Lumina Financial Consultants

Tapping Retirement Savings During a Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines and the other rules for loans and early withdrawals may help you determine if they are appropriate options during a financial crisis. (Remember that tapping retirement savings now could risk your financial situation in the future.)

Retiree Confidence Drops in 2020, As Some Workers Worry

Retirement confidence is significantly lower among those who say their employment status has negatively changed or anticipate it to negatively change within the next six months because of the Covid-19 pandemic.

Stay-at-Home Spouse? Consider a Spousal IRA

An ongoing study of IRA accounts has consistently found that women, on average, have lower retirement savings balances than men (see chart). Though there may be multiple reasons for this disparity, the most fundamental are the wage gap between men and women and the fact that women are more likely than men to take time off to care for children and other family members.1

Women & Money: Planning for Health Care in Retirement

At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. That’s why it’s particularly important for women to factor in the cost of health care, including long-term care, as part of their retirement plan.

Five Retirement Lessons from Today’s Retirees

Each year for its Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) surveys 1,000 workers and 1,000 retirees to assess how confident they are in their ability to afford a comfortable retirement. Once again, in 2019, retirees expressed stronger confidence than workers:

Know Your Mutual Funds

Almost 100 million Americans, representing about 44% of U.S. households, owned mutual funds in 2018. Saving for retirement was the primary goal for 73% of investors; other goals included saving for college or a house, building an emergency fund, or providing current income.

Thoughts From My Desk 6/11/19

Retirement Confidence Increases for Workers and Retirees

How Women Are Different from Men, Financially Speaking

Everyone wants financial security. Yet women often face financial headwinds that can affect their ability to achieve it. The good news is that women today have never been in a better position to achieve financial security for themselves and their families.

What Will You Pay for Medicare in 2019?

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2019 if you’re enrolled in Original Medicare (Part A and Part B).

Have You Made Any of These Financial Mistakes?

As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes?

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