Thursday, December 18, 2014

Retirement Guide 2010

Retirement Guide 2010

How to get your retirement plan back on track after the Great Recession.

The modern retirement fund is not a single pot of money but a jigsaw puzzle of savings and other resources.

What's in your portfolio?
401(K)
IRA
Roth IRA
Stocks
Bonds
Pension
Insurance
Annuities
Social Security
I have no plan

Earlier this year, retired Independence Blue Cross claims administrator Dennis Phipps, 57, received unpleasant news about his retiree health insurance. Effective April 1, his $66 monthly premium for coverage for himself, his wife, and their 7-year-old daughter would increase nearly sixfold - to $368 a month.

Lacking goals for saving and investing - whether for retirement or a college fund - "is like heading out on a cross-country trip without a map," said Jane Berryman, a financial adviser from Raymond James Financial Inc.

Gail MarksJarvis: As a parent, should I be helping out my daughter financially, and if so, how much? She is 42, never married and without children. She has a part-time job that pays $9 an hour. Though she once had about $60,000 in savings, she's spent it on her condo and education. She did not complete a degree.

Battered by the recession, more older Americans are staying put in traditional big cities to hold on to jobs, creating slowdowns in population growth at once-popular retirement destinations widely found in the South and West.

For seniors, an annuity can be an appealing source of income, but it also raises questions.

Brad Billingsley could have been waiting for his tee time at a U.S. golf course. Instead, the former Lafayette, Calif., resident and his wife, Linda, were in a lagoon off Cabo San Lucas, Mexico, snapping photos of gray whales bobbing next to their small charter boat. "Every day, it's an adventure here," Brad said.

Gail MarksJarvis: Target-date funds were supposed to be the solution to the nation's looming retirement crisis, not money-destroyers.

PhillyInc: Most of us fail to do any kind of retirement planning, even though we're scolded to do just that, and plenty of books, articles, and online calculators could provide some guidance.

GOBankingRates: Part of what’s made Ramsey a household name in personal finance is an ability to make complicated financial principles accessible and actionable. So what does Dave Ramsey think is the No. 1 thing you should do in 2015? His advice is simple.