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The following changes take effect on January 1, 2019, as announced by the Social Security Administration: Beneficiaries will see a 2.8% increase in payments. Maximum taxable earnings will increase to $132,900. An increase in the full retirement age for those who turn 62 in 2019 to 66 and six months. An increase in ...
Continue reading ➞How do your savings compare? This article combines a survey by Transamerica on savings by age group with investment management firm Fidelity's recommendations for what that age group should have at that point. Age GroupAvg SavingsGoal 20-30$16,0001x of income 30-40$45,0003x income 40-50$63,0006x income 50-60$117,0008x income 60-70$172, ...
Continue reading ➞For millennials, it's never too early for estate planning. Very few of us want to contemplate our own demise, and this is especially true if you expect that to be decades in the future. However, in addition to an unexpected passing, estate planning can also provide for incidents that may also require some legal resolution, ...
Continue reading ➞The millennial experience with the 2008 financial crisis may have given them a perspective towards their financial lives that can be detrimental to achieving any long-term aspirations they might have. This distorted view may have led many to make any number of the following mistakes: Waiting to invest – time is the biggest advantage millennials have ...
Continue reading ➞While we tend to focus on the total value of our retirement assets, once we start to use those assets to fund our retirement an optimal distribution strategy can minimize the impact of taxes and save you money. There are three general types of accounts available to most retirees: taxable accounts, such as checking, savings ...
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