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How to get the most from this tax-free source of retirement income

How to get the most from this tax-free source of retirement income

Finance
Glenn Daily, a fee-only insurance consultant, owns a whole life insurance policy.Glenn DailyRoth IRAs and Roth 401(k) plans aren't your only sources of tax-free income in retirement.Say hello to so-called permanent life insurance — a policy with an interest-bearing account that's known as cash value.This cash value accumulates without being subject to capital gains taxes, and the interest rate it accumulates can beat what you'll get in a traditional savings account. "It's been one of my best fixed income investments because the cash value grows at more than 4% a year consistently," said Glenn Daily, a fee-only insurance consultant in New York. It's "a low-risk and tax-deferred fixed income investment with easy access to policy loans."The 66-year-old has a whole life insurance contract tha

Earnings, the Jobs Report, and Some Hot Retirement Tips

Finance
[unable to retrieve full-text content]On this episode of Motley Fool Money host Chris Hill together with Motley Fool analysts Jason Moser and Ron Gross hit on some of this week s biggest market stories The Fed cut interest rates and jobs numbers looked great but investors shouldn t overthink the big stuff Latest Articles in
In your 50s? How to get serious about planning for retirement

In your 50s? How to get serious about planning for retirement

Finance
Once you're in your 50s and the end of full-time work is no longer a distant concept, it's a good time to get serious about planning for the next chapter of life.Whether you intend to entirely leave the work force at some point or keep a foot in it, financial advisors say there are things you can do now to better prepare yourself financially. "Sometimes people don't really know how to assess their future needs and don't want to talk about it," said certified financial planner Charlotte Dougherty, president of Dougherty & Associates in Cincinnati. "But a lot of times there are opportunities at that age to really move the needle on your retirement planning."Peter Cade | Getty ImagesHere are five aspects of your financial life that take on new meaning in your 50s, and what they mean for y...
New state programs, like California’s, make it easier for workers to save for retirement

New state programs, like California’s, make it easier for workers to save for retirement

Finance
When 27-year-old Ramon Gonzales was looking for a new job eight months ago, having access to a retirement plan was high on his list of priorities.Now Gonzales, the floor supervisor for the production team at Red Bay Coffee, has that ability to save.That's thanks to CalSavers, California's automatic individual retirement account plan, which officially started in July.The program offers employees of small businesses and other companies that do not offer a retirement plan the opportunity to save through the state's new program. California now requires employers with five or more employees to either join CalSavers or begin offering their own retirement plan.That will give an estimated 7.5 million California workers a retirement savings plan option. About 55 million Americans nationwide do not ...
California is the latest state to help millions of workers join retirement savings plans

California is the latest state to help millions of workers join retirement savings plans

Finance
An estimated 7.5 million California workers soon will have access to workplace retirement savings.That's due to CalSavers, the Golden State's automatic individual retirement account enrollment plan, which officially begins on Monday. The program was established after the state required employers with five or more employees to either join CalSavers or begin offering a private plan.Over the next several years, employers will face rolling deadlines to register with CalSavers in order to comply. The first is for businesses with more than 100 employees, which have a deadline of June 30, 2020. The deadline for entities with five or more employees is June 30, 2022.The truth is, you may or may not need to replace all of your current income to retire early.ImageegamI | Getty ImagesBut all businesse...