Add the New myRA to Retirement Savings Options

For millions of workers who don't have access to an employer-sponsored retirement plan, the new myRA (which stands for My Retirement Account) enables them to save for retirement via paycheck deferrals. The account is free for employers to offer and employees pay no upfront or investment fees to participate. The plan was announced at last year's State of the Union address, but exact details of the savings program were only recently released by the Treasury Department.

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Advantages and Disadvantages of Roth IRAs

There still may be an opportunity to save on your tax bill from last year and save for your retirement. If you qualify, you can make a deductible contribution to a traditional IRA or Roth IRA right up until the April 17, 2012 filing date and still benefit from the resulting tax savings on your 2011 return.Read more for an explaination of some of the advantages and disadvantages of Roth IRAs,


Boomerang Kids: How to Protect Your Retirement Plans When A Child Moves Back Home

Adult children moving home after a job loss, divorce or other financial setback is an increasingly common trend. So-called boomerang kids are moving back in with parents at a record pace, up more than 5 percent between 2008 and 2010, according to a recent report by the U.S. Census Bureau. One obvious cause is the weak job market that makes it harder for college graduates and inexperienced young workers to find well-paying positions.

Is a Reverse Mortgage Right for You?

Do you need cash and own an expensive home that has appreciated a great deal? You may want to consider a reverse mortgage. This video explains how that financial tool lets you tap the wealth in your home and save on taxes. The sidebar explains the costs involved and takes a look at how holding onto your home until you or your spouse dies can trim or even eliminate taxes.


Things to Know Before Applying for Social Security Benefits

Social Security benefits are largely funded by today's workers via payroll taxes. However, the number of retired workers is projected to double in less than 30 years. Furthermore, the ratio of workers paying Social Security taxes relative to the number of people collecting benefits is expected to fall from 2.9:1 to 2:1 by 2034.