Whether your retirement dream is gardening in the backyard or backpacking across Europe, this personal finance section can help you reach, and enjoy, your golden years.

Index

Protecting Your Retirement Savings

Borrowing from a Company Retirement Plan

When Should You Begin Taking Social Security Payments?
Choosing when to retire and start drawing Social Security benefits is an important decision, and one that is unique to each individual, according to the Texas Society of CPAs. You can begin taking payments as early as age 62, based on Social Security regulations, but when you retire will have an effect on the amount of the payment you receive.

Financial Advice for the “Sandwich Generation”
Many members of the Baby Boom generation are trying to balance supporting a parent while also raising a youngster or providing financial help to an adult child, according to the Pew Research Center. Several factors make it likely that this trend will continue. People are living longer, so there’s a greater chance that our parents will need our help as they age. And, once children reach adulthood, they increasingly face hefty college tuition debt and are turning to their parents for economic assistance. That can put a squeeze on adults in their middle years, often known as the “Sandwich Generation.” The Texas Society of CPAs recommends that this group take a number of steps to cope with competing financial demands.

Avoid Money Mishaps when Children Move Back into the Nest
It’s graduation time, and many college graduates are returning to live at home for the first time in several years. Once upon a time, many of these graduates quickly moved on to their own digs, but today that trend is changing. The prospect of living with an adult child may fill parents with delight or dread. In either case, the Texas Society of CPAs advises that it’s important to be aware of the financial challenges that parents will face in this situation. Families that address these issues beforehand have a better chance of preserving harmony.

Eight Retirement Savings Mistakes to Avoid
Effective retirement planning is often equated with making good decisions, but avoiding common mistakes can be equally important. Texas CPAs point out eight retirement savings mistakes to avoid.

Seven Tips for Avoiding Financial Scams
Senior citizens have worked and saved for many years to get where they are today. Unfortunately, the elderly are often the target of financial scams. Because of this, Texas CPAs developed a tip sheet on ways seniors can steer clear of financial fraudsters.

Test Your Knowledge of U.S. Savings Bonds
How much do you know about U.S. savings bonds? If you’re looking for low-risk investments, savings bonds could have a place in your investment portfolio. Check out the answers to these frequently asked questions.

Estate Planning Isn’t Just for the Wealthy
If you want to leave more of your assets to your beneficiaries rather than Uncle Sam, it’s wise to start thinking about estate planning and estate taxes as soon as possible. Don’t make the mistake of assuming that estate planning is a task only for the wealthy.

Do you really need a living trust?
Living trusts are very popular among financial advisors, but Texans may want to think twice before purchasing one. Read syndicated personal finance columnist Teresa McUsic’s article explaining why the model probate system in Texas may make living trusts unnecessary for most consumers in the Lone Star state.

Estate Planning Terms You Need to Know
Wills and durable powers of attorney aren't usually cheery topics, but they're important estate planning steps you need to take. This article provides a brief explanation for some of the most frequently used estate planning terms.

Getting Ready for Retirement
Are you on track to make your retirement dreams a reality? With many Americans spending more than they save, retirement is looking more gray than golden. Learn how to make the most of your 401(k), safeguard your pension, save for the future, and more.

Reverse Mortgages: The Pros and Cons of Cashing In
A reverse mortgage can be a powerful tool for converting home equity into cash that can help you make ends meet. However, reverse mortgages also present some financial risk. Get tips for determining if this financial strategy is right for you.

Pension Plans Going Fast: CPAs Say Save Now to Fund Your Own Retirement
With companies eliminating pension plans right and left, workers are wondering how to build their nest egg in this new corporate pension environment. Texas CPAs are recommending six key strategies for designing a long-term investing plan, both inside and outside your 401(k), no matter what happens to the market or in Washington.

Tough Retirement Years Ahead Unless Americans Act Now
A recent Harris Interactive poll conducted for the American Institute of Certified Public Accountants (AICPA) shows nearly one in four Americans has not yet begun to save for retirement. While 47 percent indicate they have started saving, they admit they have a long way to go. Read more AICPA poll results and get basic retirement savings tips.

New Kid on the Block: Roth 401(k) Retirement Savings Vehicle
There’s a new kid on the block when it comes to boosting your retirement savings. It’s the Roth 401(k), and it combines the tax-free withdrawal aspect of a Roth IRA with the higher contribution level of a 401(k). Find out how this new tool can help you save for your golden years.