by Kenny | Sep 23, 2021
KEY POINTS The Covid-19 pandemic has hurt some Americans’ confidence that they can meet their retirement goal date on time. Among those feeling the most negative effects are women and pre-retirees. Even so, many Americans say the pandemic was a financial wake-up call...
by Kenny | Sep 17, 2021
Studying behavioral economics has taught me that our brains don’t make it easier for us to save. Psychology is often just as important in personal finance as are the numbers — the way we save, spend and invest are all influenced by the way we think and feel,...
by Kenny | Sep 12, 2021
If you earn money from the sale of a capital asset — your home, part of a business, stocks, or bonds, for example — that profit may be subject to capital gains tax. There are two categories of capital gains: short term (assets held for a year or less) and long term...
by Kenny | Sep 4, 2021
Most people over 65 will eventually need some form of paid care. Here are some ways to plan ahead. Many people are frightened of long-term care costs — for good reason. Most people over 65 eventually will need help with daily living tasks, such as bathing, eating or...
by Kenny | Aug 28, 2021
If you want to retire in the next 10 years, lower your spending and increase your income. Paying off debt can give you more money to save and invest, and free up your budget later. Increasing your income with a raise or side hustle could give you more money to save....
by Kenny | Aug 21, 2021
More people are retiring with less savings than they need to be comfortable. Much less. According to Northwestern Mutual, 21% of Americans have no retirement savings at all. The Government Accountability Office (GAO) says around 29% of households age 55 and older have...
by Kenny | Aug 16, 2021
Going from saver to spender is mostly a matter of psychology It’s Time to Wind Down You’ve done all the right things—financially speaking, at least—in saving for retirement. You started saving early to take advantage of the power of compounding, maxed out...
by Kenny | Aug 6, 2021
No matter what stage of life you’re in, one thing will always remain the same: You’re never too young — or too old — to save money. Using your age can be a helpful way to calculate your potential savings and estimate how much money you should save for various life...
by Kenny | Jul 30, 2021
Going from saver to spender is mostly a matter of psychology It’s Time to Wind Down You’ve done all the right things—financially speaking, at least—in saving for retirement. You started saving early to take advantage of the power of compounding, maxed out...
by Kenny | Jul 23, 2021
If you want to retire in 10 years, it might be possible. But it’ll require some work. Getting your finances in order now can help you meet your goal later. While everyone has a different budget and circumstances, it might be possible to retire comfortably sooner...
by Kenny | Jul 15, 2021
More people are retiring with less savings than they need to be comfortable. Much less. According to Northwestern Mutual, 21% of Americans have no retirement savings at all. The Government Accountability Office (GAO) says around 29% of households age 55 and older have...
by Kenny | Jul 9, 2021
Annuities are contracts issued and distributed (or sold) by financial institutions where the funds are invested with the goal of paying out a fixed income stream later on. They are mainly used for retirement purposes and help individuals address the risk of outliving...
by Kenny | Jun 30, 2021
IDENTIFY RETIREMENT STRATEGIES TO PUT IN PLACE NOW—LIKE ANNUITIES— TO LIVE RETIREMENT ON YOUR TERMS. As the pandemic thankfully wanes, we are starting to see its impact and long-term repercussions on retirement planning and security. One thing that hasn’t changed is...
by Kenny | Jun 28, 2021
YOU MAY NOT BE FAMILIAR with annuities, but they have a rich history dating back to Ancient Rome. In fact, millions of Americans currently use annuities to help their retirement savings grow and to create protected income that can help cover essential expenses and...
by Kenny | Jun 16, 2021
Workers want to retire at 55, but are they positioned to successfully do so? The category of “pre-retirees” is being redefined as more than one-third of workers younger than 54 saying they aspire to retire by age 55. In 2020, more consumers (39 percent)...
by Kenny | Jun 14, 2021
Like previous pandemics, COVID-19 has touched off profound changes for our societies, economies, workforces, and overall life models, not least of which are people’s shifting expectations for later-life work, purpose, health, and finances. Bank of America’s Lorna...
by Kenny | Jun 4, 2021
Retirement planning is a multistep process that evolves over time. To have a comfortable, secure—and fun—retirement, you need to build the financial cushion that will fund it all. The fun part is why it makes sense to pay attention to the serious and perhaps boring...
by Kenny | May 20, 2021
How to Retire in 2021 When you are ready to retire, there are certain basic things you should do before you leave the comfort and security of your old job. You need to make final adjustments to your financial plan and make important decisions about Social Security and...
by Kenny | May 13, 2021
New rules for savers, beneficiaries and taxpayers Most people will miss 2020 about as much as they miss mosquito season. For many retirees and retirement savers, the year had a few benefits, such as some COVID-19 relief measures. Even without those, however, most of...
by Kenny | May 7, 2021
The pandemic may have hit your wallet hard. Here are some lessons we can learn from this unprecedented time. he reverberations of the COVID-19 global pandemic have been a wake-up call for many of us as we scratch our heads over our finances: Are our wallets in...
