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Olivia Mitchell is one one of the nation's foremost retirement experts, having spent a career studying the evolving nature of retirement planning issues and responsibilities for individuals, the private sector and the government. In a recent paper she came to this conclusion: Working longer is going to be the best solution to fixing what ails your retirement strategy.
Another high profile advisor perpetrates fraud -- his clientele is surprising but his techniques are typical.
Having good reasons to retire and avoiding the bad ones will get you off to a great start.
The interest rate on a 15-year fixed rate mortgage hit a historic low last week. That makes it more feasible for anyone closing in on retirement to refinance and know the mortgage will be polished off before they stop working. In terms of financial stress reduction in retirement, that's a huge win.
Use these tips to determine just how much money you need for retirement -- and how much more you need to save to reach your goal. They may sound like a lot of work, but it sure beats being wrong and broke at age 80!
Master Limited Partnerships have long been limited by their tax structure that require dealing with the dreaded K-1 tax statement. Now a new breed of MLP vehicles work around the K-1 by making payouts via an easy 1099. For investors in search of yield, MLPs with yields of 6 percent or so just got a whole lot easier to invest in.
Firms that still offer retiree medical benefits say they are likely to curtail that coverage in the coming years, thanks to health care reform. The upshot for some early retirees is that you may pay more out of pocket for coverage before you become eligible for Medicare at age 65.
Look carefully at the fees charged by target date funds, and have the patience to look at the specific description of the fund you're considering. Many financial institutions offer different versions of funds with similar sounding names, but with different expenses. High fees will eat away at your retirement savings.
The return of market volatility, the mess over in Europe, and renewed talk of a double-dip recession got you stressed out? Before you let your emotions push you to make any changes in your financial plan, consider hitting the pause button and give yourself time to consider a thoughtful response to what's got you worked up.
While it's rare for the US to experience a double-dip recession, I wouldn't count it out.
Look carefully at the fees charged by target date funds, and have the patience to look at the specific description of the fund you're considering. Many financial institutions offer different versions of funds with similar sounding names, but with different expenses. High fees will eat away at your retirement savings.
Some retirement calculators use sophisticated techniques called "Monte Carlo" forecasts, also known as "stochastic" projections. Other calculators use much more simple projections, such as assuming fixed rates for your asset return and inflation, a specified life expectancy, and so on. I don't prefer one type or the other. However, I strongly prefer that you understand how to use the specific retirement calculator that you use.
Here are a few tactics to consider that can increase your retirement payout from Social Security.
Goldman Sachs wants to get deeper into the 401(k) business. But based on the company's track record, at both managing money and managing customers, you should take a pass.
With an estimated $1 trillion-plus shortfall in pension funding, states are beginning to scale back their retirement plan generosity. One clear trend is that new state employees will be steered away from pure old-fashioned pension plans into new plans that incorporate a 401(k)-like feature. Let's just hope the new plans for public employees don't repeat the same old 401(k) flaws all too familiar to those of us who were transitioned out of defined benefit plans decades ago.
