For retirement changes in Secure 2.0, December is do-or-die time

Samuel Corum | Getty Images News | Getty Images For supporters of congressional proposals to improve the US retirement system, it’s about to be a nail-biting few weeks. Lawmakers are heading back to Washington next week to finish out the so-called lame-duck session — the legislative period between the midterm elections and the new Congress, … Read more

I’m moving to Florida to be near my grandchildren. My daughter wants me to build a $150,000 addition to her house. Should I do it?

I live in the Chicago area and have recently retired. My daughter and her husband live in Florida. My wife and I thought about getting a condo in Florida so that we could be closer to our grandchildren. But the upkeep and the expense of two different residences is not something I care to deal … Read more

What it takes to build wealth, according to top financial advisors

Pavlo Sukharchuk | Istock | Getty Images When it comes to financial uncertainties, the list of current possibilities may seem endless. From high inflation to a possible looming recession and geopolitical turmoil, there are plenty of curve balls that may shift the US economy and financial markets. But for individual investors who employ some tried-and-true … Read more

55% of working Americans feel they are behind on retirement savings

Nicoletaionescu | Istock | Getty Images As it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new … Read more

How to Rebalance Your Portfolio After Retirement | 401ks

Your retirement portfolio needs to be carefully adjusted to avoid running out of money in retirement. Sometimes one part of your retirement portfolio experiences significant growth or losses, and you need to shift funds from one part to another to maintain your ideal asset allocation for your risk tolerance. With volatile markets and increasing life … Read more

Ready to retire? More to consider before you make the move

Scott Adams As we shared in Retirement Planning Part 1 – Taking Control of Your Finances, retirement planning is the process of determining your retirement income along with the actions and decisions necessary to achieve them. After you have the basic knowledge of understanding, controlling and maximizing your finances, it is time to take a … Read more

There Could Be a Gotcha With Your Huge Social Security Increase

(Keith Speights) The wait is over. After months of speculation, Social Security recipients now know how much additional money they’ll receive in 2023. And it will be the biggest “raise” in over four decades. Last week, the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 8.7%. Everyone who receives Social Security benefits will … Read more

Can you afford a ‘second act’ after retirement? What to ask yourself

Fg Trade | E+ | Getty Images Are you ready for a “second act” in retirement? Sadly, large numbers of Americans heading into their 60s are not — at least from a financial perspective. While the average amount of retirement savings for Americans between the ages of 55 and 64 was $408,000 in 2019, per … Read more

3 Ways It Could Save You Money

(Dan Caplinger) Many people planning for retirement focus most of their attention on Social Security. That’s because they have some control over the benefits they’ll receive from the government program, and the cold hard cash that Social Security pays out is essential to cover living expenses of all kinds. However, Medicare is often even more … Read more