Retirement
Many baby boomers are not yet ready to retire. Enter phased retirement, the concept of quitting work in stages. Contrary to popular belief, the retirement process can be extremely stressful, depressing and frustrating. One has to go suddenly from a lifetime of work to having a lot of free time. For many, too, a job […]
As a retiree, it’s integral for you to know whether your retirement income will be taxed, how much of it will be taxed, and at what rate, so that you can create a budget accordingly and live within your means. In this post, let us take a look at six types of retirement income that […]
An employer-sponsored 401(k) plan can be a salient way to save up for retirement. Yet not everyone has access to a 401(k). Data shows that one in three US workers does not have an employer-sponsored 401(k) plan. If you are one among them, you can save up for retirement using one of the following alternative […]
An individual retirement account (IRA) can be an excellent investment vehicle to build your retirement nest egg. Correlating with this, contributing to an IRA without actually knowing how it works or what kind of advantages it offers can cause you to make mistakes that could prove to be costly down the line. In this post, […]
Retiring with a debt hanging over your head is a scary thought for many people. You must get out of debt because your peak earning years are behind you and you are more likely to spend on medical care. The added burden of a mortgage, auto loan, personal loan, or credit cards can be too […]
Retirement is a lifestyle fund for post-working people that should last for 25 years or more. And too many people are “semi-retired” or “working retired” because they cannot fully retire. The cost of living in the United States is extremely high for retirees. The typical retiree must pay $45,000 in annual expenses in large American […]
Many people start planning for retirement by focusing on one primary objective: saving enough money to retire comfortably when they are ready. Taxes are something that no one enjoys paying; however, every person is responsible for paying taxes. Therefore, you should consider tax strategies that will assist you in holding on to and transferring more […]
Are you thinking of retiring abroad so that you can live comfortably on a budget? If so, you are not alone. Data shows that at least 12% of Americans want to retire abroad so that they can enjoy a higher quality of life on a modest amount of retirement savings. In this post, let us […]
Getting older can be a very expensive in the United States. Unless you begin saving for retirement at a young age, life can get progressively expensive as you get older. This is especially if you must live solely on the income generated by Social Security. More than 40% of Americans live solely on the benefit […]
As a retiree, it is financially prudent to maximize the advantage of the tax deductions and breaks available for seniors. This is one of the important ways you can save money and preserve your nest egg. Here are six of the most overlooked tax-saving opportunities for retirees. Increased standard deduction If you are 65 or […]
