Key Takeaway: The Retirement Savings Contribution Credit is a tax credit that encourages low to moderate income earners to save for their retirement. To be eligible for the Retirement Savings Contribution Credit, an individual must meet certain income requirements, be at least 18 years old, not be a full-time student, and not be claimed as…

Key Takeaway: Estimating retirement expenses is crucial to determine retirement needs. This will include basic expenses, health care expenses, and leisure expenses. Understanding and budgeting for these expenses will help in calculating retirement savings needed. Retirement income can come from multiple sources like social security benefits, other sources of retirement income, and investment income. Proper…

Key Takeaway: Individual retirement accounts (IRAs) can provide a tax-advantaged way to save for retirement, with contribution limits that vary based on the type of account. IRAs also offer flexibility in terms of investment choices and distribution options. Annuities can be used to create a stream of income in retirement, either through a single lump…

Key Takeaways: Factors to consider before applying for social security include your financial needs, health, life expectancy, and sources of retirement income. Full retirement age, based on your birth year, affects the amount of social security benefits you receive. Early retirement benefits, available at age 62, provide a reduced monthly benefit, while delaying retirement may…

Key Takeaway: LWOP (Leave Without Pay) is a type of unpaid leave that federal employees can take for various reasons, including personal and medical reasons. LWOP can have negative effects on FERS (Federal Employees Retirement System) retirement, as it can impact service credit and high-3 average salary, both of which are used to calculate retirement…

Key Takeaway: The legal retirement age in Ohio is 65 years old, but Social Security benefits can be claimed as early as age 62 with reduced benefits or as late as age 70 for increased benefits. Exceptions to the legal retirement age include public safety workers who can retire at age 57 and teachers who…

Key Takeaway: Vanguard Target Retirement 2035 Fund is a diversified mutual fund designed for investors who plan to retire in or around 2035. It offers a mix of stocks and bonds in a single fund, making it easy for investors to build a well-diversified portfolio. The fund composition includes approximately 75% stocks and 25% bonds,…

Key Takeaway: Determining the amount needed for retirement involves understanding your expected expenses and income sources, and calculating your future savings goals and strategies. Retirement expenses can include housing and utility expenses, healthcare expenses, transportation expenses, and leisure and travel expenses. It is important to plan for these expenses ahead of time to ensure a…

Key Takeaways: A beneficiary is a person or entity who is designated to receive retirement plan benefits upon the plan participant’s death. There are two types of beneficiaries: primary beneficiaries, who are first in line to receive the benefits, and contingent beneficiaries, who receive the benefits if the primary beneficiary is unable to. Naming a…

Key Takeaway: A reciprocal retirement system is a retirement plan that allows employees to transfer retirement credits between participating employers, resulting in increased retirement income and flexibility in retirement options. Participating employees can take advantage of healthcare benefits and other retirement benefits, regardless of which employer they retire from. However, there may be limited job…

Key Takeaway: Start with a budget: Creating a budget is the first step to saving for retirement while on disability. Identify your income and expenses, track your spending, and create a budget that accounts for your retirement savings goals. Explore retirement savings options: Understanding Supplemental Security Income (SSI) and exploring Individual Retirement Accounts (IRAs) can…