Via ThinkAdvisor By Ginger Szala Advice from many experts today is that people should delay claiming their Social Security benefits for as long as possible, or until age 70, when they have to claim them. But what do advisors tell clients who have delayed taking Social Security even after reaching full retirement age (FRA), and when they make the claim, the government offers them a … Continue reading (Mid-America Pension Rights Project): Should Clients Take a Lump-Sum Social Security Payment?
Via ThinkAdvisor By William H. Byrnes and Robert Bloink The Secure Act contains provisions that will impact nearly every client saving for retirement—along with many who have already begun taking withdrawals from qualified plans and IRAs. The Secure Act provisions impacting lifetime income options in defined contribution plans have the potential to be some of the most significant. Although it is expected that most 401(k)s … Continue reading (Mid-America Pension Rights Project): Secure Act’s 401(k) Annuity Options: The Pros and Cons
By Sandra Wisnewski, Director of the Mid-America Pension Rights Project at Elder Law of Michigan You cannot have your pension at this time because your current job is similar employment! Sounds ridiculous, right? Well, this is a common restriction that some pensioners face when they leave a long-term job position. Employment restrictions are very common within multi-employer (skilled trades) pension plans and are legal. These restrictions effect pensioners … Continue reading Mid-America Pension Rights Project: A Working-Class Program that Works to Solve Your Pension Problems
By Christine Steinmetz, Pension Attorney at the Mid-America Pension Rights Project at Elder Law of Michigan Do you ever wonder if you have saved enough for retirement? There are so many online calculators, articles, and books written on this very issue. You save and expect your retirement to go smoothly. However, many people retire and realize that they have not saved enough. Recently, General Electric … Continue reading Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 1
Via The Motley Fool By Catherine Brock Whether you’re consolidating debt or replacing the transmission in your car, a 401(k) loan can provide the low-cost funds you need, fast. After all, you have access to 50% of your vested balance or up to $50,000, whichever is less. And, you’d be borrowing from yourself, which feels better than borrowing money from the bank. That’s the good … Continue reading 4 Mistakes to Avoid When Borrowing From Your 401(k)
Via Kiplinger By Randy Lupi About 10 years ago I met with a client — she was a teacher and a single mom hoping to put her kids through college. At 56, she was almost past the average retirement age for teachers in her state, yet it was clear she wasn’t going to be retiring anytime soon — not only because of the tuition bills … Continue reading Yes, You Can Buy a Home, Start a Family AND Pay Off Your Student Loans
Via ThinkAdvisor By Gary Anetsberger We all know that saving for retirement is important. As a society, we are living longer than we expected, and this sometimes means that we did not save enough during our working years. Living longer lives is of course a wonderful thing, but it also means that nearly everyone has an opinion on how much to save, through what vehicles, … Continue reading (Mid-America Pension Rights Project): Will the Retirement Crisis Change Our Attitudes Toward Saving?
Via Pensions&Investments By James Comtois Participants in a $549 million 401(k) plan sponsored by AutoZone Inc. have filed a class-action lawsuit against the company for violating ERISA. The suit, filed Wednesday in U.S. District Court in Memphis, alleges that AutoZone breached its fiduciary duties by approving, maintaining and recommending an asset allocation service called “GoalMaker” provided by Prudential Insurance Co. of America, which the participants … Continue reading (Mid-America Pension Rights Project): 401(k) participants sue AutoZone over alleged ERISA breaches
Sandra Wisnewski, Director of the Mid-America Pension Rights Project at Elder Law of Michigan The Mid-America Pension Rights Project (MAPRP) assists clients with pension and 401(k) issues. There are no age or income restrictions and there is never a charge for the services. The Pension Project works to find answers and solutions to your pension-related problem. Just ask Ms. Z. Ms. Z worked for a company for many years. It had been so long ago … Continue reading (Mid-America Pension Rights Project): A Working-Class Program that Works to Solve Your Pension Problems
Via CNBC By Lorie Konish Stocks had a rocky close to 2018. That doesn’t mean your required minimum distribution from retirement accounts will be lower this year as a result. RMDs, as they are commonly known, are the minimum amount individuals who are age 70½ and older must take out of their retirement funds such as individual retirement accounts or workplace-based accounts such as 401(k) … Continue reading (Mid-America Pension Rights Project): How retirees can make required minimum distributions pain free