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Retirement

I Got Married, But Do I Still Get to Retire?

Gabby
Hey ya'll! So I got married, and am now a stay at home parent for the financial health of our household. I used to work in retail and had a 401k but cashed out during the early stages of the pandemic in connection to a family emergency. My question is: What do we do now??? I've only ever known of 401k's and retirement investing in relation to work. But now that I'm not working and all the money from my old 401k is spent is this something we should be saving for?? I've done some reading on...Read More...
Last Reply By irishnanny · First Unread Post

When to do it

Looking for advice. I am a single woman, 61, with a mortgage of 175000. I want to retire around 63. I understand that I would not have Medicare until 65. I find the whole retirement thing to be hard to understand. I have a pension from work, social security and a small 401c. Is there an easy formula to use?Read More...
Last Reply By Angie P. · First Unread Post

Large Sum or Monthly Pension

Shirley
Hi, my husband's company is offering Early Retirement Offer. The offer is better then the one he would get if he retired normally in 2 years. We keep going back and forth on if he should take the large sum or the monthly pension the company is offering. The large sum the company is offering is 3x the amount. I want monthly to have peace of mind of getting money each month for sure. He wants the large sum to invest it to keep earning money. There is one thing I don't know if the monthly...Read More...
Last Reply By Angie P. · First Unread Post

SS spouse benefit

09/01/21 Dear Sir or Madam: I have read your forum “Social Security Spousal Benefit Rules Every Married Couple Should Know”. The reality is not so pleased. Both my wife and I are 71 years old. She got retirement at her 65 and got a little SS retirement benefit. I knew I would get maximum amount at my 70 years old. So I got retirement last year. My amount is more than twice of my wife’s. Naturally, I claimed SS spouse benefit for my wife to increase her income. However, the clerk of SSA said,...Read More...

Medicare ; Understanding of

Sally Bruton Antrim
Many seem ill informed on the topic of the definition or the most basic ideas of how and when Medicare pays for any aspect of your healthcare needs. Simply put there are 2 types.. original Medicare and medigap/advantage plans or whatever they’re calling this type currently. That’s the first thing one ‘needs to know’, so one should easily be able to distinguish those 2 from each other through Medicare.gov or Google, etc. Then I’ll be thrilled to further enlighten the person asking about the...Read More...
Last Reply By irishnanny · First Unread Post

Claiming Social Security

My spouse passed away a few years ago and never drew social security. I turned 60 in 2020 and I signed up for survivors benefits to start drawing on his social security in order to pay off my mortgage before my retirement. I work a full time job and will continue to work until my retirement age. My question is once I retire will my monthly amount raise due to my continued contribution to social security? I'm sure mine would be higher than his by the time I'm ready to retire. I've already...Read More...
Last Reply By Peej · First Unread Post

401k from former employee

About 30 years ago as a young 20-something, I invested in a 401k with my employer. When I left this company, I chose the option to leave the money in the 401k there. If I had any paperwork about it, it is long gone. Over time, this company merged with other companies, I think twice. I contacted the company recently about how to obtain my money, which was thankfully not a lot at time but I know it might have increased over time. They ignored my calls. Is this money gone for good? I'm...Read More...
Last Reply By Barbara J Wheeler · First Unread Post

How helpful is a financial advisor? When should I start?

crice
Clearly, saving money is #1 when it comes to being ready for retirement, and while there are differing opinions on what plan is best, I'm pretty reliable in investing a portion of every check. I started late, but (hopefully) there's still time to catch up. I don't know anything about planning for retirement beyond "just save as much money as possible," though. I don't want to end up waiting too long to consult with an adviser -- but I also worry that I'll miss opportunities to maximize my...Read More...
Last Reply By Mark Laskey · First Unread Post

Military pension & SS

Hi, my husband and I have an interesting question we have not found answers to. How do we calculate our retirement goal (amount needed in savings) having both a military retirement and receiving Social Security? Some additional info: I am a homemaker and he is retired military. If something happens to him, I don't get his military retirement (we signed off the SBP). Thanks so much for any wisdom. ~Mrs. PetersonRead More...
Last Reply By Richard Martin · First Unread Post

Re-locating

Trish Young
Since I left my job, I decided to relocate and buy a new home. I have been told to pay off my present mortgage to reduce debt in order to obtain a new mortgage. Or is it best to sell first and hope I find a house and mortgagor before closing. Or...pay cash from IRAs for new home and once I sell first home, reinvest.. Advisor has said never pay off mortgage, it’s good debt, but I’m favoring paying it off and pocketing that payment. Interest rate is at 4.25. Thank you!Read More...
Last Reply By Trish Young · First Unread Post

Tax Specialists

I will need to apply for Medicare and have been studying up on the tax implications. I’m realizing that I need to find a good tax specialist in retirement. Anyone have any referrals, preferably a specialist who is knowledgeable about Medicare tax laws. I have read not all financial advisors are familiar with tax laws on Medicare. Between inflation, Covid-19, increasing taxes, increasing Medicare costs, National debt, I believe that without serious planning, it’s going to be rough on retirees...Read More...
Last Reply By SHurley · First Unread Post

Where Should I put my Money When I Rеtіrе?

Haritha78
Rеtіrеmеnt рlаnnіng is rеаllу a соmbіnаtіоn оf аrt аnd ѕсіеnсе. Yоu can рlаn fоr an аnnuаl rеtіrеmеnt income thаt you would lіkе tо ѕее in your retirement уеаrѕ - реrhарѕ something thаt is at least thе income thаt you еаrn now оr a реrсеntаgе оf уоur сurrеnt income. You'll аlѕо wаnt tо еѕtіmаtе уоur еxресtеd rеtіrеmеnt expenses аnd mаkе ѕurе уоu рrоtесt уоur rеtіrеmеnt savings аgаіnѕt inflation. Yоu'll wаnt tо plan for lоngеr lіfе to avoid runnіng out оf іnсоmе durіng your rеtіrеmеnt уеаrѕ...Read More...

1million +to retire

From 18 to 26, save $200. A month. Then don't touch it until age 65. You should have over $1.6 million. If you didn't start until age 26, and saved $200, per month until age 65, you would only have $1.3 million, after saving all those years! This is "The Time Value of money".Read More...
Last Reply By Kari E · First Unread Post

Know Your State Retirement Plan

Anita Manuel
I am a retirement specialist serving school districts in Florida. I want to encourage all school district and state employees to please be aware of your state's retirement program basics. We speak to many of the teachers and staff and find that they are not aware that their pension is partial. They are unaware of the impact of beneficiary choices. DROP is not for everyone so before you sign up please reach out to me. Unfortunately, many feel that variable 403b's and retirement accounts are...Read More...
Last Reply By Anita Manuel · First Unread Post
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