What retirees should do in wake of Equifax data breach: Retirement Scan
What retirees should do in wake of Equifax data breach
Experts say that retirees should step up efforts in protecting their savings following the data breach at Equifax, according to this article on MarketWatch. “(The Equifax breach) is an indication that you are only as safe as the places that hold your personal information with the weakest security,” says an expert. “The advice that is being given to everyone who may be affected by the data breach to freeze your credit at each of the three major credit reporting agencies is good advice for retirees as well as non-retirees.”
Don't make these 3 pro athlete retirement mistakes
Clients are prone to making retirement mistakes that professional athletes commonly make, according to this article on Kiplinger. One common mistake is that they overvalue their retirement nest egg. Just like professional athletes, clients may also be compelled to retire early because of layoffs, health crisis and other life-changing events. They may have prepared financially for retirement but have not planned on what to do during the golden years.
How to truly max out your retirement savings
Clients can max out their retirement savings by making the most of tax-advantaged accounts, such as IRAs and 401(k)s, according to this article on Motley Fool. They should also contribute enough to their 401(k) to get their employer's match, and take advantage of catch-up contributions if they are 50 or older. Other non-retirement savings vehicles that clients use to turbocharge their savings are the health savings accounts and the 529 college savings plans.
Ask Larry: Can my wife get spousal benefits?
A 71-year-old wife who started collecting her Social Security retirement benefit at age 62 is entitled to an excess spousal benefit once her husband starts receiving his own retirement, according to this article on Forbes. This will increase her total monthly benefit payout if the husband's benefit will be much bigger than hers. The excess spousal benefit will also be unreduced, as the wife is already way past full retirement age.
For women, a pay gap could lead to a retirement gap
Women receive lower wage income than men, and this could lead to a shortfall in retirement for women, writes an expert on Des Moines Register. Women who are in this situation are advised to have a retirement plan, save consistently, delay retirement, and invest aggressively, writes the expert. "When planning for your retirement, consider investment risk, inflation, taxes, and health-related expenses — factors that can affect your income and savings."