Is taking money from your retirement account too easy? Some say, save the flexibility for gymnasts, not your 401(k). The pandemic caused congress to change withdrawal rules. Savers can take out up to $100,000 penalty-free and avoid paying high taxes by paying it back over three years. This unprecedented shock to our economy made this…
Monday’s Coming Like A Jail On Wheels…..When Is My Retirement?
Save a little each week and you will end up with a little saved for retirement. Read about how to properly plan in this week’s terrific links. 7 tips for retirement that have nothing to do with your portfolio. The Simple Dollar American racial inequity for savers is mind-blowing. The New York Times Retirement loans…
It’s Time To Call 911 On 7702 “Retirement Plans”
Why are some insurance salespeople making up retirement plans???? It’s not too hard to figure out the answer. Can anyone say “Huge Commissions.” Collecting 70%-100% of hefty first-year premiums provides the incentive to hock this plan. For the uninitiated, there’s a subsection of The Internal Revenue Code named 7702. The code explains the tax implications…
Everyday Is Like Monday…..When Is My Retirement?
There are no bailouts for your retirement. Take responsibility for your own financial future by reading this week’s terrific links. Don’t chase yield, do focus on cash flow in retirement. Morningstar Four easy ways to organize your finances. MarketWatch Selling your home during a pandemic poses unique issues. The Wall Street Journal 40% of…
Picking Up Pension Nickels In Front Of A Steamroller
Figuring out how to take a pension can be a life or death decision. Mistakes cost millions of possible future dollars. Many New York school districts are tendering teachers early retirement packages. The pandemic tossed the state’s finances into chaos. A way to save money is by offering the highest-paid teachers financial incentives to retire….
Everyday Is Like Monday…..When Is My Retirement?
Pandemics, Riots, and No Sports, Oh My! None of these things should stop you from planning your retirement. Start today by reading this week’s terrific links. Are stocks the best source for retirement income? A Wealth of Common Sense Too much flexibility in 401(k) plans can be very dangerous. MarketWatch More than 1/4 of…
What Happens To Pensions During Bear Markets?
Pensions and bear markets are a toxic combination. The combination of near-zero interest rates and double declines in stock prices wreak havoc on future promised obligations. If the teacher’s pensions are an indication of what’s to come, it may be time to prepare for a perfect financial storm. Young teacher’s pensions and salary stagnation wind…
Everyday Is Like Tuesday…..When Is My Retirement?
Happy Memorial Day. Not everyone gets a chance to save for retirement. You do – Don’t blow it. Start by reading this week’s terrific links. Don’t fall for Coronavirus scams. TEBI Does the 4% withdrawal rule still work? InvestmentNews Low-interest rates aren’t so great for some retirees. New York Times The IRS increased contribution limits…
Ten Rules For Teacher’s Retirement Plans (And Yours Too!)
Teachers need a reliable map to guide them through the minefield of terrible 403(b) choices. Recently I covered this with Morningstar Magazine. Charles Keenan interviewed me for this piece. We discussed the various inequities in teachers’ plans and, more importantly, our solutions. The big news – Vanguard decided to join us in the fight. Hoping…
Financial Salespeople Don’t Suck – Their Incentives Do
Imagine paying jurors on their conviction rates? Defendants wouldn’t stand a snowball’s chance in hell of getting a fair shake. Not much different from current financial services models that pay salespeople high commissions to sell the most expensive products. Incentives matter – A LOT! Someone recently told me a story of a school custodian who…
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