Social Security

Plunging oil prices have all but ruled out the possibility, according to a new report.

Nearly 72% of Americans opted to stay the course and stick to their investment plan during the crisis, a survey found.

Finding the revenue to make up for the shortfall remains a “manageable exercise,” regardless of the as-yet unknown impact of the coronavirus, a Boston College economist says.

The rule change is designed to have an impact in the fight against COVID-19 and applies only to donations made to charitable organizations, an expert says.

“Concerns over the program's ability to pay promised benefits have been around for a long while, but they're heightened,” an expert says.

People born in 1960 could see a permanent cut in their benefits without action by policymakers, an expert warns.

Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

Retirees will end up locking in substantial losses if they decide to cash out their investments during a bear market to generate income.

By extending their working years, seniors can see an increase in their Social Security payouts.

If they plan to use them for current spending, “then the timing of the distribution would not matter for tax purposes,” an expert writes.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

Retirees tapping their long-term savings accounts for income in an emergency are advised to strongly consider reducing their withdrawal rates.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

“Find ways to generate income,” says one financial planner.

While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

Mutual funds and ETFs are often created with lopsided or unequal allocations toward certain sectors of the economy, experts warn.