tax changes, RMD rules, Social Security COLA and more will affect older Americans’ finances You might have heard about big changes coming to retirement finance due to Secure 2.0, a package of provisions included in the massive spending bill enacted by Congress and...

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12 Tax Rules Linked to Inflation

12 Tax Rules Linked to Inflation

IRS adjustments may save you some money in 2023 Are expensive gas and groceries busting your budget? The Internal Revenue Service feels your pain. In one of the few silver linings of the highest inflation rates in four decades, the IRS announced inflation-adjusted...

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Your 2023 Tax Brackets vs. 2022 Tax Brackets

Your 2023 Tax Brackets vs. 2022 Tax Brackets

The income ranges, adjusted annually for inflation, determine which tax rates apply to you Even though we’re still in the 2022 tax year, and you filed your 2021 tax returns back in April, you’re probably thinking to yourself, “Gosh! I wonder what the tax brackets are...

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50 Years of Inflation: What Things Cost in 1972

50 Years of Inflation: What Things Cost in 1972

Surprisingly, some things are bargains today — but not many Remember 1972? Richard Nixon was president, the Oakland Athletics were on the way to winning the first of three consecutive World Series and All in the Family was the number 1 television show. Still, what you...

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Bah, Humbug: Inflation Drives Christmas Tree Prices Up

Bah, Humbug: Inflation Drives Christmas Tree Prices Up

Whether you opt for a real or a faux one, expect to pay 5 to 15 percent more this holiday season Christmas tree prices, whether for faux or real ones, are rising this holiday season as inflation spills over into decorations. How bad? Expect to pay anywhere from 5 to...

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A Recession Survival Guide for Retirees

A Recession Survival Guide for Retirees

Economic downturns are inevitable. Here's how to protect your retirement nest egg Is the U.S. in a recession? The media was filled with speculation after the Bureau of Economic Analysis (BEA) announced that the nation's economy had contracted in the first and second...

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7 Ways You’re Blowing Your Retirement Savings

7 Ways You’re Blowing Your Retirement Savings

If these actions sound familiar, you may want to make some changes If worrying about running out of money in retirement is keeping you up at night, you aren’t alone. Untold numbers of older adults have that concern, and for good reason. Inflation is soaring, gas...

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Should You Delay Retiring in a Down Market?

Should You Delay Retiring in a Down Market?

The answer requires a realistic look at your savings and spending Inflation is soaring and the stock market is falling, putting a wrench in many people’s retirement plans. That’s particularly true of those gearing up to retire this year. Instead of planning their...

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What to Do If You Receive a Financial Windfall

What to Do If You Receive a Financial Windfall

How to prepare for those rare occasions when a large sum falls into your lap For most of your life, money comes in at a slow and somewhat steady pace. Maybe you get a paycheck every two weeks or a Social Security payment once a month. Now and then you might get a bump...

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Your Inflation Cheat Sheet

Your Inflation Cheat Sheet

Answers to your most pressing questions about the rising cost of living — past, present and future Prices crept up, then surged higher in the first half of this year. In June, the consumer price index rose to become 9.1 percent higher than it had been a year earlier —...

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7 Things Singles Nearing Retirement Should Know

7 Things Singles Nearing Retirement Should Know

Your needs are unique if you are divorced, widowed or never married Ah, the single life. You can do as you like. There’s no need to deal with a spouse who has opposing views, a different vision of retirement. A spouse who spends too little or too much, or has...

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5 Tips for Retiring in the Next 12 Months

You’ll be retired by this time next year. Here’s what to do now You’ve scrimped and saved and planned for decades, through good times and bad. Now your goal is to retire in this uncertain environment, perhaps in the next year — even though the last six months have...

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What Is the Minimum Salary You Need To Be Happy in Every State?

What Is the Minimum Salary You Need To Be Happy in Every State?

What's the price of happiness in your state? Can money buy happiness? According to a recent Purdue study published in the journal Nature Human Behaviour, income can correlate with emotional well-being and life satisfaction. “Globally, we find that satiation occurs at...

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7 Reasons You Should Retire Already

7 Reasons You Should Retire Already

Sometimes the writing is on the wall Retirement may seem untenable with inflation soaring and gas prices skyrocketing, but for some older adults, hanging on to their job can cause more harm than good. Sure, you still have money coming in, but at what price to your...

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7 Surprisingly Valuable Assets for a Happy Retirement

7 Surprisingly Valuable Assets for a Happy Retirement

A long and happy retirement takes more than just money. Here are seven things happy retirees do – besides dutifully saving the money they’ll need to quit the 9-to-5 grind. Retirement planning is all about numbers. It centers around one question: Do my financial assets...

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‘Solo Ager’ Needs Help Handling Her Financial Affairs

‘Solo Ager’ Needs Help Handling Her Financial Affairs

With no spouse and no children, she’s looking elsewhere for backup The Problem Elizabeth Spiegler, 68, a retired office manager in New York City, was thinking ahead. She wrote me wondering who could handle her financial affairs if someday she can’t. Spiegler isn’t...

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Top 10 Retirement Tips For 2021

For many Americans, retirement may look different in 2021 than it has in years past. The severe economic impact of the Covid-19 pandemic could push many people to consider retiring early, with less saved than they may need. Whether or not your retirement plans are...

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The How-Tos And Benefits Of A Minor Participating In 401(k)s

The 401(k) has become the go-to retirement plan for many Americans and continues to gain traction. The flexibility, tax savings and scale of 401(k) plans have made it attractive to employers and employees alike. But A 401(k) plan doesn’t need to be just for large...

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Covid-19 Is Most Certainly A Retirement Story

The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing...

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Benefits of Fixed Index Annuities

See how the benefits of a fixed index annuity work together to keep retirement income planning on track. We look at six top fixed index annuity benefits: principal protection, tax deferral, growth opportunities, liquidity, guaranteed income and beneficiary payments....

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16 Retirement Numbers You Need to Know for a Secure Future

Figuring out if you can retire securely can sometimes feel like the most complicated math problem ever.  Just figuring out which retirement number to worry about can be perplexing.  And then there is the further complication of knowing how they all fit together. Here...

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Times Have Changed: How To Save For Retirement Today

his story is part of a series in support of America Saves Week 2021. Since 2007, this initiative has provided a call to action for U.S. consumers to save intentionally. Today’s theme is: Save to Retire. Once you reach a certain age, nearly every dinner party you...

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6 Social Security Changes for 2021

These changes in Social Security taxes and benefits take effect Jan. 1 Every October, the Social Security Administration (SSA) announces its annual changes to the Social Security program for the coming year. Here are the Social Security changes that were announced in...

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How COVID-19 is Affecting 2021 Retirement Planning

CORONAVIRUS Reactions to COVID-19 and the impact on consumer confidence is prompting many consumers to reassess their retirement and financial plans. A majority of today’s workers and retirees range from feeling cautious to pessimistic about the economic outlook for...

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Retirement Services

FERS INFORMATION Eligibility is determined by your age and number of years of creditable service.  In some cases, you must have reached the Minimum Retirement Age (MRA) to receive retirement benefits.  Use the following chart to figure your Minimum Retirement Age....

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How to Minimize Social Security Taxes

Your Social Security benefit may be taxable. Try these strategies to reduce your tax bill in retirement. MOST WORKERS PAY INTO the Social Security program throughout their career. Many people also pay taxes on part of their Social Security payments in retirement....

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Equity Growth and Asset Protection

The author offers an introduction to how annuities can help. For investors, the last twenty years have been something of a roller coaster. The dot-com bubble, 9/11, the financial crisis, and now the recession associated with the COVID-19 pandemic have roiled stock...

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Top 10 Retirement Tips For 2021

For many Americans, retirement may look different in 2021 than it has in years past. The severe economic impact of the Covid-19 pandemic could push many people to consider retiring early, with less saved than they may need. Whether or not your retirement plans are...

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How retirement planning needs to change in the new year

Considering annuities, insurance, new investments and delaying Social Security? With all the changes 2020 brought and a new year around the corner, it may be time to revisit traditional approaches to retirement planning. The pandemic and near-zero interest rates...

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5 Things You Need to Know About Finances When Turning 65

It's a pivotal age for retirement planning — even if you aren't ready to retire yet Gone are the days when most people retired at 65, received a gold watch, then lived off their pension and full Social Security benefits. But 65 is still an important age financially...

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2020 Year End Review of Recent Retirement Plan Changes

Over the last year, both before and after the current pandemic, there have been multiple law changes that have impacted retirement plans and retirement benefits. There have been many articles and constant commentary on these changes, but as we reach the end of 2020,...

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Marshmallows and Social Security

Should US retirees delay claiming Social Security until age 70, even if they have to spend savings until then? The Center for Retirement Research at Boston College proposes that strategy as a default option in retirement plans. What do Social Security benefits and...

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Benefits of Fixed Indexed Annuities

Fixed indexed annuities (FIAs) address many basic retirement concerns: protection of hard-earned dollars, tax-deferred growth, balance, and lifetime income. Get some peace of mind — no matter what happens in the market. Consider these five key benefits: Guaranteed...

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9 Signs You Are Not Financially OK to Retire

And one other reason to keep working Being ready to retire means more than being ready to stop waking up at 6:00 a.m. to put in long hours at a job you're not thrilled about. If it were that simple, most of us would retire at 25. What it really takes to retire is a...

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5 retirement planning mistakes to avoid during COVID-19

Don’t let the pandemic derail your plans for retirement These days, older workers and retirees are understandably concerned that their retirement plans will be disrupted by the COVID-19 pandemic and the resulting economic downturn. There are concerns that pre-retirees...

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When Retirement Comes Too Early

Workplaces have grown steadily less friendly to older employees, and the pandemic has pushed more of these workers from the labor market. Joey Himelfarb estimates that in his 25 years in sales, hawking everything from Hewlett-Packard computers to cars and swimming...

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How a simple nudge can motivate workers to save for retirement

Motivating people to save for retirement isn’t easy. Fraught decisions around when to start a nest egg, how much to set aside, and where to invest can be so overwhelming that inertia often sets in. Increasingly, economists who study this paralysis have shown that...

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How COVID-19 may impact your retirement planning

The world has been in a panic since the outbreak of coronavirus, causing almost unprecedented market volatility. Some have been quick to compare this to the credit crisis of 2008 that lasted five years. Depending on the duration of the health crisis, I foresee it more...

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In Danger of Living Too Long? Welcome to “Longevity Risk”

The old line about retirement goes something like: “My problem is not that I have too little money left at the end of the month, it’s that I have too much month left at the end of the money.” For many people, though, the real issue could be having too little money for...

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COVID-19 and retirement: Impact and policy responses

COVID-19 has shaken America and the world, causing widespread social and economic upheaval. The most obvious and distressing cost is the tens of thousands of lives lost to the pandemic, but attendant costs range from shuttered businesses to an unprecedented hole in...

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Lock It In

Using Annuities to Cover Basic Living Expenses for Life The names and numbers may vary but the situation is all too common. Approaching retirement at age 65, John and Jill Smith realized their monthly income from Social Security and pensions total $700 less than their...

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Time Claims to Maximize Social Security Benefits

Know your full retirement age, coordinate the timing of benefit claims with your spouse, and weigh the advantages of delaying your Social Security benefits. Social Security benefits have long been a critical part of Americans’ retirement income plans. After all, the...

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Older Adults Can Jumpstart the Covid-19 Economic Recovery

Even in light of an all-consuming pandemic, there are some mega-trends that continue their powerful and profound impact on global society. One such trend is global aging, which has led to a reimagining and a reframing of the relationship between age and health,...

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How To Maintain Financial Health During COVID-19

With COVID-19 making headlines around the world, it’s normal to feel uncertain about many aspects of life right now, including your finances. Even if you don’t catch COVID-19, you could be financially impacted by the fallout. Throughout this tumultuous period, your...

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My Retirement Plan Is You

Americans without retirement savings are increasingly moving in with their millennial children. Sian-Pierre Regis, 35, is used to living with roommates. For the past 10 years, he has split the rent on his apartment in the Chelsea neighborhood of Manhattan with two (in...

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5 easy ways to manage your money during COVID-19 pandemic

Right now, spending habits are changing, for better or worse. With unemployment at an all-time high and many people working from home, your budget could be totally different from usual. You may be tight on money or have a little extra cash in your pocket. Regardless...

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A Devastating Jobs Report For Older Workers

“Jobs Friday” is usually a nerdy day for financial types and economists only. But everyone was watching the most recent jobs report. I had a big drink and told my family to remember May 8. For labor economists, it will be a day to remember. For the first time, even...

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Weekly Market Commentary

May 4th, 2020 Chadd Mason, CEO The Cabana Group Can April's Rally Continue, or is More Economic Disruption on the Horizon? Equity markets finished off April with the biggest monthly gain since 1974. The huge rally followed an even bigger decline in March. Face-ripping...

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3 Ways COVID-19 May Hurt Your Retirement

Here's how the ongoing crisis could wreck your long-term plans -- and what you can do to prevent that from happening. COVID-19 has turned the U.S. economy on its head, battering the stock market and forcing millions of workers into unemployment. But while the crisis...

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Here’s Why COVID-19 Is Your Retirement Fire Drill

Dick has worked as a hospital administrator for 30-plus years. He was planning to retire in a few months. COVID-19 just delayed his plans for many months, or perhaps for years. Reflecting on what the market decline has done to his retirement savings, he conceals his...

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Here’s Why COVID-19 Is Your Retirement Fire Drill

Dick has worked as a hospital administrator for 30-plus years. He was planning to retire in a few months. COVID-19 just delayed his plans for many months, or perhaps for years. Reflecting on what the market decline has done to his retirement savings, he conceals his...

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6 Ways The SECURE Act May Impact Your Retirement

The new Setting Every Community Up For Retirement Enhancement (SECURE) Act, just signed by President Trump, is the broadest piece of retirement legislation passed in 13 years. Ultimately, the law focuses on retirement planning in three key areas: 1) modifying required...

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Is A Fixed-Index Annuity Right For You?

Retirement isn’t what it used to be. Today, not only are people working, traveling and living dynamic lives well past the previous generation’s retirement age of 65, but saving for retirement requires a different mindset than your parents may have had. “In the past,...

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Recap: What happened to the retirement landscape in 2019?

As 2019 comes to an end, it’s worth taking a moment to reflect back on what took place in the retirement landscape during the past 12 months and how it could affect those preparing for life after work. In recent years, the United States has witnessed a shift from...

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Retirement Plan Contribution Limits Will Increase in 2020

The Internal Revenue Service announced on Wednesday, November 6, that several contribution limits in qualified retirement plans will increase next year. The IRS announced the increases as part of an annual adjustment for cost-of-living increases as provided in the...

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3 Ways You Can Lose Your Social Security Benefits

You definitely want to avoid these at all costs. Millions of seniors today regard Social Security as a critical source of income. But if you're not careful, you could wind up losing out on some of that money and struggling during retirement as a result. Here are a few...

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Don’t Just Be Ready; Be Game Ready

Everyone’s idea of the “perfect retirement” is different. Some of us plan to travel the world, while others hope to move to a new location, perhaps with a warmer climate. Still others might wish to live frugally so they have a sizable nest egg they can pass on to...

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Changing Seasons in Retirement

The holidays are just around the corner, meaning it’s almost time to prepare for parties, travel, gift-giving and more. But what’s good for the spirit can be hard on the wallet. Without a proper plan in place, it can be easy to lose track of how much you’ve spent,...

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Is a Fixed Indexed Annuity Right for Me?

Ensure you have the financial security to be in control of your retirement. Before determining if an FIA is right for your portfolio, make sure you understand the specific product features and if the benefits ladder into your goals. If you… have a retirement plan in...

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U.S. News Unveils the 2020 Best Places to Retire

Washington, D.C. – U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2020 Best Places to Retire in the United States. The rankings offer a comprehensive evaluation of the country's 125 largest metropolitan areas –...

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Does your financial plan hold up to scrutiny?

As National Financial Planning Month, October serves as a good opportunity for an annual check-up on your financial health to ensure you’re on track to meet your goals. Whether those goals are specific to retirement or not, regular checks can help prevent any...

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8 smart steps for buying life insurance

How to find coverage that meets your needs and budget Life insurance can form a vital part of your family’s financial stability and well-being but, if you’re like most people, you may find the thought of shopping for the right type of coverage a little daunting....

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Retirement Calculators

Are you on track for retirement? These customizable calculators will allow you to run different scenarios and discover how small adjustments could make a big difference for your retirement future. Am I saving enough to retire? Will your current savings strategy lead...

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Only 9% of America is Prioritizing Financial Diversity

Its No Myth, Lack of Diversity Puts Retirement At Risk. What Other Myths Need To Be Busted? There is a retirement crisis in America. 1 in 4 baby boomers have less than $5,000 saved for retirement, a staggering amount since average healthcare costs alone will cost you...

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Planning a Generational Impact

Earlier this month, the United States celebrated Grandparent’s Day, which serves as a reminder to appreciate the hard work and dedication of generations before us (regardless of our current age). However, as Intergenerational Month, September also marks a time to...

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Take Charge of Your Future During Self-Improvement Month

As both Self-Improvement Month and Self-Care Awareness Month, September serves as a strong reminder to take time out of our busy calendars and turn the spotlight on ourselves. Representing two sides of the same coin, self-improvement asks the question “how can I push...

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