Starting to save early means your money has more time to go to work for you. Even if you can only afford to set aside small amounts, compounding earnings can make them really add up. It’s never too late to begin, but as this illustration shows, the sooner you start, the less you may need…

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If you are self-employed or own a small business and you haven’t established a retirement savings plan, what are you waiting for? A retirement plan can help you and your employees save for the future. Tax advantages A retirement plan can have significant tax advantages: Your contributions are deductible when made Your contributions aren’t taxed to…

Why would people choose to claim Social Security retirement benefits at the earliest possible age of 62, rather than waiting until their full retirement age (66 to 67 for anyone born in 1943 or later), when doing so would reduce their monthly benefit by as much as 30%? There are many reasons, according to a…

If you are a member of the Baby Boomer generation and will soon reach traditional retirement age, you are probably wondering when would be the best time to apply for Social Security benefits.  This short presentation provides an overview of points to consider when making this important decision.    Social Security: When Should You Start…

The high cost of education coupled with years of low-paying residencies put doctors behind when it comes to saving for retirement. Doctors Struggle to Save for Retirement Despite High Salaries – NBC News.com.

Background The Internal Revenue Code says that if you receive a distribution from an IRA, you can’t make a tax-free (60-day) rollover into another IRA if you’ve already completed a tax-free rollover within the previous 12 months. The long-standing position of the IRS, reflected in Publication 590 and proposed regulations, is that this rule applies…

Financial Perspectives: Understanding the Unique Challenges Faced by Women    

1. What is a myRA? The myRA (rhymes with IRA) is a new workplace retirement savings account discussed by President Obama in the State of the Union address, and subsequently authorized by executive order. The administration hopes that employers who currently don’t offer a workplace retirement plan will make myRAs available to their employees. Only…

Some unexpected good news on the retirement planning front – Fidelity’s most recent forecast of healthcare spending in retirement projects that a 65-year-old couple retiring in 2013 will need $220,000 to cover healthcare expenses for their remaining lives – this is down 8% from the forecast made in 2012.  These forecasts are based on average life…

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