Key Takeaway: In America, many people under the age of 65 have nothing saved for retirement, with around 30% having no retirement savings at all. The causes of poor retirement saving are varied and include low wages, high debt, and lack of financial knowledge. The effects of poor retirement saving can be severe, including inability…

Key Takeaway: Required Minimum Distributions (RMDs) are mandatory taxable withdrawals that must be made from traditional IRAs after the owner reaches age 72. To withdraw money from an IRA after retirement, it is important to understand the timing of RMDs and how to calculate them. Options for withdrawing funds include lump sum withdrawals, systematic withdrawal…

Key Takeaways: Diversify your portfolio: One of the best ways to protect your retirement savings from a stock market crash is to create a diversified portfolio. This means investing in a mix of stocks, bonds, and other assets to help spread risk and reduce the impact of any single asset class performing poorly. Invest in…

Key Takeaway: Military retirement pay is calculated based on a combination of factors, including years of service, retirement multiplier, and high-3 or final pay. The retirement multiplier varies based on the length of service, with a higher percentage awarded for longer service periods. In addition to retirement pay, veterans may also be eligible for additional…

Key Takeaway: Preparing for a military retirement speech involves researching and gathering information about the retiree, understanding the audience and purpose of the speech, and choosing a tone that resonates with both. Crafting the speech involves writing a meaningful opening, highlighting the retiree’s achievements, sharing personal anecdotes, and thanking the retiree while expressing gratitude for…

Key Takeaway: Starting a retirement fund at 18 provides a significant advantage: By starting early, you have more time to accumulate wealth and take advantage of compounding interest over the long-term. The benefits of starting early outweigh the costs: Even small contributions made early in life can add up to a substantial retirement fund due…

Key Takeaways: Personal and health reasons were the main motivations behind Jonathan Hillstrand’s retirement, with business decisions also playing a role. New opportunities and a desire to return to the sea influenced Jonathan’s decision to come out of retirement. Jonathan Hillstrand is currently involved in a new TV series and has resumed fishing operations, showcasing…

Key Takeaway: Asset Retirement Obligation (ARO) is a legal obligation that a company incurs when it operates a long-lived asset that will eventually need to be retired or dismantled. ARO is recorded on the balance sheet as a liability and the corresponding obligation is recognized as an expense in the income statement. To calculate ARO,…

Key Takeaway: It is important to find your passion in retirement for a fulfilling and satisfying experience. Pursuing your passion can also lead to improved physical and mental health, opportunities for growth and learning, and potential for entrepreneurship and income generation. To discover your passions in retirement, reflect on your past experiences and hobbies, explore…

Key Takeaway: Qualified retirement plans are employer-sponsored retirement plans that meet specific Internal Revenue Service (IRS) guidelines, while nonqualified plans do not. Qualified plans offer tax benefits to both employers and employees, while nonqualified plans are not eligible for tax deductions. Qualified plans have contribution limits set by the IRS, while nonqualified plans have no…

Key Takeaway: ADP Retirement Services is a platform that provides retirement plans, services, and support to employers and employees. Benefits of ADP Retirement Services include access to a variety of investment options, easy enrollment process, 24/7 customer support, and resources to help employees plan for retirement. Features of ADP Retirement Services include customizable plans, automatic…

Key Takeaway: To get started with accessing retirement funds from ADP, you must first set up your ADP retirement account by creating an account and enrolling in your company’s plan. This may require contacting your HR representative to obtain necessary information. Once your account is set up, you can review your account balance and understand…