March 2019

Retirement Articles This Week

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Entries by Wise Owl (1039)

ONCE AGAIN...The social Security Administration Never calls and asks for your Social security number.

The Federal Trade Commission recently issued a warning to ignore phone calls from official-sounding callers who tell you your Social Security number has been suspended due to fraudulent activity and then ask you for your personal information to reactivate your account.  This is a scam.  Your Social Security number is never suspended.

Hang Up!

Posted on Saturday, March 2 by Registered CommenterWise Owl | Comments Off

Retiring In a holiday Inn?

Terry Robison said he's going to take up residency at the Holiday Inn instead of going to a nursing home. 

His logic is pretty sound: the average nursing home costs $188 a day, while a long-term stay along with a senior discount at the Holiday Inn costs just $59.23 per night. 

Plus, the hotel always has free breakfasts, and some even have happy hours.

"No nursing home for us. We'll be checking into a Holiday Inn! 
With the average cost for a nursing home care costing $188.00 per day, there is a better way when we get old and too feeble. 
I've already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it's $59.23 per night. 
Breakfast is included, and some have happy hours in the afternoon. 
That leaves $128.77 a day for lunch and dinner in any restaurant we want, or room .."

Posted on Tuesday, February 26 by Registered CommenterWise Owl | Comments Off

Volatile Markets Again...Dow Up 1086

The Dow Jones Industrial Average surged more than 1,000 points, or 5%, posting the index's largest-ever point increase and biggest single-day percentage gain since 2009.

 

Posted on Wednesday, December 26 by Registered CommenterWise Owl | Comments Off

Motley Fool Guide to Social Security Benefits

Here's a brief guide to 2019 Social Security benefits:

How much does the average retiree get from Social Security? 

The SSA estimates that the average retired worker will receive a benefit of $1,461 in January 2019 after next year's 2.8% cost-of-living adjustment is applied.

However, it's important to emphasize that Social Security benefits vary significantly based on how much recipients earn throughout their careers and when they choose to file. Some retirees receive far less than the average, while others get much more.

Posted on Monday, December 17 by Registered CommenterWise Owl | Comments Off

70 1/2?...Dont Forget your RMD this year

December 31 is the last day to take these distributions from your 401k or IRA.  The IRS has a worksheet to help you calculate your RMD, an amount that will depend on your age and account balance.

Posted on Friday, December 7 by Registered CommenterWise Owl | Comments Off

Our Financial Planning Tip...Set up a Roth IRA!

In 2019, the IRS will permit savers to put away up to $6,000 in a Roth IRA, plus $1,000 if you're 50 or older.
The exact amount of money you can save in this account will be based on your modified adjusted gross income or MAGI.

If you're single and with an MAGI of up to $122,000 (or married-filing-jointly with up to $193,000 in MAGI), you can contribute up to the annual limit.
Contribution levels drop off from that point. Single filers with at least $137,000 in MAGI ($203,000 if married and filing jointly) can't make any direct contributions to their Roth IRAs.

Posted on Wednesday, December 5 by Registered CommenterWise Owl | Comments Off

Ouch...Terrible day for stock markets

This really doesn't look like a Santa Claus rally. 

Dow Jones down almost 800 points today.

Posted on Tuesday, December 4 by Registered CommenterWise Owl | Comments Off

Converting assets to a Roth IRA from a Traditional IRA

Sure- it is a taxable event so consult a tax professional.  There are several benefits to conversions:

  • Roth withdrawals will be tax and penalty free if you are at least 59 1/2 and the account is at least 5 years old.
  • Roth money can continue to grow longer.  You won't be required to started withdrawals at age 70 1/2.
  • Your heirs will have to take annual withdrawals, but they won't have to pay federal income tax on the money if the account's been open for at least five years.
Posted on Monday, December 3 by Registered CommenterWise Owl | Comments Off

Receive a phone call from social security?... it's a Scam

The Federal Trade Commission recently issued a warning to ignore phone calls from official-sounding callers who tell you your Social Security number has been suspended due to fraudulent activity and then ask you for your personal information to reactivate your account.  This is a scam.  Your Social Security number is never suspended.

Posted on Monday, November 26 by Registered CommenterWise Owl | Comments Off

Social Security to get 2.8% COLA

Social Security beneficiaries will receive a 2.8% increase in benefits next year, the largest cost-of-living adjustment since 2012.   A 2.8% increase would boost the average Social Security benefit by $39 to $1,461 per month next year. 

The earnings limit for individuals who claim Social Security before their full retirement age will increase to $17,640 in 2019, up from $17,040 this year.

Posted on Monday, November 26 by Registered CommenterWise Owl | Comments Off

Many retirees stop working with a small nest egg

 According to the EBRI, 62% of retirees stop working with total retirement savings of $250,000 or less.

Using the 4% rule of thumb, in which you spend 4% of your savings each year (and adjust for inflation), that means that the vast majority of retirees are looking at $10,000 or less in income from their retirement savings. That's on top of the average Social Security benefit of $1,404 per month.

Posted on Monday, August 27 by Registered CommenterWise Owl | Comments Off

Fidelity Offers Two Index Funds with Zero Expense Ratio

Generally most funds have a minimum investment to get started.  The two new Fidelity funds have no minimums-ideal way to get started.

Fidelity® ZERO Total Market Index Fund (FZROX)

Fidelity® ZERO International Index Fund (FZILX)

Fidelity Zero Minimum Funds

Posted on Sunday, August 26 by Registered CommenterWise Owl | Comments Off
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