- 2024 Social Security Cost-of-Living Adjustment Will Be Smaller, Says Report
The good news is that inflation is dropping, with the average annual cost of living falling from 4.9% in April to 4% in May, according to the latest data from the U.S. Department of Labor. The bad news is that… read more…
- The Fed Is Pausing Its Interest Rate Hikes. What That Means for Your Retirement and Savings Plans
The Federal Reserve is pressing pause on its series of interest rate hikes designed to tame inflation – for now at least. The Federal Reserve Open Market Committee announced Wednesday that it would leave the federal funds rate unchanged, forgoing… read more…
- Will This Bill Add More Annuities to Your 401(k)?
Representatives Donald Norcross (D-NJ) and Tim Walberg (R-MI) have introduced a bill in Congress to allow the default inclusion of annuities in 401(k) plans. If signed into law, it would functionally raise the profile of annuities, allowing individuals to hold… read more…
- How to Pay for Nursing Home Care
Nursing home care can be extremely expensive. According to Genworth’s 2021 Cost of Care Survey, the median monthly cost of a private room is a nursing home is $9,034. That’s over $100,000 a year! And most people will need nursing… read more…
- How Inflation Affects Your Retirement Plan and Savings
Since the mid-1990s, inflation has stayed very close to the Federal Reserve’s benchmark of 2% per year, often dipping much lower than that. The upshot has been a long run in which prices have changed little from year to year,… read more…
- Downsizing Checklist for Seniors
Embarking on a downsizing journey as a senior can be exciting and overwhelming. It’s a time filled with anticipation for a new chapter in life, but it also involves making tough decisions about belongings accumulated over the years. A comprehensive… read more…
- Women Working With Financial Planners More Likely to Feel Ready for Retirement
With a possible recession looming, 40% of women investors feel the U.S. economy is already in a financial crisis, with another 24% convinced that the country is on the brink of a downturn. With all that in mind, it’s no… read more…
- Are You Automatically Enrolled in Medicare at Age 65?
Some people who already receive Social Security benefits are automatically enrolled in Medicare when they turn 65. That’s not the case for everyone, though. People who haven’t started collecting Social Security will need to register for Medicare, but signing up… read more…
- Long-Term Care Insurance Pros and Cons
Long-term care insurance can cover the costs of ongoing assistance you may need because of age-related decline in cognitive or physical ability, or a chronic condition. This coverage can keep you from having to use your savings to pay for… read more…
- This Type of Portfolio Could Help You Retire With 20% More Money Than Index Funds
If you’re saving for retirement, a broad market index portfolio is typically a good option. Investing in a target date fund or S&P 500 index fund, for instance, are low-cost ways to gain broad market exposure. However, newly published research… read more…
- IRA Recharacterization: Retirement Guide
Contributing money to a traditional or Roth IRA can help you save money for retirement on a tax-advantaged basis. Should you make a mistake with contributions or change your mind about them, IRA recharacterization allows you to correct it. Recharacterizing… read more…
- Maximum Social Security Benefit for Married Couples in 2025
The maximum monthly Social Security benefits a person can get in 2023 is $4,555 if they wait until age 70 to claim their benefits. The maximum amount of benefits a married couple can receive would be $9,110 if both of… read more…
- Can You Retire Comfortably at 40 With $10 Million?
Retiring at 40 really can mean enjoying retirement in your (relative) youth. The question is, what does it take to make that possible? If you are lucky enough to have set aside $10 million, can that get the job done?… read more…
- Senior Downsizing Services: Retirement Guide
Downsizing in retirement has become a popular choice for many seniors, offering a fresh start and newfound freedom. Whether it’s driven by a desire to simplify, financial reasons, empty nests, health needs or emotional well-being, downsizing opens doors to a more… read more…
- How Roth 401(k) Matching Works With Your Employer
Changes to federal law governing retirement savings plans allow employers to make matching contributions to employees’ 401(k) accounts using after-tax dollars as with a Roth 401(k). Employees get to choose whether contributions will be made after-tax or pretax. However, the… read more…
- Best Work-from-Home Opportunities for Retirees
While retirement may be associated with leaving the workforce behind, most Americans plan to work past the age of 65. In fact, a 2022 study from the Transamerica Center for Retirement Studies found that around 57% of workers plan to… read more…
- Can I Retire at 65 With $1 Million?
Retiring when you’re in your 60s or younger is the goal for every worker. But can you retire comfortably at the age of 65 with $1 million? For some people, yes. But the true answer is that there is no… read more…
- Is $2 Million Enough to Retire on at 55?
It’s often said that a million dollars isn’t as much as it used to be – but how about $2 million? A retirement fund of that amount can provide $80,000 in annual income — without even touching the principal. While… read more…
- Can You Pass This Social Security Quiz? Nearly 7 in 10 People Struggle With These Basic Questions
Pop quiz: True or False – Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account. If you answered “False,” you’re smarter than more than 60% of your fellow Americans nearing retirement. In… read more…
- Thousands of Old Pensions Are Going Unclaimed. How to Find Out If One of Them Is Yours
Once upon a time, retirement in America was referred to as “a three-legged stool.” The first leg was your expected Social Security benefits, the second leg was your own personal savings and the third was something old-timers called a pension.… read more…
- Retirement Crisis: Older Americans Struggle to Afford Life After Work
Rethink that retirement party. More and more, seasoned workers are defying expectations and staying put in the workforce for a compelling reason—they simply can’t afford to retire. That’s the finding from a new study by Korn Ferry that found that… read more…
- 6 Fun Things to Do in Retirement on a Budget
Retirement offers you the time to do the kind of stuff you always wanted to do but couldn’t because work filled up your schedule. Of course, retirement also typically means living on a fixed income, which may limit your ability… read more…
- Is $10 Million Enough for You to Retire at 50?
If you have multiple millions set aside for retirement, you may still feel a little nervous at the possibility of giving up a steady paycheck at age 50. After all, many resources that people use for retirement such as traditional retirement… read more…
- Five Tips to Enjoy Life After Retirement
For some people, retirement can feel a bit like the dog that caught the car. You’ve prepared for this moment your entire adult life, and you’re certainly very happy to have gotten here but … well, now what? You’ve spent… read more…
- Can I Retire at 40 With $1 Million?
Retiring at 40 may sound like a pipe dream. But it’s entirely within reach if you save $1 million while working. The key elements for achieving this feat are sticking to a budget and implementing a comprehensive retirement strategy. But… read more…