In this episode of Ask The Hammer, Jeffrey Levine of Buckingham discusses the pros and cons of qualified longevity annuity contracts (QLACs).

In this episode, Jeffrey Levine of Buckingham Wealth Partners discusses how to determine if your emergency fund is sufficient

A recent Retirement Daily Learning Center webinar offered valuable insights into aging in place and the challenges faced by seniors

Zero-Coupon Bond: A Zero-coupon bond is a bond that is sold at a price far below its face value, makes no annual or semi-annual interest payments, and is redeemed for its face value at maturity. It […]

Required Minimum Distribution (RMD): The Required minimum distribution (RMD) is the minimum amount you must withdraw from your US retirement account each year. You can withdraw more than the minimum required amount. Your withdrawals will […]

A new study from Bank of America/Merrill Lynch finds that the gender savings gap persists, despite recent gains.

The study, which was released in July 2023, found that the average 401(k) balance for women is $59,000, compared to $89,000 for men. This represents a gender savings gap of 30%.

The study found that the gender savings gap is due to a number of factors, including:

Income disparity: Women earn less than men on average.
Caregiving responsibilities: Women are more likely to take on caregiving responsibilities for children and elders, which can limit their ability to save for retirement.
Lack of financial knowledge: Women are less likely than men to have financial knowledge, which can make it harder for them to make sound financial decisions.
The study’s findings are concerning, as women are more likely than men to live longer in retirement. This means that women will need to save more for retirement in order to have a comfortable lifestyle.

The study’s authors called on employers, financial institutions, and policymakers to take steps to close the gender savings gap. These steps could include:

Providing financial education and counseling to women: This could help women to understand their financial options and make sound financial decisions.
Encouraging employers to offer paid family leave and flexible work arrangements: This could help women to balance their work and caregiving responsibilities.
Changing the retirement savings landscape: This could include making it easier for women to contribute to retirement savings plans and increasing the amount of retirement savings that women can deduct from their taxes.
The study’s authors concluded that closing the gender savings gap is essential to ensuring that all Americans have a secure retirement.

Worst Mistakes People Make With Their Investments: In this interview, Dana Anspach, the CEO of Sensible Money, and Robert Powell, the editor of Retirement Daily, discuss some of the worst mistakes people make with their investments. Anspach shares two catastrophic investment mistakes she has witnessed with clients. The first involved a widow with four children who had a portfolio of over $4 million. The client, influenced by her religious affiliation, moved her money to a firm of the same affiliation that offered estate planning, tax, and investment services. However, they ended up investing their entire life savings in a private real estate deal without proper documentation or transparency. The investment failed, resulting in a complete loss of the $4 million.

Marcia Mantell of Mantell Retirement Consulting joins Lily Hamson to discuss the ins and outs of stopping contributions to an HSA before enrolling in Medicare.

Your Money Map with Jean Chatzky and Ben Harris: In this episode of Your Money Map, Ben Harris, economist and author, joins Jean Chatzky for the episode titled, What Top Economists Know About Retirement (That Consumers Don’t).

Boomerang Kids Put a Strain on Parents Finances: Amid today’s tighter labor market and the rising cost of living, many adult children have boomeranged back home. While their move back home may mean more money in their pockets, it can also have a major impact on their parents’ finances and retirement plans.