- 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…
- Will Inflation Cause 85% of Your Social Security Income to Be Taxed?
Amid rampant inflation, Social Security payments are set to get a hefty boost. But that boon may come with a major consequence: a gnarly tax bill. With inflation running at 8.5% after running as high as 9.1% this year compared… read more…
- T. Rowe Price Says Workers Over 50 Should Do This in a Down Market
As markets tumble, folks nearing retirement are scrambling to locate strategies that will help them protect their nest eggs and grow their wealth. But if you’re over 50 and currently in the workforce, you may specifically want to consider a… read more…
- Stretch Your Tax Savings During Retirement With These Withdrawal Techniques
Retirees who have various types of funds, such as taxable and tax-advantaged, can extend the tax savings available in their portfolios by creating a sequence-of-withdrawal plan, Morningstar says. The goal is to first withdraw funds that must be withdrawn because… read more…
- Senators Are Fighting to Help You to Buy More I Bonds Soon
I bonds are a very popular investment asset, especially in a time of market volatility — the guaranteed variable return is attractive in a time when other investments seem too risky. There’s only one major downside — you are limited… read more…
- If You Have This Much Money Saved You Don’t Need an Annuity
Creating income for retirement is one of the biggest challenges American workers have in planning for how they will be able to live comfortably once they stop working. One of the most common ways to create this income is to… read more…
- Is Your Pension Not Going to Make Its Full Payment?
Though pensions are far from the biggest part of the American retirement system — self-funded workplace plans like 401(k) and 403(b) plans make up the majority, with individual retirement plans also popular — there are still plenty of people who… read more…
- You Need to Know About These Plans to Expand Social Security
Social Security has been a hot button issue in American politics for a long time. In fact, in Washington, D.C. circles, Social Security used to be known as the “third rail” of politics — if you touch it, you die. It’s… read more…
- 9 Part-Time Jobs for Retirees
Retired people need to stay busy and it never hurts to make extra cash, especially when you’re on a fixed income. If you’re thinking of working while retired, let’s go over some of the best part-time jobs for retirees. Here are… read more…
- Americans Aren’t Satisfied With Their Retirement Plans Online — J.D. Power Ranks the Best
Facing both inflation and a possible recession, retirement investors are under a lot of financial stress in 2022. And they are looking at their retirement plan providers for both information and guidance. But the Michigan-based consumer research firm J.D. Power… read more…
- How Much Would a $10 Million Annuity Pay?
The amount a $10 million annuity would pay depends on when you make the investment, the returns attached to your annuity and the details of the contract. With that, it’s challenging to nail down a specific amount. However, we can… read more…
- Rules for Switching Social Security Benefits
Social Security benefits can provide you with a stream of retirement income that is reliable. Deciding when to take benefits is an important question, especially if you’re married and hope to qualify for spousal benefits. If you’re already taking Social… read more…
- How Much Would a $1.5 Million Annuity Pay?
Annuities are a form of hybrid financial product. Part investment and part contract, they’re primarily sold by insurance companies as a way to save for retirement. While in recent years they have come under criticism for below-market returns, many retirees… read more…
- 8 Tips to Help You Transition to Retirement
After a long, successful career, letting go and heading into retirement might be harder than you think. While retirement looks different for everyone, creating a solid financial plan can help alleviate some apprehension surrounding it. By assessing your finances, budgeting… read more…