Editorial Staff

Proceeds from selling their current home can be augmented with a "reverse mortgage for purchase," which doesn't have to be repaid until they sell, move out or pass away.

Investors who reach the age of 45 are advised to multiply their salary by 3.7 to get a good estimate of retirement savings they should have at this age.

Investors who reach the age of 45 are advised to multiply their salary by 3.7 to get a good estimate of retirement savings they should have at this age.

Preferred stocks are good candidates for retirees' investment portfolio as they provide regular income that is greater than the interest payments from a corporate bond.

Preferred stocks are good candidates for retirees' investment portfolio as they provide regular income that is greater than the interest payments from a corporate bond.

Investors are better off having target-date funds than balanced funds as TDFs provide broader diversification and focus on minimizing risk.

Investors are better off having target-date funds than balanced funds as TDFs provide broader diversification and focus on minimizing risk.

Many people have the misconception that Social Security will become insolvent over the next 20 years.

Many people have the misconception that Social Security will become insolvent over the next 20 years.

Roughly a third of American workers don’t have a retirement vehicle, says Labor Secretary Thomas Perez.