Your Midyear Retirement Income Checkup: 5 Questions to Ask Before Year-End
Review your retirement income, taxes, RMDs, charitable giving, and cash reserves before year-end to avoid costly surprises and stay on track.
Considering Exchanging Your Life Insurance for LTC Insurance?
Considering Exchanging Your Life Insurance for LTC Insurance? Life insurance and long-term care (LTC) insurance are two essential financial tools that can provide valuable protection and security for individuals and their families. While both types of insurance serve distinct purposes, there may be instances where individuals consider exchanging their life insurance policy for LTC […]
Women Face a Unique Path to Retirement
The truth of the matter is that women are controlling more wealth than any other time in our history. They also face unique challenges when it comes to retirement planning. The fact that, on average, women live longer than men make proper planning even more important. In my experience working with households where women are […]
Common Retirement Investment Mistakes
Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.1 While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no […]
Retirees Get a Raise as Inflation Persists
First the good news: Retirees will get a generous increase in their Social Security checks come January 2022. Social Security and Supplemental Security Income (SSI) benefits will increase by a whopping 5.9% in 2022, the biggest increase in 40 years.1 That means that the average monthly retirement benefit of $1,565 will grow to $1,657. Although […]
Despite Pandemic, Americans Are Saving for Retirement
[av_image src=’https://paultramontozzi.com/wp-content/uploads/covid-1500×630.jpg’ attachment=’1657′ attachment_size=’featured_large’ align=’center’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ admin_preview_bg=”][/av_image] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Despite Pandemic, Americans Are Saving for Retirement The global pandemic has taken a grim toll on lives and livelihoods. Many have been laid off, furloughed, or taken on more debt […]
Social Security Benefits and You
Social Security Benefits and You Social Security benefits currently represent approximately 33% of the aggregate total income of Americans aged 65 and older, according to the Social Security Administration. For future generations of retirees, Social Security may represent a much smaller percentage of retirement income. A System at Risk When Social Security was established in […]
Retiring Early Because of the Coronavirus
Should You Take An Early Retirement? The story is a common one these days. You have been furloughed or laid off, just a few years before you plan to retire. Or, your work-from-home arrangement is ending, and you’re not keen on resuming the commute or going back to a crowded workspace. Retiring early may be […]
The CARES Act and Your Retirement Savings
Think Twice Before Tapping into Your Retirement Savings New legislation — the CARES Act — permits qualified individuals to take early distributions from their retirement assets, such as their 401(k) or individual retirement account (IRA) — penalty free. The rules – which sunset after 2020 – are designed to help the many cash-strapped Americans who […]
Deciding When to Start Taking a Pension
Deciding When to Start Taking a Pension Most businesses today do not offer a pension plan. But pensions are still a common benefit for teachers, federal employees, and others who work in the public sector. Many grandfathered private-sector plans also still exist. In fact, according to the Bureau of Labor Statistics, over 30 million public […]