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Ret plans - info for employees


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There Are No Guarantees If You Self-Insure Your Retirement, Part 2
"[T]he 4% Rule [and] IRS RMD approach (or any other Strategic Withdrawal Plan) don't work with [Qualified Longevity Annuity Contracts (QLACs)] ... to provide a reasonable spending budget, as these approaches don't coordinate spending with other sources of retirement income. And while Monte Carlo models ... may be able to incorporate non-linear payment streams and indicate how a QLAC may positively affect the probability of success of meeting a certain spending goal, they will generally not tell you how to adjust your spending budget each year to keep on track." (Ken Steiner, FSA Retired)
What to Expect When You Do a Retirement Account Rollover
"Keep an eye on the process online and maintain any paperwork sent to you about the transfer.... [C]heck to make sure that the amount that left your old account lines up with the amount received in your new account. Consider leaving the old account open for a few weeks to collect any residual interest or dividends in the old account, then make sure those are transferred over as well. You should receive a Form 1099-R from the distributing firm the following year ... Use the paperwork and online history to make sure the transactions line up properly." (Financial Finesse)
Beyond the 4% Rule: How Much Can You Spend in Retirement?
"How do you determine your personalized spending rate? Start by asking yourself these questions: [1] How long do you want to plan for? ... [2] How will you invest your portfolio? ... [3] How confident do you want to be that your money will last? ... [4] Will you make changes if conditions change? ... [A table provides] an estimate of a sustainable initial spending rate.... Be sure to factor Social Security, a pension, annuity income, or other non-portfolio income, in determining your annual spending." (Charles Schwab)
2019 Guide to Retirement (PDF)
52 presentation slides cover topics and themes for retirement planning, including: [1] Older Americans in the workforce; [2] Managing expectations of ability to work; [3] Retirement savings checkpoints; [4] Income replacement needs in retirement; [5] The 4% rule -- projected outcomes vs. historical experience; [6] Effects of withdrawal rates and portfolio allocations; [7] Structuring a portfolio to match investor goals in retirement; [8] Structuring a portfolio in retirement -- the bucket strategy; [9] Tax implications for retirement savings by account type. (J.P. Morgan Asset Management)
Why Borrowing from a Retirement Plan to Pay Off Debt Is a Bad Idea
"Borrowing more doesn't address the issue of how the debt was acquired in the first place.... Some retirement plans require immediate repayment of loans if you change jobs, or else the entire loan is offset against your retirement plan account balance.... [B]orrowing from a retirement plan will ultimately reduce your income in retirement. The earlier in your working career you borrow, the greater the impact; due to the time-value of money." (Cammack Retirement Group)
A Beginner's Guide to Deferred Compensation
"For employees who do elect to participate in a deferred compensation plan there are two important choices to make -- when to take distributions and how to take them.... In most cases, these elections are difficult to change and require a five-year waiting period if changes are allowed under IRS rules governing deferred compensation plans." (Voya)
Personal Experiences Managing the Life Portfolio Beyond Age 60
"[In] practice, the key to retirement well-being is to have a balanced 'life portfolio' where the retiree focuses on 4 key areas: [1] Health (and the activities to maintain and support health); [2] People (family, friends, community organizations, and the ability to create new contacts as needed); [3] Pursuits (work, volunteering, hobbies, community activities, caregiving, travel, etc.); and [4] Places (home and community).... [E]ven with retirement finances well intact, retirees who have a gap in one or more of these areas may still struggle with their personal retirement well-being." (Nerd's Eye View)
Maximize the Benefit of Nondeductible IRA Contributions
"There are several reasons to choose making nondeductible amounts to an IRA ... For this strategy to make sense, you need to ensure that you are not paying tax on future IRA distributions of nondeductible (previously taxed) contributions. This will require you to calculate the portion of each distribution attributable to deductible and nondeductible contributions and file Form 8606 to track contributions with your federal income tax return." (ORBA)
Move Carefully When Consolidating Your Retirement Accounts
"A typical employee who has worked for 30 years likely has switched jobs six or seven times and may have just as many former employer plans ... Consolidating can help you manage asset allocation, diversification and rebalancing, and may help reduce taxes and fees.... You might want to keep a 401(k) plan that has lower-cost institutional shares of mutual funds and access to commission-free trading, instead of rolling it into another account that doesn't include those features." (Fidelity)
Recession-Proof Your 401(k)
"[1] Don't stop contributing ... [2] Resist the urge to sell ... [3] Never try to time the markets ... [4] Remain diversified ... [5] Don't look at your account balance ... [6] Stick with your plan ... [7] Get help if you need it ... [8] Don't panic -- volatile markets do not last forever." (Lawton Retirement Plan Consultants)
[Official Guidance] Text of 2018 Instructions for IRS Form 8915B: Qualified 2017 Disaster Retirement Plan Distributions and Repayments (PDF)
"File 2018 Form 8915B if any of the following apply. [1] You received a qualified 2017 disaster distribution from an eligible retirement plan in 2018. [2] You received a qualified 2017 disaster distribution in 2017 that you are including in income in equal amounts over 3 years. [3] You made a repayment of a qualified 2017 disaster distribution in 2018." (Internal Revenue Service [IRS])
401(k) Loans: Why You Shouldn't Take Them
"You will likely forfeit some company matching contributions ... Job changes can force defaults of 401k loans ... The opportunity costs can be substantial ... Interest on a 401k loan is not tax-deductible ... Paying interest to yourself is not a good idea ... Easy access can lead to bad loans ... Double taxes are paid on interest payments." (Lawton Retirement Plan Consultants)
[Official Guidance] Text of 2018 IRS Publication 575: Pension and Annuity Income (PDF)
49 pages. "What's New: Extended rollover period for qualified plan loan offsets in 2018 or later. For distributions made in tax years beginning after December 31, 2017, you have until the due date (including extensions) for your tax return for the tax year in which the offset occurs to roll over a qualified plan loan offset amount." (Internal Revenue Service [IRS])
Misperceptions Prevent Retirement Saving But These Remedies Can Alter That Reality
"The financial decisions people make can reaffirm their perceived reality.... Living below one's means requires a discipline many simply don't possess.... Rather than bailing out their children, perhaps parents should be leading by example." (Fiduciary News)
How Math Anxiety Ruins Retirement -- and What to Do About It
"The inability to visualize tomorrow's financial needs today may explain why we see so many statistics bemoaning the lack of, specifically, retirement readiness and, more generally, financial wellness.... The problem of math anxiety isn't solved by changing only one variable. Many factors go into properly preparing yourself in order to live a comfortable retirement. Math anxiety only makes it more difficult to juggle all these factors simultaneously." (Fiduciary News)
What to Consider When Buying an Annuity
"Assessing the long-term stability of an insurance company is a hard task even for professionals.... There are also risks with how annuities are structured as it can be difficult to make changes once a plan is in place.... Individual buyers have to think through potential life changes as well as total cost ... the total cost of buying an annuity may also be higher than what individuals are used to paying with mutual funds or exchange-traded funds." (The Wall Street Journal; subscription may be required)
4th Quarter Fallout: Mistakes 401(k) Participants Might Make After Reading Their Latest Statement
"The 4th quarter devastated the markets.... When employees see their losses, they may decide to 'fix' the 'problem.' This could be the worst mistake they can make regarding their retirement.... 'Going ostrich' worked following the 2008/2009 market debacle. It turned out the people who decided not to open their statements recovered faster than the people who did do better and decided to switch to 'safe investments.' " (Fiduciary News)
Market Volatility for Retirement Plan Participants
"[T]he average person with a retirement account ... should be thinking more about their overall asset allocation than the individual funds they hold.... It's a common psychological pitfall to feel that you are protecting yourself by exiting a market as it goes down, but ... when people take money out of the market, the timing is unlikely to be favorable, causing them to miss out on the upswing as the market corrects." (Bronfman Rothschild)
Does It Make Sense to Max Out Your 401(k) Plan Early in the Year?
"When contributions are front-loaded so that they occur early in the year, less 401(k) match may be received.... 401(k) participants that utilize lump sum contributions or front-load contributions early in the year can also expose themselves to higher levels of volatility." (NJ.com)
'KonMari' Your IRA
"Thrift shops around the country are reporting a large influx of donations as Americans reevaluate their homes and tidy up using the 'KonMari' method. While your retirement accounts may be a little different than your home ... [here] are 4 steps you can take to tidy up your IRA and other retirement accounts. [1] Consolidate ... [2] [R]eevaluate your investment strategy in terms of current market conditions.... [3] Review account information ... [4] Check your beneficiary form." (Slott Report)
Considerations Before Maxing Out Your 401(k)
"Get an employer match.... Pay down high interest debt.... Create an emergency fund.... Avoid high-cost 401(k) plans.... Balance other savings goals.... Consider the tax savings." (U.S. News & World Report)
Are Cybercriminals Targeting Your 401(k)? (PDF)
"[S]teps you should take now to protect your 401(k) assets: [1] Check your account regularly.... [2] Use a unique and strong password.... [3] Beware of phishing scams ... [4] Avoid using public computers and public Wi-Fi networks ... [5] Never share your login username or password ... [6] Inquire with your 401(k) service provider or human resources department about the availability of advanced security measures." (Francis Investment Counsel LLC)
Developing a 2019 Retiree Spending and Withdrawal Budget
"[If] you invested significantly in equities in 2018, it is likely that you experienced some investment losses last year. In order to avoid undesirable fluctuations in recurring spending, you may wish to consider some or all of the following actions: [1] Dipping into the Rainy-Day Fund that you previously established with investment gains enjoyed in previous years; [2] Reducing 2019 non-essential non-recurring expenses, or [3] Using the Smoothed Actuarial Budget Benchmark[.]" (Ken Steiner, FSA Retired)
A Precarious Existence: How Today's Retirees Are Financially Faring in Retirement (PDF)
97 pages. "For the majority of their working careers, 68 percent of retirees participated in some form of employer-sponsored retirement benefits ... The majority of retirees (61 percent) saved for retirement outside of work.... Two-thirds of retirees (66 percent) say their most recent employers did 'nothing' to help pre-retirees transition into retirement and 16 percent are 'not sure' what their employers did.... Three in ten retirees (30 percent) used a financial advisor before retiring ... [A]lmost three in four retirees (73 percent) agree they wish they would have saved more and on a consistent basis." (Transamerica Center for Retirement Studies)
How to Manage Your 401(k) Plan in a Time of Market Volatility
"For most people with 401(k) retirement plans, stock market volatility is taking its toll.... [R]ecent dips may feel like serious threats to one's retirement plans. But investment professionals suggest that rebalancing one's account is as radical a change as one should make.... That may be hard to hear at the moment for those experiencing 'account balance trauma.' But, despite the fact that the majority of 401(k) participants have exposure to equities, only around 8 percent are all in on stocks ... And if they have been keeping up with their accounts, they may just be closer to flat than seriously down." (Born2Invest)
What to Do with Retirement Plan Accounts After You've Left Your Employer
"Generally you cannot keep contributing to an employer-sponsored plan, such as a 401(k) or 403(b), if you have left that employer, but you do have several options when it comes to managing those savings going forward -- and they can all impact the size of your future nest egg.... [1] Do nothing ... [2] Roll into your current employer's plan ... [3] Roll into an annuity ... [4] Roll into an IRA ... [5] Cash out your retirement balance." (MassMutual)
Common 401(k) Plan Participant Misconceptions
"[1] I only need to contribute up to the maximum company match ... [2] It is OK to take a participant loan ... [3] I should stop making 401k contributions when the stock market crashes ... [4] Actively trading my 401k account will help me maximize my account balance ... [5] Target date funds are not good investments ... [6] Money market funds are good investments ... [7] A million-dollar 401k balance is enough." (Lawton Retirement Plan Consultants)
How Millennials Can Maximize Savings for Retirement
"Someone who consistently saves 10% of pay for 40 years should have enough -- combined with Social Security -- to maintain their pre-retirement living standard without a significant risk of going broke over the following 30 years ... But people who start saving 10 years after they've begun working and save for 30 -- rather than 40 -- years would have to set aside 20% annually to reach the same goal[.]" (The Wall Street Journal; subscription may be required)
[Official Guidance] Text of EBSA FAQs for Participants and Beneficiaries Following the 2018 California Wildfires (PDF)
22 Q&As covering health and retirement plan benefits, including: [1]  I think I may lose my health coverage because of the 2018 California Wildfires. How can I obtain other health coverage? ... [2] I lost my spouse in a wildfire. My spouse's employer has agreed to pay the premiums for my health coverage for 12 months. Will that affect my future eligibility for continuation health coverage under COBRA? ... [3] My employer did not pay my insurance premium. May I pay the premium to continue my coverage? ... [4] How can I make changes in the way my 401(k) plan account is invested if it was affected by the wildfires? ... [5] Can I get money out of my retirement plan if I need financial assistance now? ... [6] All of the records concerning my employment with the retirement plan sponsor and my participation in the retirement plan were destroyed as a result of the wildfires. What do I do? (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])
How to Contribute to Multiple 401(k)s
"If you are one of the over 7 million who have more than one job, you could have the opportunity to make salary deferral contributions to more than one 401(k) plan. When doing so, you must take care not to exceed the statutory limit of $18,500 for 2018/ $19,000 for 2019, plus any catch-up contributions for which you are eligible. This is a 'per person' limit.... If you participate in a governmental 457(b) plan, you may defer up to 100% of your compensation, up to $18,500 for 2018/ $19,000 for 2019, plus catch-up contributions of $6,000 if you are eligible. This is in addition to (separate from) any salary deferral contributions that you make to a 401(k) plan." (Denise Appleby, via Forbes)
Recognizing That All 'Rates of Return' Are Not the Same
"[I]ndividuals (or plans) that are in 'pay-out mode' can experience dramatically different results in their remaining portfolios -- even though they are all obtaining the same 'average rate of return.' ... [D]uring a 'distribution period' it is better to take loss in return later, when it will have a lesser impact on you overall savings.... Portfolio re-allocation may not be the same as portfolio insulation.... Be aware of, and honest about, your investment horizon." (Best Best & Krieger LLP)
[Official Guidance] Text of EBSA FAQs for Participants and Beneficiaries Following Hurricanes Florence and Michael (PDF)
22 Q&As covering health and retirement plan benefits, including: [1] I think I may be losing my health coverage as a result of the events of one of the hurricanes. What can I do to obtain other health coverage? ... [2] I lost my spouse in one of the hurricanes. My spouse's employer has agreed to pay the premiums for my health coverage for 12 months. What effect will that have on any future eligibility for continuation health coverage under COBRA? ... [3] My employer did not pay my insurance premium. May I pay the premium to continue my coverage? ... [4] How can I make changes in the way my 401(k) plan account is invested if it was affected by the events of one of the hurricanes? ... [5] Can I get money out of my retirement plan if I need financial assistance to help me at this time? ... [6] All of the records concerning my employment with the retirement plan sponsor and my participation in the retirement plan were destroyed as a result of the events of one of the hurricanes. What do I do? (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])
More Than 50% of Millennials Risk Never Being Able to Retire
"[N]early 52 percent of millennials aren't contributing to retirement accounts ... and ... they're putting themselves at risk of falling short later on. The good news, however, is that if they change their ways soon, they have ample opportunity to catch up.... [G]iving yourself a 45-year savings window will allow you to turn a total of $216,000 in out-of-pocket retirement plan contributions into a rather impressive $1.37 million. That's more than a $1 million gain." (USA TODAY)
How to Prioritize IRA and 401(k) Accounts
"[T]here are some scenarios where placing contributions in a traditional or Roth IRA ahead of your 401(k) could make sense. If you're able to save in multiple tax-advantaged accounts, getting the order of operations right matters.... Check the match.... Compare investment options and fees.... Think about timing.... Don't forget about your HSA.... It's not either/or." (U.S. News & World Report)
How Retirees Adjust Their Lives Once They Discover Their Pre-Retirement Assumptions Are Mistaken
"More important than anything else is the sometimes difficult transition from saver to spender. Retirement is, by definition, a negative cash flow event. That can be a challenge for many.... Health issues fall into two categories. The first is simply maintenance.... In retirement, purpose all comes down to two words: 'Get Involved.' " (Fiduciary News)
How You Can Become a 401(k) Millionaire
"Savers are choosing a lower standard of living now with the goal of saving enough money to finance a number of years of living without working. In other words, their retirement.... [1] Save as much as you can in qualified retirement plans ... [2] If you are married, contribute 15% for both ... [3] Capture all the company match ... [4] Invest aggressively ... [5] Do not sell when the stock market crashes ... [6] Be disciplined in your approach ... [7] Do not take 401k plan loans ... [8] Don't be afraid to get advice." (Lawton Retirement Plan Consultants)
'Retire Rich!' -- Don't Believe the Sales Pitch
"Many of these exploitative videos are targeted to 20-somethings new to the financial world, who may be more vulnerable and persuadable. But perhaps they are also able to attract hundreds or even thousands of viewers because they offer easy solutions to what may be our most anxiety-producing financial challenge: Will I ever be able to afford to retire?" (Squared Away Blog, by the Center for Retirement Research at Boston College)
How to Avoid Hidden 401(k) Fees
"One of the easiest ways to lower your costs is to look for cheaper investment options. Typically, the biggest bargains will be found among index funds ... If you work for a large employer, you may have another low-cost option: institutional funds, which may include lower-cost share classes of retail funds or collective investment trusts[.]" (Consumer Reports)
Here's Why You Shouldn't Retire Super Early, Even If You Can
"Not all members of the [financial independence, retire early (FIRE)] community agree on how much you actually need to retire or how to go about saving that much, but they tend to agree the concept is very much worth the extra work and sacrifice. Is it though? MarketWatch spoke with financial advisers about the financial and emotional consequences of early retirement." (The Wall Street Journal; subscription may be required)
Your Age at Retirement: The Most Important Number for Planning
"If there's one factor that can make or break your retirement plans, it's the age at which you begin that coveted lifestage.... [R]etiring at age 56 requires saving 27% of income a year, compared with 16% for retiring at 67.... [S]omeone who is 35 [and] has quite a bit already saved -- in line with at least one retirement benchmark, which suggests having a retirement balance equal to your annual salary saved by 35 ... still needs to save 38% of income to retire at age 56. That's nearly twice what would be required if she planned to retire at the typical age of 67." (Forbes)
Deciding If a Lump Sum Pension Payout Is Right for You
"[1] Compare using a 4% withdrawal ratio ... [2] Compare using an income annuity ... [3] Check the funding status of your pension ... [4] Evaluate your health." (Joe Allaria, CFP, via Nasdaq)
Retirees: Use Online IRS Withholding Calculator to Avoid Unexpected Taxes on Pensions
"With tax reform bringing major changes for the year ahead, the [IRS] today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.... The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers including retirees.... For retirees who receive a monthly pension or annuity check, this may mean changing the amount of federal income tax they have withheld. The easiest way to do that is to use the Withholding Calculator. Though primarily designed for employees who receive wages, this useful online tool can also be helpful to those who receive pension or annuity payments on a regular schedule, usually monthly or quarterly." (Internal Revenue Service [IRS])
Rules of Thumb for Retirement Savings
"[These rules of thumb assume a retirement age of 67, which is the full Social Security benefits age for those born in 1960 or later.] ... [1] [S]ave enough to replace at least 45% of your preretirement income, after accounting for Social Security.... [2] [S]ave 1x your current income by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67.... [3] [S]ave at least 15% of your pre-tax income a year over the course of your working life.... [4] [L]imit withdrawals to 4% to 5% of your initial retirement savings, then keep increasing this withdrawal based on inflation." (Fidelity)
Save Some of Your Income from Part-Time Employment in Retirement for Later
"[This post includes] a simple example and a more visual approach to encourage you to save some of your part-time employment income for your later years in retirement. Before you actually go back to work on a part-time or a full-time basis, however, you should familiarize yourself with the Social Security earnings limit rules to see if your Social Security benefit may be affected by your employment." (Ken Steiner, FSA Retired)
When Saving for Retirement MIGHT Not Make Sense
"If you have already met your retirement goals but have not yet funded a Health Savings Account; it may make sense to redirect funds into an HSA account.... If you don't earn a lot of money and have no reasonable expectation of earning a lot of money prior to retirement -- Social Security ... is going to replace a substantial amount of your preretirement income, mitigating the need for retirement savings.... If you have NO emergency fund ... it might be best to redirect contributions until the account is funded, then returning to retirement focus." (Cammack Retirement Group)
Where to Turn if You've Been Wrongfully Denied Your Retirement Benefits
"The Pension Rights Center acts as a resource for six federally funded pension counseling projects that together serve individuals in 30 states across the country. The pension counseling projects provide free legal assistance to anyone -- regardless of age or income -- who needs help understanding their rights to retirement benefits they have earned through their employment. These projects even offer legal help obtaining wrongfully denied retirement benefits by working through a retirement plan's internal claims and appeals process." (CardRates.com)
How to Find a Lost Retirement Account
"[1] If you remember the name of your 401(k) provider (Vanguard, Fidelity, TIAA, Voya, etc.), first contact them to see if your money is still there. [2] You can also contact the old employer. Look for the company online, and if it still exists, contact the HR department either by phone or email and ask them for your balance and account information.... [3] Your account may have been reported as 'abandoned.' To search that, visit the US [DOL] abandoned retirement plan database.... [4] Each state has an unclaimed property web site that is searchable as well." (Financial Finesse)
Target Date Funds: The Dangers of Putting Your 401(k) on Autopilot
"The biggest issue with target-date funds is that they only focus one variable: your retirement age.... [D]efined contribution plan participants should focus on at least three variables: their contribution rate, company matching contributions or profit sharing, and how much progress they've made thus far toward their retirement goals." (Investopedia)
Navigating Retirement Portfolios During Market Volatility
"Retirement plan investors should stick to the long-term plan and avoid emotional biases such as reacting to media coverage of falling markets or checking account balances too frequently.... Diversification is one of the most powerful tools for long-term investing, and market volatility reinforces the value of diversification.... A period of dramatic loss may be a good time to ensure that a portfolio's asset allocation remains aligned within its target.... [H]olding all of a retirement portfolio in cash can be detrimental over the long term." (Cammack Retirement Group)
What To Do With Your Previous Employer's Retirement Plan
"As long as you have at least $5k in the account, most plans will allow you to keep the money there. If you have company stock or any unique investment options that you'd like to keep, this may be the best option for you. It also gives you time to decide during what is likely to be a hectic time in your life." (Financial Finesse)
Participants Should Watch for Late 401(k) Deposits
"One thing participants do not review often enough is contribution deposit dates. Reviewing this information not only ensures that your employer is timely depositing your contributions, but also that any late contributions include an extra lost opportunity contribution in accordance with the [DOL] rules." (Slott Report)
The Hierarchy of Tax-Preferenced Savings Vehicles
"[T]here is still the foundational tier of savings to provide an emergency fund ... but the key point is to acknowledge that there is a hierarchy of tax-preferenced accounts -- ranging from triple-tax-preferenced accounts to accounts with no tax preferences -- and high-income earners can better limit their tax liabilities and maximize their growth by adhering to this hierarchy!" (Nerd's Eye View)
How to Use Income Tax Withholding on IRA Distributions, and When Not To
"Using withholding saves the trouble of sending a payment to the IRS yourself.... Withheld tax is treated as if it is paid at an even rate over the year even if in fact it is all paid just before year-end. This means that withholding on an IRA distribution taken just before year-end can be used to retroactively escape underpayment penalties on earlier missed quarterly estimated payments.... Quarterly payments and withholding can be used together." (Slott Report)
Top Ten Reasons Not to Save Now for Retirement
"[10] We'll sell our home and move somewhere cheaper when we retire.... [9] I'll work forever.... [8] I'll rely on Social Security or other government programs.... [7] I'm going to receive a large inheritance.... [6] My kids will take care of me.... [5] Saving reduces how much I can spend currently.... [4] I'm too young to save for retirement.... [3] We won't live that long.... [2] I'll win the Lottery.... [1] It will somehow all work out." (Ken Steiner, FSA Retired)
Could an Early Retirement Help You Live Longer?
"There's conflicting research on the connection between retirement and life expectancy.... The drawbacks of early retirement.... Finding a purpose in retirement is paramount for health and happiness." (U.S. News & World Report)
Depending on Your Age, This Will Protect You from a Social Security Fail
"Social Security remains on the cusp. Out of balance as of this year, it's doomed to go insolvent in 2034. What can people do to help protect themselves against the failure of Social Security? Here are some practical examples of how people, based on their current age, can best protect themselves (and their children) from this imminent failure." (Fiduciary News)
Expressing Projected Accumulated Savings as Lifetime Retirement Income
"[The Actuarial Lifetime Retirement Income Estimator (ALRIE)] is a more robust tool for retirement plan providers (including [DC] plan sponsors, DC plan administrators and brokerages) who want to give plan participants a better idea of how much lifetime retirement income their account balances may provide." (Ken Steiner, FSA Retired)
401(k) Deferrals: How Much Should Employees Be Contributing?
"We are back-loading contributions into our accounts rather than front-loading, contributing a lot at the end of our careers and very little at the beginning. As a result, we are missing out on all of that compounding that takes place over time. So we end up with a 401k account balance that is way too low." (Lawton Retirement Plan Consultants)
Kentucky Pension Exclusion 2018
"The State of Kentucky passed a comprehensive tax reform package in April that creates a 5% single rate individual income tax.... Kentucky workers, who will have less than $31,110 in annual income from qualifying retirement plans, can totally eliminate the Kentucky income tax of 5% on both the money they contribute to these plans and the future investment gains on those dollars." (Retirement Management Services, LLC)
Don't Miss These Retirement Milestones
"Age 50: The age you can begin making catch-up contributions to your retirement accounts ... Age 55: If you leave a job ... you can take penalty-free withdrawals ... Age 59-1/2: Make penalty-free withdrawals from all traditional IRAs and employer retirement plans ... Age 62: Earliest age at which you can claim Social Security retirement benefits ... Age 65: Enroll in Medicare ... Age 66 and 67: Full Retirement Age for Social Security ... Age 70: Claim the maximum benefit from Social Security ... Age 70-1/2: Begin taking [RMDs]." (Fidelity)
 
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