Category: Loving Retirement
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Converting Savings to Retirement Income
During your working years, you’ve probably set aside funds in retirement accounts such as IRAs, 401(k)s, or other workplace savings plans, as well as in taxable accounts. Your challenge during retirement is to convert those savings into an ongoing income stream that could provide adequate income throughout your retirement years. Setting a withdrawal rate The…
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Converting Savings to Retirement Income
During your working years, you’ve probably set aside funds in retirement accounts such as IRAs, 401(k)s, or other workplace savings plans, as well as in taxable accounts. Your challenge during retirement is to convert those savings into an ongoing income stream that could provide adequate income throughout your retirement years. Setting a withdrawal rate The…
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Medicare
Medicare is a federal program that provides health insurance to retired individuals, regardless of their medical condition, and certain younger people with disabilities or end-stage renal disease. Here are some basic facts about Medicare that you should know. What does Medicare cover? Medicare coverage consists of two main parts: Medicare Part A (hospital insurance) and…
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Q and A on RMDs
Tax-deferred retirement savings accounts, including IRAs and employer-based plans, are an appropriate way to build assets. Your accounts can potentially grow without losing ground to income taxes each year, and depending on the account type and your income level, you may also benefit from a tax deduction for your contributions. However, with traditional, non-Roth accounts, you can’t…
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Don’t Let Your Retirement Savings Goal Get You Down
As a retirement savings plan participant, you know that setting an accumulation goal is an important part of your overall strategy. In fact, over decades of conducting its annual Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) has found that goal setting is a key factor influencing overall retirement confidence. But for many, a…
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A Woman’s Guide to Health Care in Retirement
At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. That’s why it’s particularly important for women to factor in the cost of health care, including long-term care, as part of their retirement plan. How much you’ll spend on health care during…
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How Much Annual Income Can Your Retirement Portfolio Provide?
Your retirement lifestyle will depend not only on your assets and investment choices, but also on how quickly you draw down your retirement portfolio. The annual percentage that you take out of your portfolio, whether from returns or the principal itself, is known as your withdrawal rate. Figuring out an appropriate initial withdrawal rate is…
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Understanding Social Security
Almost 73 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits. 1 Although most people receiving Social Security are retired, you and your family members may be eligible for benefits at any age, depending on your circumstances. How does Social Security work? The Social Security system is based on…
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Working During Retirement
Planning on working during retirement? If so, you’re not alone. An increasing number of employees nearing retirement plan to work at least some period of time during their retirement years. Why work during retirement? Obviously, if you work during retirement, you’ll be earning money and relying less on your retirement savings — leaving more to potentially grow…
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Myths and Facts About Social Security
Myth: Social Security will provide most of the income you need in retirement. Fact: It’s likely that Social Security will provide a smaller portion of retirement income than you expect. There’s no doubt about it — Social Security is an important source of retirement income for most Americans. According to the Social Security Administration (SSA),…