When you reach the age of 70 ½, IRS rules generally require you to begin making distributions for most retirement plans. What happens if you fail to take a Required Minimum Distribution (RMD)? Read the full article

This past June, the non-profit National Institute on Retirement Security (NIRS) published a new report on the state of US retirement savings. Based on data from the Federal Reserve’s 2010 Survey of Consumer Finance, the report suggests that many Americans are poorly prepared for retirement and concerned about it. Read the full article

Last week, the Board of Trustees for the Social Security trust funds issued its annual report for 2013. Despite the temporary reduction in payroll tax collections enacted in response to the Great Recession, they project that the dates for exhaustion of the Medicare and Social Security trusts remain unchanged: the Social Security trust is expected to run out in 2033, and the Medicare trust should do the same in 2026. The Trustees also oversee the trust that covers Social Security Disability benefits, and they warn that the disability trust will be depleted much sooner, in 2016. Read the full article

Beginning next year, some taxpayers will pay additional Medicare taxes as one consequence of the Patient Protection And Affordable Care Act. Read the full article

The Board of Trustees for the Social Security and Medicare trust fund issued its 2012 annual report in April. Although the new wage base for Social Security will not be officially set until October of this year, it's expected to rise from $110,100 to $113,700 based on their current inflation estimates. The wage base is the maximum income on which Social Security taxes are paid. Read the full article

In response to increases in the cost-of-living index, the IRS announced today that adjustments that will be made to contribution limits for some types of retirement plans. Read the full article

The Social Security Administration announced yesterday that there will be a cost-of-living increase in monthly Social Security benefit checks next year. There were no increases in 2010 and 2011 because the cost of living calculated by the Bureau of Labor Statistics hasn’t increased since the third quarter of 2008.

Starting in January of 2012, Social Security beneficiaries will receive a 3.6 percent benefit increase, and SSI benefits will increase similarly on December 30, 2011. Read the full article

Quite a few taxpayers did Roth conversions last year, taking advantage of the change in conversion eligibility rules. But for some of them, now might be the time for a do-over. Read the full article

It’s unclear whether significant tax reforms will be enacted for 2012, so year-end planning could be tricky this year. Still, there are some tax strategies that should at least be examined for possible implementation before 2011 ends. Read the full article

The November Journal of Marketing Research focuses on research into the ways that consumers make financial decisions. One of the papers describes a potentially useful tool for encouraging young people to save for retirement. Read the full article

An important aspect of Roth and traditional IRAs is that they can be inherited, with potential benefits for the heir(s). However, there are some myths afloat about inherited IRAs that need to be sunk. Read the full article

One of the key risks that retirees face is the possibility of outliving their incomes. In a report released earlier this month, the US Government Accountability Office concluded that although almost 75% of retirees start taking Social Security benefits before age 65, many workers would have a significantly better chance of a successful retirement if they worked longer and waited to start collecting Social Security. Read the full article

Everyone understands, at some level, the need to save for long-term goals. Buying a house, preparing for retirement, or sending a child to college are goals that we know we have to save for. But how much difference does it make whether we start saving now versus saving later? Read the full article

In testimony to the Senate Appropriations committee in March, the Social Security Administration announced that it will not send out annual benefit statements for the rest of this fiscal year. Read the full article

According to a recent survey of American workers conducted in February and March 2011, 39% of workers plan to work past age 70 or not to retire at all. Read the full article

Late last week, the Board of Trustees of the trust fund that covers Social Security and Medicare issued its annual report for 2011. Read the full article

I’ve been slow to mention this, but the FFS Blog recently received a compliment by being included in a list of the 40 Best Blogs for Your Retirement Planning over at bschool.com. Although the site mostly gives advice about MBA programs, they also think it’s important for people to plan early for retirement. The article includes a number of other blogs worth perusing. 5/16/2014 update: Apparently, bschool.com has removed this article, but it was a nice compliment while it lasted.... Read the full article

Last March, I predicted that Congress would close the door on the Social Security “interest-free loan” loophole strategy that has been discussed in various publications over the last couple of years. I was almost right: the Social Security Administration (SSA) itself has taken the initiative to clamp down on this practice by severely restricting the circumstances under which it can be done. Read the full article

With so many provisions in the The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, not much has been said about the extension of the IRA charitable rolloever. This rule has been extended through Dec. 31, 2011, and in an unusual twist, charitable distributions for the 2010 tax year can be made through the end of January 2011. Read the full article

Now that Congress has extended lower tax rates through 2012, taxpayers should have an easier job deciding which taxation option to take for the conversion. Read the full article

Which states are likely to have the worst pension liability problems in the future? A couple of studies, one from the Pew Center on the States and the other from the Center for Retirement Research at Boston College, indicate that while a few are in decent shape, some are much worse than others. Read the full article

As expected, the Social Security Administration announced today that there will be no increase in Social Security and Supplemental Security Income (SSI) benefits in 2011 for the 59 million retirees and others receiving monthly benefits. No cost-of-living-increase (COLA) can be given because there has been no increase in the Bureau of Labor Statistics' cost-of-living index from the third quarter of 2008 (the last year a COLA was made), to the third quarter of 2010. Under current law, the absence of a COLA also means that there can be no increase in the maximum amount of earnings subject to Social Security tax. Read the full article

Melissa Korn at the Wall Street Journal interviewed me last month for the Journal's Personal Finance feature, "The Game Plan," in which readers write in and have their retirement planning strategies reviewed by a professional financial planner. The piece appeared in yesterday's WSJ. Read the full article

In recent years the financial health of the states has been a source of concern, especially in light of their growing pension liabilities. A recent paper by a couple of Northwestern University finance professors indicates that these concerns are well-founded. Read the full article

According to a recent analysis of retirement income prospects, Baby Boomers (those born between 1946 and 1964) have a probability of running out of money in retirement that ranges from 43 to 47 percent, depending on their age cohort. Read the full article

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