Each year the Social Security Administration looks over reams of data and announces whether a benefit increase will be applied, and if so, how much, to keep recipients up with inflation — although how well that happens is up for debate.
Posts from the ‘Value Add’ Category
For many without employer-provided health care, the Affordable Care Act may offer the first opportunity to purchase affordable insurance. Those with an entrepreneurial spirit (but a family to protect) may be willing to step away from their employer’s coverage and take a chance pursuing their dreams. Even the gap between an early retirement (forced or otherwise) and eligibility for Medicare coverage may no longer be a period of high financial risk.
On October 1, your state’s Health Insurance Marketplace will open its digital doors to health care window shoppers. Whether you’re looking forward to the Affordable Care Act with anticipation, dread, or a shrug, every American will be impacted, whether directly or indirectly.
Your retirement could span two decades or more (knock on wood), but have you considered whether your retirement savings will last? Well, your answer will depend on three things:
- How much you set aside now.
- Your withdrawal rate during retirement.
- How you invest your savings once you retire.
To stockpile enough income for retirement, most experts recommend saving between 10-15 percent of your annual pay throughout your career. If you haven’t done so, don’t give up; but start saving as much as you can, as soon as you can.
Where a lot of people get in trouble is when they try to determine a safe withdrawal rate. They retire with what seems like a lot of money in the bank; but then they start spending it, forgetting that money has to last. This might seem like a no brainer, but it’s easy to kick off retirement with lots of celebratory spending (world cruise anyone?) Read more
Imagine an apartment is rented in your name — by someone you’ve never met. This person also opens a new credit card account, sets up phone service, gets a car loan, and runs up medical bills. Then, when it comes time to pay for it all, you’re the person held responsible.
This lovely mess is the kind of thing that can happen after your identity has been stolen. And unfortunately, it happens a lot more often than you might think.
What’s one piece of financial advice that applies to everyone — young and old, rich and poor? Work with a professional.
Unfortunately, a lot of people think only the wealthy need professional financial advice. Let’s bust that myth once and for all.
In reality, it couldn’t be further from the truth. In fact, I would say that the less money you have, the more important it is to get good financial advice. After all, you have a lot less room for error.