thumbnail In which States do retirees receive the largest Social Security benefits?

Where you live may determine how much you receive from Uncle Sam once you retire. We crunched the numbers, calculating the total Social Security benefit paid per state divided by the number of beneficiaries to come up with an average annual payout per state. There are several surprises!

Read on to see how much is paid out in your state..

thumbnail Bankrate Survey: 36 percent not saving for retirement

An article from Bankrate has been doing the rounds on the internet, picked up by numerous financial sites: Survey: 36 percent not saving for retirement

An alarming number of Americans aren't preparing for the day when they'll need to live off their savings.
More than a third of adults say they have not started saving for retirement yet, according to a national poll accompanying Bankrate's monthly Financial Security Index.
Even Americans who are getting close to retirement age seem to be struggling when it comes to planning their financial future. The survey shows that more than a quarter of the respondents age 50 to 64 have yet to start saving for retirement.

thumbnail IRS Rule: Required IRA Minimum Distributions (RMDs) when you turn 70 ½

Whether you begin your retirement at or before 65 or wait until you’re 68, you only have a few years before you are obligated to take money out of your accumulated retirement accounts.  Failing to do so results in a hefty of 50% of the amount not withdrawn. The RMA applies to all tax-deferred retirement accounts (IRA, 401k, 403b, 457b, SEP, etc..)

thumbnail Reverse Mortgage: Are they safe? risks, pros and cons

We have a very mixed opinion about reverse mortgages. You spend most of your working years paying off your house, only to lose it again after you retire. It doesn’t seem like the smartest decision, but there are cases where it does make a lot of sense. Just be educated and beware of the pitfalls/risks.

A Reverse Mortgage, also called Home Equity Conversion Mortgage (HECM) are federally insured loans backed by the FHA. When researching mortgage companies, make sure they are FHA approved. That is your protection against the mortgage company going out of business.

thumbnail Converting from a traditional retirement account to a Roth

Why would you want to convert from a traditional retirement account to a Roth?  In our opinion, the only reason to perform a conversion is to realize a higher final return at the time of distribution, which is an unlikely scenario for most people.

When you convert from an existing retirement account to a Roth, you need to pay taxes on the earnings made in the account, and typically the taxes need to be paid in the year of conversion. That means you’re paying taxes this year, instead of when you take the money out.


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