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Terms of Use: What if retirement is just around the corner and you haven't saved enough? Here are some tips. Some are painful, but they'll help you toward your goal. It's never too late to start. It's only too late if you don't start at all. Sock it away. Pump everything you can into your tax-sheltered retirement plans and personal savings. Try to put away at least 20 percent of your income. Reduce expenses. Funnel the savings into your nest egg. Take a second job or work extra hours. A  More...

Terms of Use: Retirement probably seems vague and far off when you're young. Besides, you have other things to save for and buy right now. Yet there are some crucial reasons to start preparing now for retirement. You'll probably have to pay for more of your own retirement than earlier generations. The sooner you get started, the better. You have one huge ally - time. Let's say that you put $1,000 at the beginning of each year into an IRA from age 20 through age 30 (11 years) and then never put i  More...

Terms of Use The future of Social Security is in the spotlight these days. Social Security is primarily financed by payroll taxes. As long as people work, the system will never completely run out of money. However, Social Security is facing an uncertain financial future mainly due to demographics. We're living longer and healthier lives ... and this is good news. When the Social Security program was created in 1935, a 65-year-old had an average life expectancy of 12½ more years; today, i  More...

Terms of Use: Table of Contents Single vs. Flexible-Payment Annuities Fixed vs. Variable Annuities Fixed and Variable Annuity Expenses Deferred vs. Immediate Annuities Withdrawing Money from a Deferred Annuity Why Buy a Deferred Annuity? Why Buy an Immediate Annuity? Options with Guarantees Before You Buy an Annuity Consider the Following Some Questions to Ask Before Buying Confused about annuities? You're not alone. Many people have difficulty understanding them. The main reason for all t  More...

Terms of Use: A 403(b) plan is a retirement savings plan for employees of public schools and certain tax-exempt organizations — as determined by Section 501(c)(3) of the Internal Revenue Code. In a 403(b) program, you have the opportunity to contribute pre-tax dollars, reducing your taxable salary, and both your contributions and earnings grow tax-deferred until they are withdrawn. Section 501(c)(3) organizations include: Nonprofit organizations that are exempt from income tax under sectio  More...

Terms of Use: Your "golden years" are closer than you think! You know you need to save for retirement. Perhaps you've been stashing away some funds for that "someday," but how do you know if you're saving enough? There isn't any way to know for certain how much you'll need to save today in order to afford the lifestyle you see for yourself down the road, but putting some thought to it NOW and coming up with a retirement plan will help ensure that you arrive "over the hill" in comfort. Here are a  More...

Terms of Use: Variable annuities have become a part of the retirement and investment plans of many Americans. Before you buy a variable annuity, you should know some of the basics – and be prepared to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether a variable annuity is right for you. This is a general description of variable annuities – what they are, how they work, and the charges you will pay. Before buying any variable annu  More...

Terms of Use: Not directly, but you can roll over a 401(k) distribution to a Traditional IRA and then convert to a Roth IRA.

Terms of Use: People often associate trust funds only with the wealthy. But a trust fund ( trust ) actually can be an effective financial tool for many people in many circumstances. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary ( beneficiaries ). The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate  More...

Terms of Use The earliest you can begin receiving Social Security benefits is age 62. However, beginning at age 62 decreases the amount of Social Security benefits you receive by 30%. The reduction for starting benefits at age 63 is about 25 percent; 64 is about 20 percent; 65 is about 13.3 percent; and 66 is about 6.7 percent. If you were born January 2, 1943, through January 1, 1955, your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or   More...