Many advisors (including us) believe that one of the best ways to save for retirement is to regularly set aside a certain amount of money every week or month, turning saving into a habit. Many retirement plans such as 401(k)s have been structured to encourage this behavior. However, when you have to make lifestyle changes…
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These days it’s not uncommon for a worker to spend his or her career at half a dozen or more companies before retiring. It’s also not uncommon for companies themselves to go through numerous mergers and ownership changes. The odds of record-keeping errors also grow as companies change hands. It’s generally easy to keep track…
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A report by the Urban Institute finds that people retiring today represent the first generation of workers that have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. And this historic shift is expected to get worse for future retirees. When Social Security was first enacted…
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Cognitive impairment in old age may not simply be the result of a random event such as Alzheimer’s or a stroke. There is increasing evidence that cognitive decline in old age is natural and inevitable, and cannot be slowed by education or intelligence, nor by so-called brain exercises such as solving crossword puzzles. Our brain,…
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Kravitz, a national designer and administrator of corporate retirement plans, recently released their 2012 National Cash Balance Research Report, which indicates that cash balance plans continue to grow much faster than all other types of retirement plans. In 2010 (the most recent year for which IRS reporting data is available), the number of new cash…
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The Wall Street Journal recently reported that the IRS will be going after taxpayers that made contribution or withdrawal errors in their IRAs. There were over $280 million in uncollected tax penalties in 2007, according to the Treasury Inspector General for Tax Administration. That’s low-hanging fruit for a federal government strapped for revenues. With this…
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