(Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

Via ThinkAdvisor By Ginger Szala Social Security can be complicated, which is why an individual needs an advisor to walk them through salient points, and advisors need to be up to speed on the program. A majority of people don’t know the standard benefits they could be receiving, according to a SimplyWise survey that found less than one in eight Americans aged 60 to 70 … Continue reading (Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

(Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

Via CNBC By David Robinson New federal rules for individual retirement accounts greatly increase the tax burden for some heirs by telescoping the allowable period for withdrawals. Yet this pain can be greatly reduced by converting regular IRAs to Roth IRAs before bequeathing them. Previously, all heirs had their entire life expectancy to take withdrawals from inherited IRAs, so they were able to stretch out … Continue reading (Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

(Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

Via Kiplinger By Stacy Francis Many divorcing spouses find themselves strapped for money to pay for mounting legal bills and the higher costs of supporting two households, rather than one. With bank accounts and brokerage accounts drained to zero, some look to tap their employer 401(k)s or IRAs for quick cash to cover these costs. Within a few days, you can have the balance of … Continue reading (Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

(Mid-America Pension Rights Project): Retirement dreams: $3 million is the new $1 million — here’s how to get there

Via MarketWatch By Shawn Langlois Have you and your 401(k) plan ridden this relentless bull market into glorious millionaire territory? If so, congratulations! Well done. Etc. Now here’s the bad news: ‘The new rule of thumb is $3 million.’ That is financial planner Thomas Balcom explaining to Fortune why the long-held goal of a million bucks in retirement savings isn’t cutting it these days. Another adviser in … Continue reading (Mid-America Pension Rights Project): Retirement dreams: $3 million is the new $1 million — here’s how to get there

(Mid-America Pension Rights Project): Baby boomers commit the ‘7 deadly sins’ of retirement planning

Via MarketWatch By Brett Arends The lights have been green for the baby boomers all their lives. They were born just after World War II, between 1946 and 1964, and raised during the biggest, most sustained economic boom in human history. They were sent to college, and grad school, by their doting parents when it was still cheap — or nearly free. And then, when … Continue reading (Mid-America Pension Rights Project): Baby boomers commit the ‘7 deadly sins’ of retirement planning

(Mid-America Pension Rights Project): Getting SECURE Act’s Lifetime Income Provisions Right

Via PlanSponsor By John Manganaro RETIREMENT INDUSTRY ANALYSTS broadly agree the passage of the “SECURE Act” late last year marked the most significant change for the retirement industry in more than a decade. The landmark legislation includes substantial adjustments to the regulatory systems controlling the operation of defined contribution (DC) plans, pension plans, individual retirement accounts (IRAs) and 529 college saving plans. It also creates a new marketplace for “open … Continue reading (Mid-America Pension Rights Project): Getting SECURE Act’s Lifetime Income Provisions Right

(Mid-America Pension Rights Project): Should Clients Take a Lump-Sum Social Security Payment?

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?

(Mid-America Pension Rights Project): Secure Act’s 401(k) Annuity Options: The Pros and Cons

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

Mid-America Pension Rights Project: A Working-Class Program that Works to Solve Your Pension Problems

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

Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 1

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