The Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance trust funds just released their 2024 annual report. In layman’s terms these are the two sources of reserves that support Social Security (SS) and SS disability insurance (SDI). You may already have heard the bad news in the media about…
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The American College of Financial Services (The College) has been producing a Retirement Income Literacy Study every three years since 2014. The latest one, completed in 2023 and unveiled two months ago, paints a disquieting picture of the knowledge level of retirees and pre-retirees when it comes to the various sources of retirement income and…
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A reader writes: Now that bonds are yielding over 5%, can I fund my retirement just from the interest? This is a great question that goes to the heart of retirement planning strategies. The first requirement is that you have managed to save enough money. If you expect to spend $100K per year in retirement,…
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According to eHealth almost 50% of Americans receive subsidized group health insurance through their employer. Given the phenomenally complex health insurance marketplace one has to navigate these days, not to mention the cost, that’s a huge benefit. But what happens if you want to change employers? Thanks to the Consolidated Omnibus Budget Reconciliation Act (also…
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Have you ever wondered how you stack up financially against other Americans? The Federal Reserve has just completed the 2022 survey of consumer finances (SCF) that it has been carrying out every three years since 1989. It provides a ton of comprehensive data covering practically anything you’d want to know about the financial standing of…
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It used to be relatively simple. Prior to 2020, if you inherited an IRA from someone, rather than having to liquidate the account and pay taxes on the balance, you were allowed to “stretch” the annual required minimum distributions (RMDs) over your life expectancy. Then came the SECURE Act (2020) and the IRS interpretation of…
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