Linda Writes In And Asks “Should We Sell Our House Now Or Hold Out For More?”

Question: Dear Steve, Last year we put our house, which is paid for, on the market, expecting it to sell quickly and purchase another house with a mortgage. Our realtors lower the price by $75k to sell it, but we feel that won’t give enough to invest for our retirement. Would we be better off … Read more

1-in-3 American Workers Have Stopped Saving for Retirement

For many Americans, saving for retirement is a luxury they simply cannot afford right now. Although investing for the future is essential, COVID-19 has left millions across the U.S. concerned more about the present as they struggle to cope with record unemployment and unprecedented economic uncertainty. In the second annual FinanceBuzz retirement survey, we look … Read more

Survey: US retirement worries grow amid pandemic

Americans have always struggled to save. Many live paycheck to paycheck, on the very edge of financial security. Historically, that savings shortfall has been all the more dramatic when it comes to saving for retirement. But with the coronavirus pandemic and the havoc it has wrought on the economy, that retirement savings gap may worsen. Beyond … Read more

How to Catch Up on Retirement Savings in Your 50s

Data is increasingly showing that many Americans, even those in their 50s, have saved little for their retirement. According to research by the nonprofit Economic Policy Institute, among households headed by adults ages 50 to 55, the median retirement savings is only $8,000, according to the Economic Policy Institute. Lack of retirement funds is all … Read more

Finance Experts Share Their Top Money Lessons of the Last Decade

When the Great Recession hit, it hit hard. Americans experienced job loss, foreclosures, a sharp rise in student loan defaults and high consumer debt. The recession also taught us plenty of important lessons. We asked 8 personal finance experts on their main financial takeaways on the past decade. Here’s what they had to say:  Image Credit: Nattakorn … Read more

You Might Be in Denial But Retirement is Going to Really, Really Suck for Many

Contributing author Richard Fossey recently wrote about how badly retirement is going to treat Baby Boomers. His post The Baby Boomers are Toast: Massive Suffering is Right Around the Corner says, “And many of my contemporaries are frightened. One-third of senior Americans live entirely on Social Security, and the average payout is only $1,220 a … Read more

I’m Retired and Running Out of Money Quickly. I’m Scared, Alone and Afraid.

Question: Dear Steve, I am 72 years old living on S.S. $1000, and Medicare, live alone, rent $600), pay utilities-electric- car insurance-two credit cards ($7000), package deal on TV, landline, Internet $96 (thinking about going to antenna for TV since I only get limited basic now?) Had breast cancer diagnoses in 2017. Running out of … Read more

On the Road to Retirement

You may have heard great stories from friends and co-workers who have borrowed money from their 401(k) to pay for things like weddings, cars and vacations. You are not alone. According to the Employee Benefits Research Institute, about one in six people who are eligible to take out a loan from their 401(k) plan has … Read more

Student Loan Debt Hurts Economy, Consumers, and Retirement Savings

The Federal Reserve Bank of New York has release information which reinforces troubling issues raised about the damage student loan debt is causing in America. When you live in a society like ours that is dependent on consumers to consumer goods and services, a reduction in the ability for growing sections of society to do … Read more

Survey Discovers One-Third Of Seniors Depend Entirely on Social Security

Alexandria, VA (PRWEB) August 20, 2015 One out of three Social Security recipients, about 31 percent, say they rely entirely on Social Security for all of their income, according to a new survey from The Senior Citizens League(TSCL). With Social Security benefits averaging $1,220 per month, this means an estimated 19 million retirees are living … Read more

The Great Illusion of Retirement Savings

The nation is facing a looming retirement income crisis. Average retirees today are not well off. Tomorrow’s average senior is likely to be in worse shape. Instead of addressing this looming crisis, too many of the nation’s policymakers and elites propose to make it worse. They tell the American people that Social Security’s earned benefits … Read more