Most American workers who have at least 10 years of work history will be able to start taking Social Security benefits as soon as they reach age 62. But should they?
Readers of a certain age may remember the song about the boll weevil, recorded by blues and folk artist Leadbelly in the 1930s and made famous by Brook Benton in the early 1960s. Boll weevils feed on cotton buds, and a widespread infestation in the American South led to economic devastation in the 1920s and 1930s.
It probably would not surprise too many people to learn that money and finance are at the top of the list of reasons why marriages break up.
Last October, the Social Security Administration (SSA) announced changes in its program due to take effect in 2018.
With all that has been said, written, and discussed about preparing for retirement, it might seem that there is very little remaining that still needs to be talked about.
Most of us have heard the stories: the wife of many years whose husband has always been the breadwinner–but who is now retired and, for the first time in either of their lives, is home with his wife most of the time, instead of at work.
When it comes to saving for retirement, sooner is always better. But even if you’re already well into your career, it’s not too late to form some useful habits.
Many Americans are taking advantage of the Roth IRA, with its $5,500 annual contribution limit ($6,500 for those 50 or older), to sock away money for retirement and enjoy nontaxable growth on the invested funds. While Roth IRAs, unlike traditional IRAs, do not afford taxpayers a deduction from taxable income for the contribution.
Financial planners often hear the question: “Am I putting enough aside for retirement?” It isn’t surprising, especially as people reach “a certain age,” that they start wondering about this, especially since “not being a burden to my children in my old age” is close to the top of many prospective retirees’ worry lists.
Those who are working toward retirement often focus all of their energy on making sure their asset base for retirement is adequate and well positioned in the market. To a degree, this makes sense; when we are working, and especially when we are in our peak earning years, we should pay careful attention to funding our future retirement.
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