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Retire on Social Security Alone

With a monthly benefit averaging just $1,369 (as of June 2017), the idea to retire on Social Security alone may sound next to impossible. Still, 23 percent of married retirees and 43 percent of single retirees count on their Social Security benefit for 90 percent or more of their monthly income. Never Meant to Be Social … Continued

Long-Term Care Effects on Retirement Funds

How much can you afford to spend per year during retirement? $35,000? $50,000? $100,000? Unless you’re rich, the cost of long-term care could overwhelm your budget and deplete your retirement savings well before you die, leaving you with limited choices—via Medicaid—for your care. The annual costs for long-term care start at about $18,000 for adult … Continued

Don’t Forget Long-Term Care Insurance in Your Retirement Planning

A plan to pay for long-term care is absent from most people’s retirement plans. Why? People assume they’ll rely on family for caregiving without understanding the emotional and financial burden they could place on their loved ones. Or they underestimate how likely they are to need long-term care, think Medicare will pay for it or … Continued

Protect Yourself from Investment Fraud

Everyone knows about Bernie Madoff’s Ponzi scheme and how he defrauded his victims of $65 billion by exploiting their trust. You’ve probably told yourself, “I never would have fallen for that.” But are you sure? We all want the highest possible returns with the smallest possible risk, which is exactly what Ponzi schemes promise. And … Continued

No, These Expenses Aren’t Tax-Deductible

Everyone likes to save money on their taxes, but sometimes taxpayers can go too far. Certain expenditures may be completely legitimate—and even seem that they should be tax-deductible —but that doesn’t mean the tax law lets you deduct them. Here’s a roundup of 15 expenses you cannot write off because the tax law limits or … Continued

How Bankruptcy Affects Your Roth IRA

Someone facing personal bankruptcy may still have assets, such as a home, jewelry and a Roth IRA. In fact, these assets, including the Roth IRA, may be substantial. The bankruptcy process lets a debtor resolve debts while retaining certain assets. So what is the impact on your Roth IRA? Is it safe? When the Roth … Continued

Close to Retirement? Consider Moving Away from Stocks

You spent your working years saving for retirement, confident you could recover from any market dips because you had the time—and future income—to do so. Now, as you near retirement, you may be wondering if it’s time to move away from stocks and into “safer” investments (i.e., those that are low risk, low reward). It … Continued

How Much the 1 Percent Has Saved for Retirement

Analysis from the U.S. Government Accountability Office (GAO) shows that about half of households headed by people age 55 and older have no retirement savings. The 2015 study, aptly entitled “Most Households Approaching Retirement Have Low Savings,” found that among households with some retirement savings, the median amount of savings is about $104,000 for households … Continued

13 Estate Planning Mistakes You Don’t Want to Make

Many people make the mistake of thinking that estate planning consists of drawing up a will. That is like saying a tire is the equivalent of an automobile, Here are some of the more common estate planning mistakes people make. Having No Plan The most common mistake is having no estate plan at all. For … Continued

Maxed Out Roth IRA? Put Your Money Here

It’s a problem that a lot of investors wish they had. Have a maxed out Roth IRA and wondering where to go next? While it’s hard to top the tax-deferred growth and tax-free withdrawals that a Roth account allows, there are still plenty of other great options that can cut back on Uncle Sam’s bite into your … Continued