Reverse mortgages: Are they worth it?

Biggest retirement mistakes NEW YORK (CNNMoney) I’ve seen a lot of commercials on TV about reverse mortgages. How do they work and who should consider a reverse mortgage, if anyone? — Judith Y., New York It’s hard to miss those commercials. They typically feature some B-list celebrity with an avuncular demeanor touting the advantages of…

Get financial advice without paying the high fees

The retirement checklist NEW YORK (CNNMoney) I’ve got most of my retirement savings in a managed account run by an investment firm for an overall cost of just under 1% of assets a year. Is there a way I can pay less? — Paul H., Houston. Sure, there are several ways you should be able…

How much should a young worker save for retirement?

Planning young: a retirement roadmap NEW YORK (CNNMoney) I’m a 22-year-old college grad who has recently started his first full-time job. How much should I be thinking about retirement and what is the appropriate amount to save? — Henry, Charlotte, N.C. Clearly, retirement isn’t going be the biggest issue on your radar screen. As a…

You can put up to $18,000 in your 401(k) next year

The retirement checklist NEW YORK (CNNMoney) Super savers and rich people will be able to put even more money in their 401(k)s next year. Starting in 2015, contribution limits for the tax-deferred retirement accounts will increase by $500 to $18,000, the Internal Revenue Service announced Thursday. Ultimate Guide to Retirement Getting started 401(k)s & company…

Social Security benefits will increase by 1.7% in 2015

Biggest retirement mistakes NEW YORK (CNNMoney) Social Security checks will rise by 1.7% — which translates into $22 more each month for the average retired worker. In 2015, the average worker will receive $1,328 a month, or $15,936 a year, according to the Social Security Administration. More than 58 million recipients will see the bump…

Will your retirement savings last long enough?

Will your nest egg last? NEW YORK (CNNMoney) My financial adviser ran Monte Carlo simulations that say I have an 85% chance my retirement savings will last into my 90s. Is an 85% probability safe enough? — Tracey G. The short answer is yes. Although there’s no official benchmark for the appropriate margin of safety,…

Baby Boomers are overexposed to stocks in this rocky market

Biggest retirement mistakes NEW YORK (CNNMoney) Even though they’ve seen their fair share of stock market crashes, many Baby Boomers are betting a big chunk of their retirement savings on stocks — leaving them exposed to major losses in today’s rocky market. Among 60-to-65 year olds, 30% have invested almost all of their savings in…

Seniors lose average of $30,000 to financial scammers

Biggest retirement mistakes NEW YORK (CNNMoney) Senior victims of financial abuse report losing big money to scammers, caregivers and even their family members. According to a recent survey of 2,000 seniors and other adults by Allianz Life Insurance Co., elderly victims reported losing an average of $30,000, while some suffered losses of more than $100,000.…

4 questions to ask before retiring overseas

Retiree ditches U.S. for ‘paradise’ abroad NEW YORK (CNNMoney) From beautiful beaches to cheap living costs, there are plenty of reasons why people retire abroad. But there are a variety of questions you should ask yourself before taking the plunge. What’s your motivation? Countries across the world court retirees with lower living costs and even…

Foreign countries offer U.S. retirees discounts, tax breaks and more

Retiree ditches U.S. for ‘paradise’ abroad NEW YORK (CNNMoney) Who knew that American retirees were such a hot commodity? A growing number of developing countries certainly think so. They’re wooing seniors with perks ranging from travel and health care discounts to tax breaks. Ultimate Guide to Retirement Getting started 401(k)s & company plans Investing Annuities…

My life as an expat retiree

After retiring from their nursing jobs in 2005, Dave and Wendy Justice set off with the intention of taking a trip around the world. They flew into Hong Kong, then traveled to China and Southeast Asia — and then they never left. “We just enjoyed it so much we didn’t really see the point of…

Investing smart in a rocky market

Biggest retirement mistakes NEW YORK (CNNMoney) I’ve been sitting on the sidelines as the stock market has climbed in recent years. I want to invest, but I’m afraid I’ll buy in at the top and lose big. Should I invest now, despite the recent turmoil? Or should I wait and get in at the beginning…