Retirement

Determining whether a Civil Service Retirement System (CSRS) retiree can collect spousal Social Security benefits isn’t always easy. Typically, because those under CSRS do not pay into Social Security, they are ineligible for certain benefits and may wish to consult a financial advisor to develop a comprehensive retirement strategy. What Is…

Choosing the best time of year to retire is largely subjective as it can impact your taxes, healthcare costs, retirement account withdrawals and Social Security benefits. Retiring early in the year might allow you to benefit from lower tax rates, retiring later could maximize your Social Security payments, and aligning…

As one of a handful of states with no state income tax, Texas is one of the more financially attractive places to reside for people who are receiving Social Security benefits. Nearly 4.7 million Texans, including almost 3.3 million retired workers plus spouses and other people, got payments from Social…

Tax-advantaged retirement accounts such as traditional and Roth IRAs are important tools for retirement planners accumulating wealth to provide for a secure retirement. And, under the right circumstances, individuals can continue to take advantage of these tax benefits by contributing to traditional or Roth IRAs after they have retired. The…

Leaving the workforce doesn’t necessarily mean leaving employer-provided health insurance behind. Some companies continue to offer retirees health coverage, even after they stop working and enroll in Medicare. When that happens, Medicare generally becomes the primary payer. Different rules may apply when it comes to prescription drug coverage, however. And…

Creating a reliable and adequate income stream from investments is one of the main goals of retirement planning. Learning how to do this involves assessing current finances and other retirement income sources, such as Social Security, and then choosing investments that can provide income that is consistent, sufficient and will…

Building up some retirement savings in a Roth account when you already have a significant traditional 401(k) at age 55 can make sense. For one thing, withdrawals from Roth accounts, unlike traditional 401(k) withdrawals, are generally tax-free in retirement. Roth accounts are also exempt from Required Minimum Distribution (RMD) rules,…

Understanding 401(k) non-spouse beneficiary rules is key for anyone planning their estate and retirement. When a non-spouse inherits a 401(k), the distribution options differ significantly from those available to a spouse. Non-spouse beneficiaries must follow specific guidelines regarding withdrawals, which can impact both taxes and the timeline for accessing the…

Unexpected expenses could creep up in retirement and put your nest egg at risk. These can include healthcare, housing or inflation, and add up quickly. Preparing for these expenses can help you avoid surprises. Here’s a roundup with six general expenses that could eat into your nest egg.A financial advisor…

When you’re in your 30s, retirement may be far from your mind. But saving for retirement in your 30s is highly beneficial, especially if you’re trying to catch up. At this stage of life, compound interest has plenty of time to help grow your savings. Regardless of how much you already…