How Covid-19 changed retirement planning
When to claim Social Security is the top question for new retirees.
March 15, 2021 3 MINS
The Covid-19 pandemic has affected many Americans’ concerns and plans for retirement. The pandemic’s impact has been uneven, with some workers enjoying the newfound freedom of working from home, allowing them to extend their careers without the dreaded commute, while others have lost their jobs or decided to take early retirement as a result of health concerns.
“The economic fallout from the pandemic may create substantial uncertainty about financing retirement that could trigger Americans to work longer or rethink retirement altogether,” according to a new report from the National Institute on Retirement Security.
Wealthier clients saving in 401(k)s may fall into tax trap
Too much money in tax-deferred retirement accounts could undermine clients financial plans if taxes rise in the future to pay for today’s exploding government spending.
March 1, 2021 4 MINS
While many Americans worry that they won’t be able to save enough for retirement, some financial advisers are concerned that their wealthier clients are saving too much in the wrong type of retirement account.
Over the past few weeks, several new studies and surveys have documented growing concerns over a looming retirement crisis, partially tied to the Covid-19 pandemic and subsequent economic slowdown.
Getty Images
You’ve worked hard your entire life, and now it’s time to enjoy the fruits of your labor. You have saved, you have budgeted, and you have prepared for this moment for almost all of your working years. But, despite all of these efforts, you are still afraid. You are afraid to spend your hard-earned savings. You are afraid that you are going to live so long that you run out of money.
Irrational? Actually, it’s very common and in many cases, the worry might be warranted. However, for many particularly those who have planned properly the fear is likely unfounded. This overwhelming fear can actually lead to something that does not get much attention:
WKBT
February 4, 2021 11:22 AM Amy Danise - Forbes Advisor
Posted:
Updated:
February 6, 2021 6:41 AM
We’ve gotten used to many fast purchases, like same-day grocery delivery and next-day Amazon delivery. But how fast can you get life insurance? Possibly in about 10 minutes.
A traditional life insurance policy application can take a good month or more to wind its way through the application process. This often involves an extensive application questionnaire, a life insurance medical exam, and work by the life insurance company to get your medical records and verify other information about you.
But many companies are finding ways to reduce their decision time and wave goodbye to life insurance medical exams. The choices you’ll have will depend on your age and health.