Key Takeaway: Assessing Retirement Goals: Before allocating retirement funds, it’s important to determine your retirement goals and the lifestyle you want to maintain in retirement. Diversification: Allocating retirement funds involves diversifying your portfolio of assets including employer-sponsored retirement plans, individual retirement accounts (IRAs), and other investment options. This can help manage risk and improve returns….
Key Takeaway: Your NYS Retirement Registration Number is a unique identifier assigned to you by the New York State and Local Retirement System (NYSLRS) that is used to access your retirement account and manage your benefits. You can find your NYS Retirement Registration Number by checking your documents or by contacting NYSLRS directly. It is…
Key Takeaway: Full Retirement Age (FRA) is the age at which someone can claim their full Social Security retirement benefits. For those born in 1957, Full Retirement Age is 66 years and 6 months. Factors such as early retirement or delayed retirement credits can affect the actual age at which someone receives full Social Security…
Key Takeaway: There are three types of retirement benefits: Social Security benefits, employer-sponsored benefits, and personal savings. It is important to understand the different types and how they factor into your retirement income. To find information on retirement benefits, you can contact the Social Security Administration, check your employer retirement plan documents, and review your…
Key Takeaway: Failing to meet eligibility requirements can result in suspension of social security retirement benefits. This may occur if a recipient earns above a certain income threshold or fails to accumulate enough work credits. Working while collecting benefits can also lead to suspension of social security retirement benefits. If a recipient earns more than…
Key Takeaway: Retirement disability refers to a program by the Social Security Administration that provides financial benefits to those who are no longer able to work due to a physical or mental disability, but were not yet old enough to claim retirement benefits. To be eligible for retirement disability, an individual must have worked and…
Key Takeaway: The number of years of teaching required before retirement varies depending on factors such as retirement eligibility age, years of service required for retirement benefits, and personal financial goals and needs. Teachers should evaluate retirement eligibility requirements, such as age and service requirements, to plan for retirement effectively. Exploring retirement saving options and…
Key Takeaway: Form 1099-R should be used for reporting distributions from your retirement accounts, whether they are from a traditional IRA or a 401(k) plan. Form 5498 should be used for reporting contributions made to your retirement accounts, whether they are made by you or your employer. Form SSA-1099 should be used for reporting Social…
Key Takeaway: A defined benefit retirement plan is a retirement plan in which an employer promises to pay a specific amount of money as a retirement benefit to its employees based on a formula that takes into account factors such as salary and length of service. A defined benefit plan provides employees with a guaranteed…
Key Takeaway: A 401k retirement calculator helps estimate how long your retirement savings will last. It takes into account various factors such as starting balance, annual contribution, rate of return, and retirement age, among others, to provide an estimate. The importance of a 401k retirement calculator lies in its ability to help you develop a…
Key Takeaway: Railroad Retirement provides benefits to surviving family members of a deceased railroad employee. Spousal Benefits include the option for a surviving spouse to receive a portion of the railroad employee’s benefits. Survivor Benefits for Unmarried Children are available for children of a deceased railroad employee who were unmarried and under 18 years of…
Key Takeaway: Only around half of workers in the United States have access to retirement benefits, with a smaller percentage having access to defined benefit plans compared to defined contribution plans. Retirement benefits are important for ensuring financial security in retirement, and can come in the form of defined contribution plans such as 401(k)s or…