Key Takeaways At no other time in life are finances more challenging than age 60+. Many retirees have fixed incomes that do not keep up with inflation. In addition, there are critical decisions such as the timing of Social Security benefits, choice of …
Category: Retiree Debt
Whether you need a financial cushion after a job loss or are planning a home renovation, you might be eyeing your retirement account. It’s natural to wonder if you can use a 401(k) as collateral for a loan. The short answer is usually no, at leas…
Not much happens to your 401(k) at first. If you get fired, you don’t lose your 401(k). The money you contributed is yours. The employer match depends on vesting. What happens next depends on how much is in the account, what you do with it, and whether…
401(k) withdrawals while you are still working may be allowed, but the answer usually depends on your plan, your age, and what kind of move you want to make. Both federal law and your employer’s plan rules decide which options you actually have. Can Yo…
Retirement savings are meant to be there when you need them most, but accessing those funds isn’t always instant. Many retirees and workers alike find themselves asking how long a 401(k) withdrawal takes after they request their money. Most withd…
If you’re worried about social security garnishment, you’re not alone. The idea of losing part of a benefit you count on each month can feel scary, confusing, and more than a little unfair. The good news is that social security benefits usually have pr…
Key Takeaways Reverse mortgages are a loan option for homeowners age 62+ that convert home equity into cash with no monthly payments required. Loan balances grow over time with interest and loan repayment occurs when a borrower permanently leaves, sell…
Key Takeaways Individual retirement accounts (IRAs) have existed for over 50 years. Established as part of the 1974 Employee Retirement Income Security Act for workers without employer pensions, access was expan…
Key Takeaways Roughly 20% of Americans age 65+ are employed or self-employed. Baby boomers (born 1946-1964) are remaining in the workforce at higher rates than previous generations did at the same age. Reasons include personal choice (e.g., for s…
Key Takeaways Older adults face more financial challenges and decisions than younger generations. Examples include Social Security claiming age, required minimum distributions (RMDs), Medicare enrollment, taxes on multiple income streams, long-te…