Financial Wellness @ Work

How the IRS Can Help You Save More For Retirement in 2015

It has often been said that the only constant in life is change. As a parent, I find that change is both exciting and scary as heck because you never know what lies around the corner. This statement about anticipating change definitely remains true when the IRS is concerned.  Read more

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Be Long Term Careful

One of the questions I get asked frequently by people who are on track to retire is if they should buy long term care insurance (if they don’t already own it) or if they should cancel it (if they already own it).Lately, that has been a very difficult question to answer.  Companies that offer long term care insurance are raising premiums, sometimes very substantially, and there are no guarantees that they won’t go even higher in the future.  So if you are considering purchasing a LTC policy or cancelling your existing LTC policy, what are some things that you should factor into your decision? Read more

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3 Reasons Not to Ditch Your IRA

I read this astonishing article today titled “3 reasons to ditch your IRA.” The author makes the case against contributing to traditional IRAs but all his arguments could be used against traditional pre-tax 401(k) plans as well. Before you cancel your pre-tax retirement account contributions, let’s take a look at his arguments and why they might be problematic: Read more

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Living Longer May Not Be All Good News For Women

According to a new report by the Centers for Disease Control and Prevention’s National Center for Health Statistics, Americans are living longer—o.1 years longer to be exact—as the national life expectancy has reached a new record high of 78.8 years. Women, with an average life expectancy of 81.2 years, live on average 4.8 years longer than men, at 76.4 years. While some may see this purely as a blessing, it does present a financial challenge for today’s women. Namely, women may need to save more for retirement than men in order to account for these additional years. Here are five things women can do to help address this added financial challenge: Read more

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Social Security Myth #5: You Only Receive A Spousal Benefit If You Are Married When You Retire

In my last blog post, I addressed the myth that Social Security benefits are based on an accumulation of assets and that collecting a spousal benefit would reduce the amount a spouse would otherwise be eligible to receive. This brings up another myth that is circulating out there that suggests that one has to be married in order to collect a spousal benefit. That is not the case. Read more

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Can The IRS Help You Save For Retirement?

Saving for retirement is a must these days and retirement confidence in general is pretty low. Our recent retirement preparedness study revealed that only about 20% of employees feel they’re on track to reach their desired income in retirement. In order to bridge this gap, it’s no secret many of us need to save more.  Read more

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Social Security Myth #4: Collecting a Spousal Benefit Reduces the Amount Your Spouse Will Receive

One of the most valuable aspects of the Social Security formula is the accrual of spousal benefits for couples that have been married for at least one year at the time they file for benefits. However, some think of these benefits as a pool of money that somehow is split between the two of them. For this reason, they sometimes fall under the misconception that if one of them starts to collect a spousal benefit, the other’s benefit will be reduced. Read more

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How to Manage Student Loan Debt in Retirement

You’ve worked hard both in the professional world and at home raising your family and retirement is just around the corner. Now it is your turn to relax – somewhat — and do the things you love and want to do. But what if you haven’t finished paying off your student loan debt?  Read more

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Social Security Myth #3: You Will Lose Benefits If You Collect While You Are Working

In my previous two blog posts, I’ve addressed the myths of Social Security insolvency and calculating Social Security using final average earnings. Next up is a myth concerning the receipt of benefits while employed. Most of us know that the earliest we can collect a Social Security retirement benefit is age 62, but that doesn’t mean most of us plan to stop working by then. For this reason, I am often asked about the implications of collecting a Social Security benefit while working. Read more

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