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FINANCIAL FACT: A recent survey conducted by Schwab found 401(k) participants believe they'll need around $1.7 million on average. How much income would $1.7 million produce for you?  To determine if a retirement nest egg of $1.7 million is sufficient, think about how much income this would provide you with as a senior. The answer depends on your withdrawal rate, or the amount of money you take out of your retirement accounts each year. There are other factors to consider, too.  What lifestyle do you want to live?  Do you want to leave any behind to your children?  What medical issues...

FINANCIAL FACTs  Approximately two-thirds of Americans have less than $100,000 saved for retirement, according to a report from the Employee Benefit Research Institute, and 26% of those people have less than $1,000 stashed away. However, most workers aren't making any moves to save more. In fact, only 29% of U.S. adults say they increased their retirement fund contributions this year compared to last year, a survey from Bankrate found. The most common reason survey participants gave for not saving more, though, might be surprising. Among those who haven't increased their savings rate, the most common reason workers gave was that...

The long-awaited Securing Every Community for Retirement Enhancement (SECURE) Act was passed by Congress and signed into law in late 2019. Here are some highlights; Allows companies—regardless of industry—to join together to form multiple employer 401(k) plans; Increases the auto-enrollment safe harbor cap from 10 percent to 15 percent; Simplifies the non-elective contribution 401(k) safe harbor by providing notice and amendment flexibility; Treats certain taxable non-tuition fellowship and stipend payments as compensation for IRA purposes, thus making it easier for individuals receiving such payments to save through an IRA; Repeals the maximum age (now 70½) for making traditional IRA contributions;...

FACT or FICTION: More than half of U.S. adults say they are behind where they should be when it comes to saving for retirement. FACT: More than half of U.S. adults (52%) say they are behind where they should be when it comes to saving for retirement, according to a new survey from Bankrate. Among pre-retirees, the lag is more pronounced: 57% of younger baby boomers (age 55 to 64) and 63% of Generation X (age 39 to 54) say they’re behind.(Source: BankRate)

Plan To Have Medicare Coverage For Your Winter Travel  As a senior you should plan to protect your health no matter where you might venture. If you currently have Medicare or a Medicare Advantage plan, you shouldn't have any problems getting the care you need anywhere in the US. It's when you decide to travel outside the US that you'll likely encounter issues with your Medicare coverage.  As a word of caution, you would be well-served to verify the scope of your insurance coverage anytime you decide to travel away from your home environment. That suggestion is applicable no matter...