• The Covid-19 recession, like all recessions, threatens the wealth and retirement security of millions of workers. Job loss prompts people to stop saving, raid their nest eggs or go into debt by falling behind on their rent and mortgage payments. Most workers nearing retirement had insufficient retirement savings even before the recession, and many planned to delay retirement and work longer[...]

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    You now have an extra month to lower your tax bill with contributions to your individual retirement account (IRA). Just like last year, the IRS has extended the 2020 tax filing deadline to May 17, allowing Americans an extra month to make IRA contributions that can potentially ease their IOU to Uncle Sam while also helping them save for retirement. But are these contributions the best way [...]

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    A year has come and gone since the beginning of the Covid-19 pandemic in the United States in March 2020, upending all of our lives. Hundreds of thousands of Americans have lost their lives, millions have lost their jobs and practically every kid (and parent) in America has endured school at home for months on end. We’ve changed how we work, how we shop and how we socialize. But there’s [...]

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    See how the benefits of a fixed index annuity work together to keep retirement income planning on track. We look at six top fixed index annuity benefits: principal protection, tax deferral, growth opportunities, liquidity, guaranteed income and beneficiary payments. In a relay race, the strength of the team outweighs the abilities of a single athlete. For each leg of the race, a runner plies [...]

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    Figuring out if you can retire securely can sometimes feel like the most complicated math problem ever.  Just figuring out which retirement number to worry about can be perplexing.  And then there is the further complication of knowing how they all fit together. Here is your guide to the 16 retirement metrics that are most important. Retirement Number 1: Your Financial Independence Number [...]

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    his story is part of a series in support of America Saves Week 2021. Since 2007, this initiative has provided a call to action for U.S. consumers to save intentionally. Today’s theme is: Save to Retire. Once you reach a certain age, nearly every dinner party you attend features a conspicuous conversation about the stock market. It’s an odd ritual, given that so few Americans own individual [...]

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    These changes in Social Security taxes and benefits take effect Jan. 1 Every October, the Social Security Administration (SSA) announces its annual changes to the Social Security program for the coming year. Here are the Social Security changes that were announced in Oct. 2020 to take effect on Jan. 1, 2021, according to the SSA's annual fact sheet. Keep them in mind when you update your [...]

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    CORONAVIRUS Reactions to COVID-19 and the impact on consumer confidence is prompting many consumers to reassess their retirement and financial plans. A majority of today’s workers and retirees range from feeling cautious to pessimistic about the economic outlook for 2021, according to the Principal Financial Group’s latest Retirement Security Survey, which explores consumer attitudes [...]

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    FERS INFORMATION Eligibility is determined by your age and number of years of creditable service.  In some cases, you must have reached the Minimum Retirement Age (MRA) to receive retirement benefits.  Use the following chart to figure your Minimum Retirement Age. Eligibility Information If you were born Your MRA is Before 1948 55 In 1948 55 and 2 months In [...]

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    Your Social Security benefit may be taxable. Try these strategies to reduce your tax bill in retirement. MOST WORKERS PAY INTO the Social Security program throughout their career. Many people also pay taxes on part of their Social Security payments in retirement. Retirees with low incomes or whose only source of income is Social Security generally don't pay income tax on [...]

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