Americans are living much longer. Some are running out of money before their death and need additional assistance from the Federal Government, which puts more strain on a system that’s bringing in less money than it’s paying retirees. On January 1, 2020, the SECURE Act (Setting Every...
This is the time of year when leaves fall and the Social Security Administration announces the annual cost of living adjustment (COLA) for people receiving Social Security. For 2020 the increase will be 1.6 percent, or about $24 per month, raising the average monthly individual payout to...
Being elderly in America has more than its share of issues—affording proper healthcare, being forced to work much longer because of the need for health insurance or not having saved enough for retirement. Now, throw one more financial demon into the mix. More and more elders are being forced into bankruptcy.
Since the Roth IRA was created by the Taxpayer Relief Act of 1997, it’ been an appealing addition to retirement planning. While contributions to a Roth are not tax-deductible, the trade-off is tax-free and penalty-free withdrawals after you cross the age of 59 ½. The withdrawal benefit...
Maybe it’s your dream—accumulate enough money to retire early and live happily ever after. You never have to work again and can do whatever you want whenever you want. That’s the basis of the FIRE Movement—Financial Independence, Retire Early. There’s lots of chatter all over social media about FIRE....
It may be one of the biggest misconceptions people have about Medicare—thinking that when they’re eligible they can enroll and then they’re set for life—set it and forget it. Nothing could be further from the truth. Never changing your Medicare plan can be a costly mistake.
For years now, there’s been lots of talk about what happens if you claim Social Security benefits before full retirement age (FRA) or even waiting until the maximum age of 70. Claiming early means you’ll receive less money, permanently, than if you waited. In spite of the...
For most folks heading into retirement, there’s always that time of reflection, deciding if you can actually retire. “Do I have enough saved?” “Will I run out of money?” “Can I count on Social Security?” “How can I make some extra retirement income?” InternationalLiving.com...
It sounds crazy, but if you’re healthy you probably need to save more for retirement than people with a battery of health issues. Why? Statistically, people who are healthy will live longer. That means more years paying for healthcare in a system where costs continue to increase exponentially. So, the longer you...
It’s the end of an era, at least for Baby Boomers. Some have already retired; many more can see the finish line of their working years. For Boomers with highly appreciated company stock in their 401(k) a major decision is whether to do an IRA rollover, leave the money in the...