Retirement Plan Tips » social

Social Security turns 75 with an uncertain future

Thu, 26 Aug 2010 18:18:31 +0000

Social Security turns 75 with an uncertain future
Social Security turned 75 this month, but whether it will last another 75 years – or even another 25 – remains to be seen. read more »

Moving Beyond Social Security for Retirement Planning

Thu, 29 Jul 2010 15:20:05 +0000

Many of us either depend (or will depend) on Social Security to make up the foundation of our retirement income. Although this program will play an important role for many of us, it is important that we keep in mind the limits of what it can provide us and ensure we put in place elements to secure the rest of our retirement. This is especially true as administration changes are making it clearer than ever that Social Security may not be around in twenty years to provide us the safety net we need.

The good news is it is never too late, or too early, to begin retirement planning.

What can I expect from Social Security?

The average social security payment is $1,063.90 per month. You can calculate your estimated benefit with an online calculator, or order a statement in the mail from the Social Security Administration.

Experts suggest you should prepare to have 70 to 90 percent of your pre-retirement income to maintain your current standard of living. Consider additional health care costs, especially if you choose to retire before you qualify for Medicare at age 65. A financial advisor could help you determine what you’ll need to save to supplement your Social Security, based on your estimated expenses. There are many options available to those seeking to supplement their social security income.

Take advantage of your company’s 401(k) plans: Your 401(k) gives you access to an immediate tax break because contributions are taken out of your paycheck prior to taxes, thereby lowering your taxable income. The growth is also tax deferred, so you don’t pay taxes each year on the increasing funds. In addition to those benefits, some employers match funds, often 50 cents on the dollar for the first 6 percent that you save.

Consider an IRA: Whether your company has a 401(k) plan or not, an IRA (Individual Retirement Arrangement) is an excellent way to compliment your retirement savings. There are two types of IRAs: traditional and Roth. A traditional IRA offers tax-deferred growth, meaning your contributions are tax deductible, and you pay taxes only on your withdrawals in retirement. A Roth IRA doesn’t allow for pre-tax contributions; however, you owe no taxes on your money when you make withdrawals in retirement.

Consider less traditional opportunities to grow or supplement your retirement investments: Taking a part time job during retirement will allow you to withdraw less from your IRA, thereby giving your money more time to grow. A reverse mortgage may be an option if you are 62 years or older, allowing you to convert the equity you have built in your home into tax-free retirement income. You may also want to consider your location. Moving to a less expensive area, or home, could help you stretch the retirement income you already have.

Retirement planning is best done with an experienced guide; consult with your financial advisor to determine the best path to a successful retirement for you.

Do Large businesses have a social responsibilty to take care of their employees?

Mon, 28 Jun 2010 11:13:51 +0000

With business larger then ever citizens, in many areas have very little choice of who they are going to work for. Does big business have a responsibilty to provide employees with retirement plans, medical insurance, and other benefits?
Many large business dominate an area and take wealth but give back much less to the community. What is the business responsibility towards a community?
Should legislation ensure that Large business take a more active role in social programs? i.e. Housing, welfare, etc.
If the government mandates that a business take a more active role in local social issues, are we a capitalist state, or somthing other then that?

MassMutual Invites Guest Speaker from Social Security Administration to Address Retirement Plan Participants

Tue, 25 May 2010 09:20:43 +0000

MassMutual Invites Guest Speaker from Social Security Administration to Address Retirement Plan Participants
As part of its web-based RetireSmart Academy participant seminar series, MassMutual’s Retirement Services Division has enlisted Daniel Moraski, public affairs specialist from the Social Security Administration, to present an educational seminar for retirement plan participants on the MassMutual platform.

Read more on PR Newswire via Yahoo! Finance

Why doesn’t Congress give up their “golden parachute” health/retirement plan to help fix Social Security?

Tue, 11 May 2010 05:28:21 +0000

Any member of Congress who serves 5 years or more becomes vested in their health/retirement plan which covers them and their spouse for the rest of their lives. All their health coverage is at 100%. Their retirement is 100% of whatever they were making at the time they retired. For those members who serve only four years, there is an option to purchase the fifth year of service. If those people had to live under it like the rest of us, instead of off our backs, there wouldn’t be a problem with Social Security.

Incoming search terms for the article:

congress golden parachute

Social Security is NOT a retirement plan

Sat, 03 Apr 2010 19:40:03 +0000

My rant on Social Security.

does social securty penalize you if you have another retirement plan?

Wed, 24 Mar 2010 19:59:58 +0000

I am a government worker, and I will eventually have a 20 year military reserve retirement plan set, another Gov retirement paln, and social security since I’ve been paying into from 1987 to the present? A friend of mine informed me that since I will drawing other retirements, SS will give me a lower amount when I retire is this true?

Incoming search terms for the article:

Is social security number required or checked by retirement plan companies from work?

Thu, 11 Mar 2010 13:44:18 +0000

I am very curious to know if whenever you apply at work for your retirement plan, does your ssn checked or verified in order for them to estanlish the plan? I need to know bc this had been spinning in my head and i do not want to ask any employer for it, bc its not me with the problem, i do have my ssn. Does anybody know any of this info?