More than 31 million people
will reach retirement age in the next 20 years. Because most people keep their
retirement savings in accounts they manage themselves, like IRAs and 401(k)s, they
face a range of complex and important decisions.
Guide Highlights Trade-Offs Between Lump-Sum and Lifetime Monthly Payout Options WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) is releasing a guide to help consumers navigate their pension payout options and make the right decision about their retirement income. The guide gives near-retirees the information they need to understand the trade-offs of taking […]
A lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much money to withdraw. However, it also shifts responsibility from your employer to you for making your money last and protecting it from a variety of risks ranging from inflation to fraud.
To help you make a more informed decision about when to claim, we created a new tool called “Planning for Retirement”. You’ll see how your claiming age affects your benefits and get tips relevant to your situation, which can help you start the conversation about your retirement needs and goals. Try it out!
This year marks the 80th anniversary of the Social Security Act. As Franklin Roosevelt said in 1934, “Old age is at once the most certain, and for many people the most tragic of all hazards. There is no tragedy in growing old, but there is tragedy in growing old without means of support.” Actually, at […]
CFPB Report Shows Many Consumers Base Critical Claiming Decision on Limited Information WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim their Social Security retirement benefits. According to a report released by the CFPB, many older Americans are […]