In the world of retirement savings, younger investors have largely recovered from the market turmoil of 2022. Older investors have not. By the midpoint of 2023, the average millennial saver had made up all of their losses from the previous year, according to data from Fidelity Investments. The average 401(k) balance for millennials stood at … Read more
Divorce is a complex process with far-reaching implications, even after the final papers are signed. One of the most common questions we receive from our clients is whether they are entitled to their ex-husband’s Social Security benefits if he passes away. In this blog post, we’ll explore the eligibility requirements and the factors determining whether … Read more
Thereâs a reason a Roth IRA is a popular retirement savings tool. It allows you to access a wide range of investments and enjoy tax-free distributions in retirement. Roth IRAs also use the power of compound interest to grow your nest eggâbut choosing the right investments is key. Weâll help you understand how a Roth … Read more
The National Academy of Social Insurance provides this information to help those seeking to better understand Social Security, which continues to be a cornerstone of retirement security for American workers and their families. We encourage you to use the information on our site to increase your familiarity with social insurance programs as they currently exist … Read more
Losing a spouse is emotionally devastating, and on top of grief, many widows face financial uncertainty about their future. One of the most common questions I receive from readers is whether they’ll be entitled to their husband’s state pension after he passes away. The answer isn’t a simple yes or no – it depends on … Read more
The world of trusts is not one-size-fits-all. The type of trust you choose should reflect your unique wishes for how your assets are handled now and in the future. “A trust can help you navigate specific tax concerns or creditor protection, ensure your wealth supports your family, or leave a legacy for a charitable cause … Read more
Saving for retirement at a typical retirement age, like 67, can be difficult. Saving for early retirement—with fewer years to earn and invest plus more years of retirement to fund—can be even more challenging. But life is all about choices. Once you’ve made the choice to prioritize early retirement, it all comes down to planning—and … Read more
Alden and Dena Swartz draw nearly $4,000 a month from Social Security, the government program designed to support Americans in retirement. And they are struggling. Gail Randle and her partner, Mike DellaVolpe, collect only $2,400 a month in Social Security benefits: Not quite $30,000 a year. And they are doing all right. “We are frugal … Read more
Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual. But most people are far from reaching that objective, with the study finding that the average amount … Read more
It’s hard enough for people to wrap their heads around saving and investing for retirement in normal economic times, so it’s no surprise how overwhelmed so many feel about their financial futures today. With inflation increasing the costs of everyday items and rising interest rates affecting mortgage and other borrowing costs, budgets have gotten out … Read more
