Key Takeaway: Retirement messages are important to show appreciation and gratitude towards someone who is retiring. They serve as a way to celebrate their accomplishments and wish them well in their future endeavors. A nice retirement message should be personalized, showing the retiree that you have taken the time to consider their individual contributions. It…

Key Takeaway: Financial constraints pose a challenge for 20-year-olds trying to save for retirement, particularly those with low income or high expenses. Strategies for overcoming these challenges include budgeting, reducing expenses, and seeking additional sources of income. Lack of financial literacy can also impede retirement saving efforts, with some 20-year-olds having limited knowledge on retirement…

Key Takeaways: A discretionary contribution retirement plan is a retirement savings plan where the employer has the option to make contributions at their discretion, rather than being required to contribute a set amount each year. With a discretionary contribution retirement plan, the employer has more flexibility in deciding when and how much to contribute, but…

Key Takeaway: Doctors typically work for 20-30 years before retiring, depending on their specialty and personal preferences. The average retirement age for doctors is around 65 years old, but this can vary based on factors such as financial stability and job satisfaction. Factors that may contribute to early or late retirement among doctors include burnout,…

Key Takeaway: Age and years of service requirements must be met for federal retirement eligibility, with immediate retirement option available for certain employees. Federal retirement benefits are calculated based on high-3 average salary and service credit, with various retirement plans and strategies available to maximize benefits. Other factors that can affect federal retirement benefits include…

Key Takeaway: Fixed annuities can provide a reliable source of fixed income during retirement, but offer limited flexibility and returns. These are a good option for those who prioritize stability over growth and have a low risk tolerance. Variable annuities offer more investment options and potential for growth, but can also expose investors to market…

Key Takeaway: For 2016, the maximum retirement contribution is $18,000 for 401(k) plans and $5,500 for IRA plans, with catch-up contributions available for individuals aged 50 or over. Traditional 401(k) plans and traditional IRAs allow individuals to make tax-deductible contributions, while contributions to Roth 401(k) plans and Roth IRAs are made with post-tax dollars but…

Key Takeaway: Factors affecting house affordability in retirement include income, debt, credit score, and current expenses. It is important to have a clear understanding of these factors when deciding on housing options. Social Security, pension plans, and retirement savings accounts can all be sources of income in retirement. It is important to consider all of…

Key Takeaways: The Taxpayer Relief Act of 1997 established two major types of retirement accounts: Traditional IRA and Roth IRA. Traditional IRA allows individuals to make tax-deductible contributions, while Roth IRA contributions are made after-tax. Both accounts offer tax-free growth, but withdrawals from Traditional IRA are taxed as income, while withdrawals from Roth IRA are…

Key Takeaway: Fleet Reserve and Retirement are two different options for military personnel who have completed their service. Fleet Reserve allows individuals to maintain their military status and receive certain benefits, while Retirement offers full military retirement benefits. Qualifications for Fleet Reserve and Retirement differ. Fleet Reserve is available to those who have completed at…

Key Takeaway: Institutional retirement refers to retirement plans offered by organizations and entities, such as corporations, governments, and non-profit organizations, to their employees or members as part of their compensation package. These plans are designed to help individuals save money for their retirement and reduce their reliance on government-provided retirement benefits. There are two main…

Key Takeaways: USPS retirement eligibility criteria require employees to have completed at least 5 years of creditable service and earned at least 1 year of creditable civilian service. USPS annuity calculation is determined based on an employee’s years of creditable service, high-three average salary, and retirement system (FERS or CSRS). USPS employees have two options…