Daily Retirement News Update
January 23, 2020
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Who is Most at Risk of Retiring Broke? Unfortunately, many Americans have not saved enough for retirement and face a bleak post-working financial life. One group in particular may struggle more than most. Find out who here.
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Some Awesome Discounts for the Mature Crowd Few people enjoy growing older, but one of the perks of leaving youth behind is all the discounts older folks get that younger people can only dream about. Here is a list of some restaurant, hotel, car rental, airline and other senior discounts available now. View them here.
Three Roth Conversion Traps To Avoid After the SECURE Act The recent passage of the SECURE Act has brought some changes to retirement planning and strategies. One is how the Act can affect Roth conversions, which is taking money from an IRA and converting it to a Roth IRA. Before taking this step, here are three traps to avoid. See them here.
Cybercrooks are Targeting Retirement Accounts - And You May Not Get Your Money Back It's hard to hack into a bank, so cybercriminals have come up with another, easier target: 401(k) accounts and other retirement funds. Worse still, if you are targeted and your money is stolen, you may not get it back. Read more here.
Previous Updates
Have You Heard About This Latest Social Security Scam? In addition to the standard phone scam in which a criminal pretends to be from the Social Security Administration, now thieves are faking documents with SSA letterhead and emailing them to beneficiaries. These emails often include threats. Find out more here.
How Does Your 401(k) Balance Compare to the Average? To ensure a comfortable retirement, employees should be contributing about 16% of their income, including an employer match, to their retirement fund account. In reality, employees contribute about 8% to their retirement fund vehicle, typically a 401(k). So how does your 401(k) balance compare to the average?
How Can You Increase Your Social Security Check? Nearly 65% of retirees rely on Social Security for the bulk of their income after they stop working. It's therefore important to make sure that your benefit check is as large as it can be. How do you do that? Are You Ready for These Three Expensive Potential Retirement Situations? You might have a financial retirement plan in place, confident that you have everything covered for the day you stop working. But as they say, men (and women) plan, and the universe laughs. What are three expensive potential events that you might not have thought of that could throw your retirement off course? Want to Claim Social Security Benefits at Age 62? It is a fact that most retirees claim their Social Security benefits at age 62, either because they need the extra cash or do not think that Social Security will last and it is better to get what they can while they can. Yet nearly 40% of people who claimed at 62 wish they had waited. Why? How to Establish a Retirement "Paycheck" Just because you are retired does not mean that your expenses end. In fact, on a monthly basis, most retirees will spend at least 80% of what they spent when they were working. People who travel or have expensive hobbies often spend more. So how do you create a reliable "retirement paycheck?" Watch Out for Scam Social Security Robo Calls It is no secret that robo calls are out of control, with some people receiving dozens a day. These automated calls want to sell you things you don't need, or worse, steal information from you. Now we find out that, according to the FTC, the Social Security Administration is the government agency most targeted by robo call scam artists. These criminals are out to get your Social Security number and try to scare you into giving it to them. How do you protect yourself?
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