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The Case for Claiming SS at Full Retirement Age
It’s pretty simple, really. You have an 8 year window to claim your Social Security benefits, starting at age 62 and up to age 70 when your benefit amount will reach maximum. And somewhere close to the middle of those…
Retirement savings have become a huge problem
Retirement savings is a huge problem among all age groups in the United States. A report from LearnBonds found that despite planning, nearly 50 percent of Americans have less than $100,000 saved for their retirement. Why? Several factors are involved including…
Avoid this post retirement panic attack
Retirement is challenging; you can be caught off guard financially or emotionally. You are now exchanging a regular paycheck to living off of your retirement savings. The stress is simply the psychological disruption caused by the sudden need to arrange…
It’s not too late to join the FIRE movement
For most of us, when you think of members of FIRE (Financial Independence Retire Early) community, we think millennials, 20s, 30s and 40s but there is a growing interest from people in their 50s and 60s. According to the majority…
Medicare coverage only applies in the U.S. and its territories
Majority of seniors get health coverage through Medicare once they retire, but many have misconceptions surrounding Medicare. A widely held misconception about Medicare coverage is that it will cover the cost of your healthcare no matter where you are when…
Understanding the annual contribution limits and long-term savings potential when funding a health savings account
You are enrolled in a high-deductible health plan and have a health savings account but don’t know how much you should put into it? And you are concerned if you don’t use it all the money, you’ll lose it? Yes,…
Learn how recent tax law changes affect you at every stage of your life
At every stage of our lives, there are IRS tax benefits and red flags to be aware of. Now with the recent tax law changes, there are some important age-related tax and financial planning milestones to keep in mind. The…
Your retirement account should not be your emergency fund.
We all know retirement accounts give you some great tax breaks. But if you withdraw funds from your retirement accounts early, you usually pay an early withdrawal penalty unless that withdrawal falls into one the exception categories, plus income tax…
Women typically fall behind men when it comes to financial literacy and saving for retirement
A new survey of employees and retirees in 15 countries found that financial literacy is far worse among women than men. The survey from Aegon Center for Longevity and Retirement and non-profits Transamerica Center for Retirement Studies and Instituto de…
How to appeal your Medicare surcharge
There are about 4.3 million Medicare beneficiaries that pay more than the standard amounts for Medicare Part B and Part D. Income related monthly adjustment amounts (IRMAA) is a surcharge based on your tax return from two years prior which…