I recently saw this article titled “Why Boomers Should Convert to a Roth IRA” that argues why Boomers should convert to a Roth IRA a few years before retirement. It makes sense at first. Why not pay taxes now and have all your future income from the Roth IRA be tax-free? Continue reading “Should You Convert to a Roth IRA Before Retirement?”
This week, Financial Finesse is releasing our second annual generational research report so over the next few days, we’ll be addressing in our blog how each generation can overcome their unique challenges and take advantage of the opportunities they face. Today, we’ll start with the Baby Boomers, the last of whom will be celebrating their big 5-0 this year. In addition to now being able to apply for their AARP cards for discounts on eating out and travel, here are some more critical tips for their financial wellness: Continue reading “7 Steps For Baby Boomers to Secure Their Financial Future”
As a pre-teen back in 1978, I remember the first time I watched Saturday Night Live and the musical guest that night was Devo singing Whip It. Imagine my amazement when my stepson got us free tickets to a concert this weekend to see none other than Devo, who is on tour with Blondie this fall. The band members may now be eligible for Social Security, but they still got the crowd to their feet with their electric sound. And who says you can’t teach an old dog new tricks? The silver-haired band members even wrote a new song this year, Don’t Roof Rack Me, Bro, dedicated to Republican presidential candidate Mitt Romney’s dog incident, which occurred in 1983 when Romney traveled twelve hours with the dog in a crate on his car’s roof rack. The Devo band members are like many of the oldest of the Baby Boomer generation who refuse to see themselves as old or ready to retire. You may have a large population of these aging rockers yourself, so how can you help them face the reality of approaching retirement? Continue reading “Are You DEVOted to Your Older Workforce?”
Social Security has just released its Fast Facts and Figures About Social Security, 2011, and let me just say, the numbers aren’t pretty. For years the Social Security Administration has been telling us that the trust fund is running out of money. The last I heard, there is only enough money to pay full projected benefits until around the year 2037, but despite this, there are still way too many people who rely, way too heavily on Social Security as a primary source of income in retirement. According to Jason Fichtner, Ph.D. (as cited by Robert Powell in his column titled Social Security: A Little Light Summer Reading), “66% of all beneficiaries now rely on Social Security for 50% or more of their income in retirement, while 35% rely on benefits for 90% or more of their income.” Given the fragile state it is in, future retirees need to look at Social Security a lot differently. Continue reading “Bridging the Gap Between Social Security and Retirement”
Wow. I don’t think I want to read financial news stories for a while now. This is one of those times I wish I were older. What am I talking about? This article talks about how many Baby Boomers and Gen X’ers are “at risk” where retirement income is concerned. The numbers get worse with each successive younger generation, and with each passing year. Here are some numbers (I know, who comes to a financial blog to see numbers…). Continue reading “OK, I’m Officially Depressed”
