- Health Savings Account (HSA) Rules for Spouses
Health Savings Accounts (HSAs) offer triple tax benefits. Contributions are tax-deductible, they grow tax-deferred and withdrawals are tax-free when used for eligible medical expenses. If you’re married, you might be wondering if you can use your HSA funds to pay… read more…
- How to Invest for Retirement at Age 60
Retiring early is a dream that many Americans have but most investors aren’t confident they an achieve that goal. While 65 is considered a normal or expected retirement age, we look at what types of investments and other factors to… read more…
- Guide to Healthcare Costs in Retirement
Retirement is often considered a great time to travel and do things you’ve been planning for years. You save and invest for multiple decades before deciding to stop working and move into the next phase of your life. Unfortunately, not… read more…
- IRA vs. Roth IRA vs. 401k: Key Differences
Many employers offer 401(k)s and match your contributions. Other workplaces, however, might not offer this retirement plan. And, if you are an independent contractor, you may also be looking for another retirement plan alternative. In these cases, individual retirement accounts (IRAs)… read more…
- A Guide to Earning Social Security Credits: How Much You Need to Retire, How You Earn Them and Special Considerations
Since 1935, Americans have had the provisions of the Social Security Act at play as a big part of their retirement plans. Signed into law by President Roosevelt, the Social Security Act was designed to provide income to retirees 65… read more…
- What Is the Retirement Safe Withdrawal Rate?
Saving money for retirement is an important goal. But so is not running out of savings in retirement. To avoid this, personal finance and retirement experts have set a “retirement safe withdrawal rate.” This is a formula that allows retirees… read more…
- How Are Annuities Given Favorable Tax Treatment?
Annuities are tax-advantaged investment vehicles that guarantee retirement income. Here’s how they can benefit your tax situation and how to tell if one is right for you. A financial advisor can help you decide if an annuity is a good… read more…
- 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…