Good news: Lump-sum AT&T pension payouts INCREASE in 2021.
There is no secret strategy to become a millionaire. You don’t need to make brilliant investment trades. You don’t need to earn a six-figure income. Even if you start saving late, it’s still possible to join the growing ranks of 401(k) millionaires.
After a long career, a federal worker may have a substantial amount of money saved in their Thrift Savings Plan (TSP) account. What you do with this money is an important decision because it will be a primary source of income for your retirement expenses.
Retirement comes with a great financial twist. During your working years, the federal government incentivizes you to save in retirement accounts with tax deferrals. But eventually you are forced by the government to spend down those same accounts in the form of required minimum distributions (RMDs).
A pension is a valuable workplace benefit that puts most of the responsibility on your employer. In exchange for your service, your company provides a significant amount of money for your retirement. You don’t have to choose or manage a set of investments. However, you do have to eventually make a big decision: Should you take a lump sum or annuity pension payout?
From investments to taxes, money can be a complicated and intimidating thing to navigate. That was true before the coronavirus – and it’s true now. The difference is that the economic impact of the pandemic has both exacerbated previous problems and introduced new stresses.
Social Security will undoubtedly be a part of your retirement plan, and if you’re like many Americans, work may be, too.
Advance Capital Management’s president and chief investment officer, Christopher Kostiz, provides his key economic and market insights from the most recent quarter.
One of life’s greatest joys is to plan for a future with someone you love. But no plan is complete without planning for what could go terribly wrong. For married couples, that is often the loss of the other.