Retirement withdrawals

Companies can provide better financial literacy to help older couples, who are separating, make smart decisions with their money.

Retirement security in the U.S. is facing elevated threats of lower interest rates, recession, income inequality and climate-related natural disasters.

Defined contribution plan participants will seriously diminish their retirement savings if they prematurely cash out all or part of their 401(k) savings account balances.

Many employees are not in a financial position to deal with an emergency medical crisis like the current pandemic and it’s hurting their retirement.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Find ways to generate income,” says one financial planner.

Aside from income taxes, retirees will also pay consumer taxes and may face a 3.8% Medicare surtax.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.

The spike in the number of older employees in the workplace reflects a trend over the past decade.

Taking advantage of catch-up contributions is one of several methods that can help them get back on track.