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Retirement

Retirement Plans for Small Business Owners and Their Tax Implications

One of the less obvious responsibilities of being a small business owner is planning your own retirement. While salaried employees at big companies often contribute to a company-sponsored retirement plan, small business owners—particularly sole proprietors and owners of very small firms—don’t have that luxury.   Unfortunately, about a third of all small business owners don’t have a retirement plan, which means too many people avoid taking steps to secure their …Read More

#AskanExpert: Can a Pension be Garnished?

Q. Is my pension protected the same as Social Security when debt collectors are trying to collect from me? Can a pension be garnished?   Dear Reader,   Most of the time, pensions have the same protections from creditors or debt collectors as your Social Security benefits. However, your debt collectors could get some of your pension income through other collection activities that don’t include accessing your pension directly.   …Read More

How to Plan Your Retirement On the Go

It’s common knowledge that you should start planning for retirement early. Staying on track requires learning how to carve out savings and knowing how to manage it all to make sure you have enough when the time comes. Whether you’re in the early stages of the planning process or you’re further down the line and need help managing the money you’ve already set aside, your phone can help. Getting in …Read More

#AskanExpert: Should I Use My Social Security to Fund My Children’s Retirement?

Q. I have more than enough to fund my retirement and I plan on retiring by age 62. I am considering taking my Social Security payout at age 62 and investing it in fairly aggressive stock funds for each of my two kids. I would like to put it into a trust that wouldn’t allow them to access the money until they are 60 years old to help fund their retirement. …Read More

JOIN @NFCC for OUR #NFCCtips chat Tomorrow Friday, November 16th AT 3PM ET FOR A CHANCE TO WIN PRIZES!

JOIN @NFCC for OUR #NFCCtips chat ON Friday, November 16th AT 3PM ET FOR A CHANCE TO WIN PRIZES!   Follow #NFCCtips as we discuss retirement planning findings from our 2018 Financial Literacy Survey and tips to prepare for retirement! There will be 2 chances to win an Amazon gift card! 1-$25 Amazon gift card 2-$25 Amazon gift card Use #NFCCtips to participate. For an easy way to keep track of the conversation, …Read More

#AskanExpert: Retiring, $40,000 in Credit Card Debt, No Savings, What Should I Do?

Q. I’m 65 years old and my wife is 59. We’ve got about $40,000 in credit card debt and are planning to pay about 90% of it off with remaining 401k money. We live on a tight budget and will have basically no savings. The cost of living is high where we live and I don’t know what to do. Please help.   Dear reader,   I understand the urgency …Read More

Retirement Planning for Small Business Owners

Small business owners are in a unique position when it comes to planning for retirement because, as their own boss, they will not have a 401(k) or pension option from an employer planning retirement on their behalf. With a number of different plan options (the SEP IRA, the Self-Employed 401(k), Simple IRA, the Simple 401(k), and the Roth IRA, to name a few), deciding on one takes patience and sometimes, …Read More

A New Employee’s Guide to Retirement Plans

After college, starting your first entry-level job can be overwhelming. You have to learn your company’s office norms, understand policies and procedures, and fill out a heap of paperwork. When you get your packet on retirement plans, going through all of the information can feel like learning a new language. However, it’s important to understand your retirement options so you can start saving as soon as possible. The earlier you …Read More

Ask an Expert: When Can I Afford to Retire?

Q. When Can I Afford to Retire? Dear reader, The answer to your question depends on multiple factors. To estimate when you can afford to retire you have to take into account your age, your life expectancy, your current retirement investments, and the lifestyle you expect to have once you retire.   These questions are better addressed with a professional investment advisor. In the meantime, you can estimate the amount …Read More

Millennials Help Your Parents To Wake Up To Their Retirement Crisis

By Neale Godfrey We are facing a real retirement crisis in this country. And, many Baby Boomers are not taking their retirement seriously enough. There’s an interesting philosophy about the best way to live: run out of money when you run out of steam. In fact, Stephen Pollan, renowned attorney, life coach, and personal finance expert, even wrote a book about it called, Die Broke. I truly believe that the …Read More