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Amount needed to retire comfortably in every U.S. state
Retirees move for many reasons, with weather and family among them. But finances should count too; Mike Winters of cnbc.com has a list of what is needed to retire comfortably in each of the 50 states. The amount varies by…
Hope for the Best. Prepare for the Worst.
Selena Maranjian has a financial reality check here. She notes it’s time to brace for smaller Social Security payments in the future, as the program faces real financial challenges due to demographics. The advice also pertains to holding adequate insurance…
Taking Social Security At 62 Will Cost You
Keith Speights notes most people begin Social Security benefits at age 62 or shortly thereafter. But there is a fairly steep price to be paid for this decision. But the question is, how costly is it? Assuming a full retirement age of…
Multiple benefits to postponing retirement
Selena Maranjian argues there are numerous reasons to delay retiring, even by just a few years. Social Security monthly benefits increase a little each month that payments are deferred past age 62. But delaying retirement also means you can save…
Medicare marketing complaints increase
Medicare’s open enrollment season is upon us, with the barrage of television commercials, tons of junk mail, and other forms of social media marketing all persuading us to why we should join their Medicare Advantage health plan. However, Medicare Advantage…
Bonds backfired on boomers in 2022
After last year’s market turmoil, younger investors are faring better than older investors. According to Fidelity Investments, “the average 401(k) balance for millennials stood at $48,300, up from 2021; however, the average 401(k) account for boomers held at $220,900, down…
Save for retirement so you don’t have to worry
The Social Security Trustees announced the Social Security trust fund will only be able to pay about 80 percent of scheduled benefits starting in 2034. No wonder with headlines in the media that 59 percent of workers worry that Social…
The Inflation Reduction Act’s big vaccine changes
The Inflation Reduction Act (IRA) of 2022 changed the vaccination coverage -plus reduced the cost of receiving those vaccines for people on Medicare. In 2023, “the IRA made adult vaccines recommended by the Advisory Committee on Immunization Practices available at…
The maximum amount you can get each month
Everyone wants to know: What is the maximum amount of Social Security benefits I can receive? According to the Social Security Administration: “If you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you…
Tips on how to transition into retirement
Life events are major events in people’s lives that alter their roles, positions, and/or resources. Retirement falls into this category; you no longer have that level of income you once had during your working life. However, you can plan ahead…