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If your retirement savings are lagging, here’s what you can do about it
A recent Transamerica study found the median retirement savings for American workers sit at around $50,000; however, according to the Bureau of Labor Statistics reports, the average household headed by an adult 65 or older will spend this in nearly…
Do you worry about becoming a burden to your family?
Living on a fixed income can introduce financial challenges, while declining health can cause logistical trials as well. A recent survey by Nationwide found that, 50 percent of older Americans worry about becoming a burden to their families as they age. …
Medicare, A Simple Explanation
Social Security and Medicare are both programs that are household names, but do you know the true difference? Both programs help safeguard millions of Americans as well as improve the quality of life for their family and friends. While Social…
Find out how your benefits might change in the coming year
Social Security provides essential benefits to help tens of millions of Americans make ends meet in retirement or if they become disabled. One of the biggest advantages of Social Security is that it adjusts every year. So, to get as…
You can earn more money in 2020 without it having it impact your benefits
The Social Security Administration allows seniors to work and receive Social Security Benefits at the same time, but working will impact your benefits and how much you can earn without penalty. The earning test dictates how much money you are…
5 Sources of Retirement Income That Aren’t Taxable
One way to keep more of your money in your golden years is by incorporating non-taxable income into your retirement plan. Maurie Backman lists some examples: municipal bonds, HSA withdrawals, and life insurance cash-outs. Social Security sometimes escapes taxation, as long…
Women and Social Security
Among the interesting statistics Liz Skinner notes in this Investment News article are these: women represent more than half of all Social Security beneficiaries aged 62+ and two-thirds of beneficiaries over the age of 85. Because women live longer than men and spend…
Where Will Your Income Come From in Retirement?
As Christy Bieber notes, your paycheck ends when you retire, but folks still need an income stream to pay their bills. That can be money from alimony, real estate investments, or dividends, to name three. However, the most common sources of cash for seniors…
3 Money Myths That Could Ruin Your Retirement
Katie Brockman advises those planning for retirement to avoid falling for these three myths: Myth #1: You’ll spend less in retirement than you’re spending now; Myth #2: It will be easier to save if you wait until you’re earning more money;…
Social Security Shrinks if You File Early
Christy Bieber takes Social Security beneficiaries through how their benefits will be permanently reduced if they file before their full retirement age (FRA). Of course one does get more checks, though smaller, when applying before FRA. Ultimately it’s an individual…