Safe Money With Scott Mann .com Radio

02/14/2022

While any amount of saving for retirement is a good thing, there are ways to go about it that ensure you maximize your savings and put yourself into a position to accomplish your financial goals and thrive in retirement.

(Source: Fox Business)

02/14/2022

02/11/2022

Considering that the actual savings balance of most retirees is lower than it should be, they won't have much to dip into to pay off that debt. According to Vanguard data, the median 401(k) account balance for 55 to 64-year-olds is $61,738 and for those 65 and up, it's $58,035. That's not to mention the sizable chunk of boomers that the Census found to have no retirement savings at all.

(Source: Insider)

02/10/2022

FACT or FICTION: Should you be concerned about your debts in your retirement?

FACT: If possible, it’s best to avoid carrying debt in retirement. Studies have linked credit card debt with increased stress and even physical pain. Meanwhile, older adults without such burdens find it far easier to manage their finances and make ends meet.

According to the Federal Reserve Bank of New York, debt among Americans over the age of 70 climbed a whopping 543% from 1999 to 2019. A 2021 report by Experian found that the average credit card debt held by baby boomers was $6,230, while the average credit card debt held by the Silent Generation (now ages 76 and up) was $3,821.

Households of people ages 70-plus are more likely than before to have credit card debt, mortgages and even student loans.

02/09/2022

The ‘Workforce of the Future’ Wants Stable Retirement Income, Earlier Retirement and Would Quit Before Going Back to the Office
• Workers with a Planning Mindset gain an edge over those without in meeting their retirement goals
• Three in ten workers of all kinds would rather quit than go back to the office, especially younger workers and those living in an urban area
• Half of the workers would retire earlier if healthcare coverage was not dependent on their employer
• Millennials expect to retire at the average age of 61, but 25% are unsure when they will retire

(Source: Business Wire)

02/09/2022

Wealth Wednesday Tip #612: The $16,728 Social Security bonus most retirees completely overlook.

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example, one easy trick could pay you as much as $16,728 more each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.

(Source: USA Today)

02/07/2022

According to the Federal Reserve Bank of New York, debt among Americans over the age of 70 climbed a whopping 543% from 1999 to 2019. A 2021 report by Experian found that the average credit card debt held by baby boomers was $6,230, while the average credit card debt held by the Silent Generation (now ages 76 and up) was $3,821.

(Source) Winston-Salem Journal)

02/04/2022

Financial Fact Friday: 79% of baby boomers want to keep working, but with more flexibility. Is this the end of retirement?
Baby boomers nearing retirement age don’t want to kick up their feet and relax through their sunset years. Instead, most of them want to continue working, but just fewer hours or in less demanding roles, according to a new survey.

(Source: Fortune)

02/03/2022

FACT or FICTION: You can combine Retirement Accounts with your Spouse.

FICTION: There’s no such thing as a joint retirement account, but you can still save for the future together. Unlike combining money in a joint checking account, you cannot combine retirement accounts with your spouse. With 401(k) accounts, since these are tied to employment at a company, only the employee can enroll and contribute to one. And with IRAs, the name “individual retirement account” means that there is only one owner on the account.

(Source: CNBC)

02/02/2022

A growing list of parents 60 and older who are delaying their retirement because of Parent PLUS loans, a program that started in the early 1980s to help parents pay for their children's college educations. A recent NerdWallet survey found that for up to 26 percent of parents or guardians with Parent PLUS, also known as Direct PLUS, loan debt will not retire as initially planned.

(Source: NBC News)

02/02/2022

Wealth Wednesday Tip #420: Early retirement penalty: What is the Social Security penalty for retiring before full age?

The minimum retirement age is age 62 plus one month since you must be 62 during the first month of retirement to claim your Social Security retirement benefit.
However, to withdraw funds from 401k and IRA accounts without incurring a 10% penalty you must be at least 59½ years old, and in some cases, you must be at least 55 years old and retired.

(Source: Marca)