IRAs for Kids are a Great Way to Build Weatlh

Power of Compounding

IRAs for kids are a great way to teach children about investing and the power of compounding. Photo: Gerard Van der Leun The biggest mistake I’ve made investing is a mistake almost all of us have made. The mistake is not picking the wrong investment. It’s not buying or selling at the “wrong” time. And […]

Published or Updated: December 20, 2012

401k and IRA Contribution and Deduction Limits for 2014

The IRS recently released the new 2014 401k and IRA contribution and deduction limits. Unfortunately, because of a low inflation rate for the past year, not much has changed; you can contribute the same amount to both types of accounts this year as last. 401(k) Contribution Limits As announced by the IRS, the contribution limit […]

Published or Updated: January 6, 2014

5 Things to Know About an Inherited IRA

As part of my ongoing series on handling the estate of a loved one, today I want to look at inherited IRAs. My step-mother had a couple of IRA accounts. As you may know, with an IRA, you can select the beneficiaries that will inherit the account when you die. As such, the funds do […]

Published or Updated: October 26, 2012

Social Security to Increase by 1.7% in 2013

Today the Social Security Administration announced the Cost of Living Adjustment (COLA) for 2013. Beginning in January 2013, Social Security beneficiaries will receive a 1.7% increase. Supplemental Security Income (SSI) benefits will go up by the same amount beginning on December 31, 2012. To put this increase in perspective, the average recipient will see an […]

Published or Updated: October 16, 2012

Another Study on How Much You Should Save for Retirement

Over the years of writing about retirement here at the Dough Roller, I’ve covered a number of studies about retirement savings. There’s the book, Your Money Ratios, which posits that you need 12 times your annual salary by 65 to retire comfortably. And then there was a study by Money Magazine that basically reached the […]

Published or Updated: October 1, 2012

Get Your Social Security Statement Online

social security statement online

Once a year my wife and I each receive in the mail our Social Security Statement. It shows us our earnings record for both social security and medicare. And it gives us an estimate of our future social security benefits depending on when we decide to retire. Recently the Social Security Administration made these statements […]

Published or Updated: May 25, 2012

2012 Retirement Confidence Survey

Savings Reported by Workers

The Employee Benefit Research Institute recently released its 2012 Retirement Confidence Survey (pdf download). It’s not a pretty picture. The survey covers a lot of retirement issues, including confidence you’ll have enough to retire (most aren’t so confident), what age you think you’ll retire (in 1991 11% said 65; in 2012 it jumped to 37%), […]

Published or Updated: May 4, 2012

Medicare ‘As We Know It’ Dead in 2024

So this is a good news, bad news, more bad news, and really bad news situation. The good news is that the financial stability (or lack thereof) of medicare and social security haven’t changed much since last year. I’m afraid the good news stops there. The bad news is that Medicare Part A (hospital insurance) […]

Published or Updated: April 23, 2012

What’s New for IRA Retirement Accounts (2012)

Each year the IRS puts out a comprehensive guide to Individual Retirement Arrangements (I always thought IRA stood for Individual Retirement Accounts, but it’s Arrangements). Called IRS Publication 590, it was last released on December 16, 2011. It covers new rules for both 2011 and 2012. Because the deadline for 2011 IRA contributions was April […]

Published or Updated: April 19, 2012