Retirement

This article is a part of a series; click here to read Part 1. Another possible behavioral explanation is the feeling of being poorer after annuitization because of the resulting noticeably lower remaining account balance. This confuses total wealth with the spending power available from that wealth, but it can exert a powerful psychological influence

Getty Last week, I wrote about a newly-handed-down Supreme Court ruling that determined that, in a case where pension plan participants were not actually harmed, they could not sue their former employer for mismanaging their pension. As something of a tangent, I observed that participants in multiemployer plans would indeed be harmed, because there is

A speedy round of extra stimulus funds, as the economy continues to recoil due to the coronavirus, seems less and less likely every day, based on recent comments from Republican leaders. Treasury Secretary Steven Mnuchin, in testimony on Wednesday to the Senate Committee on Small Business said that the need for a new stimulus bill

By Kerry Hannon, Next Avenue Contributor Getty The tropes are ingrained in our psyche. When life gives you lemons, make lemonade. When one door shuts, another one opens. When the going gets tough, the tough get going. So, how are you supposed to do that if you’re over 50 and have lost your job due

TOPLINE The stock market opened sharply lower on Thursday after the Federal Reserve warned of a long economic recovery from the coronavirus recession, and as investors begin to worry about a second wave of new cases as states reopen. Stocks fell by more than 3% at the open. Michael Nagle/Xinhua News Agency/Getty Images KEY FACTS

Smartphone use is a skill that can be learned by anyone of any age Getty At the beginning of this month, much of the country opened access to greater commerce and socialization. However, the great opening up will not include everyone. Most of the seniors (age 60+) I’ve talked to have no intention of going to

A Yellow Vest protester in Toulouse, France, on May 16th 2020 during lockdown. NurPhoto via Getty Images As France takes its first political steps out of lockdown, President Macron is restarting his battle over pension reform, one that led to some of the biggest strikes in decades in December 2019 and months of ‘yellow vest’

Retiring during a recession – timing is everything stock.adobe.com Did you know the U.S. economy has dealt with recession 14 times since 1907? The most recent was the financial/banking crisis of 2008 when the government created an economic stimulus package to energize the economy. Age, timing and long-term financial goals play a pivotal role in

TOPLINE The stock market finished lower on Tuesday—although the Nasdaq Composite rallied to a new record high—a day after the S&P 500 turned positive for 2020 and fully recouped its losses from the selloff caused by the coronavirus pandemic. The New York Stock Exchange on June 5, 2020. New York Stock Exchange/ASSOCIATED PRESS KEY FACTS

This discussion has been fairly positive with regard to the role of income annuities as a retirement income tool. My explanations follow standard academic theory regarding income annuities and their role in pooling longevity risk and providing mortality credits. Without this risk pooling, retirees must be needlessly conservative in their spending to ensure they still

Getty “Four score and 7 modifications to the PPP rules ago…” Today, U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza released a joint statement regarding the passage of the Paycheck Protection Program (PPP) Flexibility Act, which was enacted on Friday and covered in our June 3rd blog post, Senate Passes

CHICAGO, ILLINOIS – MAY 30: Chicago Police Department vehicles are seen vandalized during a … [+] demonstration in response to the killing of George Floyd, an unarmed black man on May 30, 2020 in Chicago, Illinois. (Photo by Natasha Moustache/Getty Images) Getty Images Minneapolis wants to dismantle its police department. On Sunday, as CNN reported,

Getty Retirement often starts like a vacation. You’re all excited and eager to begin the journey. Each day represents the beginning of a new venture. Until it doesn’t. For some, it becomes a pleasant, reliable schedule. For others, it’s Bill Murray in Groundhog Day. The incessant repetition begs for something completely different. That’s why you’re

For some Americans, a bad credit score feels like a ghost they can’t get rid of. However, with the right strategies, a less-than-perfect credit score can be improved. Boosting a lower score is an important financial priority—especially for those nearing retirement. Many people who are approaching retirement age already have a good credit score, but

Make financial freedom not retirement your exit. Getty The word retirement is emotionally charged. Those who are young see it as far off in the future, usually because they associate it with being old. Others see it as a time of doing nothing and may think, “I’m not ready for that.” Many want to do

Getty Readers of print newspapers will have already noticed that something’s up with the Sunday funnies. As the AP reported: “More than 70 comic strips and panels — ranging from Garry Trudeau’s ‘Doonesbury’ to Jim Toomey’s ‘Sherman’s Lagoon’ and Jeff Keane’s ‘Family Circus’ — will each have six symbols hidden in the artwork to honor

By Kerri Fivecoat-Campbell, Next Avenue Contributor Getty Micheline Burger, a 72-year-old retired attorney who lives in Longmont, Colo., has put off many medical appointments due to the Covid-19 pandemic, such as her annual physical and dental exam and an important follow-up for an eye exam. “I’ve had a cornea transplant, so I have to have

TOPLINE Casino stocks, among the hardest-hit by the coronavirus pandemic, have bounced back in recent weeks and continued to skyrocket after dozens of Las Vegas casinos reopened for business on Thursday. Shares of big casino operators are rallying amid optimism about reopening. John Locher/ASSOCIATED PRESS KEY FACTS America’s gambling mecca began reopening on June 4,

TOPLINE Governor Andrew Cuomo said in a press conference on Saturday that the number of new coronavirus cases in New York continues to decline, with the state’s death rate falling to 35—its lowest level since the crisis began. New York’s daily death toll fell to its lowest number yet. Lev Radin/Pacific Press/LightRocket via Getty Images

Annuities have a reputation for being a high-fee financial product. Is this reputation deserved? We address this for different types of annuities throughout the book, starting with income annuities. It is a bit complicated to answer this for income annuities because they do not have visible fees. There are no additional fees extracted from the