Not many years ago, the typical retirement age, 65, was viewed as the onset of old age. Today, gerontologists define matters differently: If you’re between the ages of 65 and 74, you are one of the “young-old.” To be considered “old”, you need to be in the 75-to-84 age bracket. After that, you’re known, demographically, […]
Read MoreCategory: Retirement Planning
Developing a strategy for retirement
Even if you are several years away from retirement, it’s not too early to start gathering facts, weighing choices and mapping out your tax and investment strategy. Here are several suggestions that should help you organize your planning. Be aware of the Social Security and Medicare benefits that you will receive. You can receive a […]
Read MoreRetirement “facts” that may be fiction
There are enough books and other forms of guidance about retirement that one would expect to find all the advice necessary to secure a comfortable retirement. But not all of the advice and strategies necessarily will meet your needs. What’s more, there may be “facts” about retirement and retirement planning that have been conventional wisdom […]
Read MoreTapping Retirement Funds to Pay for College
DEAR TRUST OFFICER: Should I withdraw or borrow from my 401(k) plan to help pay for my child’s college expenses? —PUZZLED ON FUNDING DEAR PUZZLED: As a general rule, impairing your retirement savings to meet current spending needs is not a good idea, even for higher education expenses. There are other sources of funds for education […]
Read MoreThe Retirement “Tryout”
Retirement is sometimes defined in terms of what one is leaving behind—a career, difficult clients, job stress, the daily commute, the grind. But for retirement to be fully satisfying, according to many experts, one needs to retire to something, not just from something. Defining that “to” and giving it a tryout is what we mean […]
Read More401(k) Protection Programs
DEAR TRUST OFFICER: When I retire in about a year, I’m expecting a six-figure distribution from my employer’s 401(k) plan. The success of my retirement turns on what I do with this money, and I’m more than a little unsettled by the prospect. What should I do to keep my all my options open? —LOOKING […]
Read MoreQ & A : IRA ROLLOVERS
A recent report from the GAO suggests that IRAs are becoming an increasingly important element of retirement security. An estimated 43 million taxpayers have IRAs, worth an estimated $5.2 trillion. Some 42.3 million of these IRAs are worth less than $1 million each, and 800,000 are worth more. 314 taxpayers have IRAs worth $25 million […]
Read MoreI NEED PROTECTION FOR MY 401(K) DISTRIBUTION
Dear Employee Benefit Officer: When I retire in about a year, I’m expecting a six-figure distribution from my employer’s 401(k) plan. The success of my retirement turns on what I do with this money, and I’m more than a little unsettled by the prospect. What should I do to keep my all my options open? […]
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