Most people think they’ll be ready to retire when they hit a certain age or accumulate a set amount of assets. Unfortunately, they rarely do the math to determine whether their savings will sustain them after they retire.
The EBRI found that most Americans spend more time preparing for the holidays than for retirement.
To stay out of financial trouble after you retire, it’s important to start planning well ahead of time. And that involves taking a hard look at the numbers. (more…)
The Centers for Medicare & Medicaid Services (CMS) announced the 2016 premiums and deductibles for the Medicare hospital (Part A) and physician and outpatient hospital services (Part B) programs. Since there was no cost of living increase to Social Security due to a hold harmless clause in the legislation, most current Medicare recipients will not experience an increase in their Part B premiums. Those who don’t fall under the hold harmless provision were expected to have had a 52% raise in premiums. Congress acted to avoid that large increase.
Instead, premiums for those people increased 16%. (more…)
If you are over 70 1/2 and have retirement accounts or you have an inherited IRA, you will likely need to take RMDs, or Required Minimum Distributions, by the end of the year. Failure to do so would result in a penalty of 50% of the amount not taken. (more…)
Currently, individuals who are married can file for Social Security and then voluntarily suspend their application in order for their spouse (and dependents if they qualify) to file for benefits. (more…)
The recent devastating flooding in my hometown of Columbia, South Carolina, was a stark reminder of how quickly disaster can strike and how important it is to be prepared for emergencies. (more…)