- It Just Got Harder to Earn the 40 Credits Necessary to Receive Social Security
The 2023 Social Security increase will have retirees seeing 8.7% more income, but those preparing to retire might not make the cut to qualify for this benefit. Social Security is an earned perk of being an American taxpayer, but to… read more…
- What Is the 120-Age Investment Rule?
International turmoil, inflation and rising interest rates have created stress and hesitation in consumers looking to protect their nest eggs and bolster their financial positions. However, by looking elsewhere for investment opportunities, you might be ignoring the 120-age investment rule, reducing… read more…
- Some Americans Can Now Contribute $30,000 a Year to Their 401(k)
The Internal Revenue Service has been keeping busy these past few weeks with alterations to next year’s standard deduction, a Social Security boost and now an increase in 401(k) and other retirement contribution limits — all of which directly result… read more…
- What Is Semi-Retirement and How Do You Do It?
The traditional vision of retirement as a time when people stop working completely has expanded in recent years to include the concept of semi-retirement. This is a transition stage to full retirement during which people usually work fewer hours, either… read more…
- How to Retire Early: A Comprehensive Guide
Many people want to retire early. Unfortunately, that’s easier said than done. Not only do you have to earn enough money to put aside for an early retirement, but you have to make sure you know exactly what you’ll need,… read more…
- Goldman Sachs Says Gen X Is Trapped in a ‘Financial Vortex’
Financial planning is difficult in the best of times — and 2022 is definitely not the best of times. A number of factors — namely rising interest rates, high inflation and a volatile market — have come together to create… read more…
- How to Plan for Part-Time Retirement
You might imagine retirement as the last day you go into the office, but what if it meant spending more time in your home office? Part-time retirement means remaining in the workforce in a limited capacity, usually for extra income… read more…
- How to Pay for Nursing Home Care With Social Security
According to a recent study by Genworth Financial, the median cost of nursing home care in the United States was $8,910 per month for a private room and $7,800 per month for a semi-private room in 2021. These costs are… read more…
- Are You Single? Fidelity Has 4 Social Security Tips for a Quality Life in Retirement
Planning for retirement can present unique challenges for singles. And when to take Social Security benefits can be among the more confusing conundrums. But whether you are never married, divorced or are a widow, there are strategies in place to… read more…
- Are Nursing Home Expenses Tax Deductible?
You may be able to deduct costs for a nursing home from your taxes under certain circumstances. The expenses have to be for you, your spouse or a dependent. If this person is in a nursing home primarily for medical… read more…
- Is the Government’s Largest Social Security Hike in Four Decades Enough to Beat Inflation?
Those who plan on partaking in Social Security benefits in 2023 now have something extra to look forward to come January. Last week, the Social Security Administration (SSA) announced the most significant benefits hike since 1980 under the Reagan presidency… read more…
- New Bill Could Make It Easier For You to Sue Your Retirement Plan
A new bill moving through Congress could make it easier to sue your retirement plan if something goes wrong. Although opposed by lobbyist groups such as the American Retirement Association this bill, known as the Employee and Retiree Access to… read more…
- Employers Are Looking at New Options for Early Retiree Healthcare
Healthcare is one of the biggest expenses for many Americans, especially those who are retired. While retirees who’ve reached age 65 are able to use Medicare, people waiting for that age are reliant on either paying for personal insurance or,… read more…
- With Medicare Part B Premiums and Out-of-Pocket Medical Costs on the Rise, Retirees Need to Prepare
One risk that retirees face is the uncertainty that surrounds their out-of-pocket health costs, over and above their predictable insurance premiums. A new analysis finds that households of 65-year-olds or older, on average, would pay an estimated $67,000 in out-of-pocket… read more…
- How and Where to Retire Abroad
Leaving the workforce can put you in a quandary after decades of full-time work. But what if retirement was brimming with delicious food and beautiful weather? Retiring abroad can bring you just that and so much more. Here are five general… read more…
- 3 Ways to Take Control of Your Retirement
Whether you are just starting your career or exiting the workforce, it’s a good time to take control of your retirement. Fidelity Viewpoints recently released an analysis of actions to take that can help you sustain a comfortable lifestyle in your golden… read more…
- How to Financially Prepare for Retirement Travel
When you envision your retirement, do you imagine staying put the whole time? Of course you don’t. Retirement travel is a priority for most people, whether that’s visiting family in another state or globetrotting. You’ve earned this time, so you… read more…
- IRS Waives Missed RMD Penalty for Some Inherited IRAs
The IRS announced late Friday that there will be no excise tax penalty on missed required minimum distributions (RMDs) of inherited IRAs for tax years 2021 and 2022. Final rules of what amounts to an unexpected tax reprieve for some… read more…
- Vanguard, Fidelity Will Join a 401(k) Auto-Portability Network to Rescue $1.5 Trillion in Retirement Savings
Two top 401(k) companies — Fidelity Investments and Vanguard — have teamed up with two information technology and services companies — Alight Solutions and Retirement Clearinghouse — to create an auto-portability network. If auto-portability gets adopted nationwide, these companies say that it… read more…
- Your Target-Date Fund May Not Be Prepared For a Down Market
After around a decade of near constant growth, the stock market has been falling in recent months and we are officially in a bear market for the first time in quite a while. For younger people this is scary, but… read more…
- 7 Ways to Fund ‘Catch-Up’ Retirement Contributions
If you’re turning 50 years old this year, remember: You’re not getting older, you’re getting better. And so are your retirement savings options. Once you turn 50, you’re allowed to add up to $1,000 in annual “catch-up” contributions to your… read more…
- Four Ways to Make Money in Retirement
With many Americans living longer and retiring earlier, more and more people have time, health and energy to work in retirement. And this has led to a surge in retirees doing just that. So whether you need the extra cash… read more…
- Aiming to Sell Your House and Buy a Retirement Home? Here Are 3 Options
Housing wealth is a major financial asset for homeowners heading into retirement, but if you’re planning to cash in by selling a larger home to downsize in retirement you may need to think again. Rising interest rates and declining home values amid… read more…
- Follow This 5-Step Retirement Income Plan to Lower Taxes
Many investors don’t have enough interest-bearing accounts to live in retirement solely on the interest they earn from those investments. This means that many will need to start turning investment assets into cash in order to pay for living expenses… read more…
- Don’t Start Saving For Retirement Until Middle Age, New Study Says
Per most experts, there’s one seemingly unquestionable pillar of personal finance advice: start saving for retirement as early as possible. But not so fast. According to new research published in The Journal of Retirement — an academic journal focused on… read more…