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Social Security provides the vast majority of income for most Americans
Social Security benefits are roughly 90 percent of income for one in four of those 65 or older. In a recent research study, it found women, people of color and those with the lowest income particularly rely on Social Security.…
Seven financial strategies for financial independence
We all have read those stories about people who were able to amass enough wealth to retire in their 30s or 40s and think “if they can do it, why can’t I?” Everyone’s life is different, but it is still…
Would you consider buying a tiny home when you retire?
Are you planning on downsizing when you retire? Have you considered buying a tiny home? Do you know what a tiny home looks like? According to the National Association of Home Builders, 45 percent of baby boomers would consider buying…
Could seniors be looking at their biggest Social Security raise in seven years?
The first of three Social Security inflation data points used to calculate COLA (cost-of-living-adjustment) is in; however, the COLA announcement is still two months away. Social Security’s annual COLA is the average reading from the third quarter of the previous…
Have you made a plan to retire from driving?
We plan to retire from work, but do you also plan to retire from driving? New research from the AAA Foundation of Traffic Safety shows among older drivers, nearly 83 percent report never speaking to a family member or physician…
What is the “perfect” retirement?
What is the “perfect” retirement? Majority of people look forward to retirement as a time to forget their worries, live without a boss or a commute and to perhaps just kick back and relax. However, in real life, that fantasy…
Three ways employers can help baby boomers prepare for retirement
According to the U.S. Census Bureau, 74 million baby boomers and 66 percent of them are working past traditional retirement ages for a variety of reasons. Some older workers approaching full retirement age face some daunting decisions about Medicare, Social…
How the new alimony tax rules affect your retirement savings
As part of the Tax Cuts and Jobs Act that was passed by Congress last year, two surprising ways the new alimony tax rules affect retirement savings. The new rules made changes for how divorces on both sides may or…
Suggestions on how to control expenses in retirement
Balancing a retirement budget can be a challenge. Even if you spent years preparing for your retirement, many retirees face extra housing or medical expenses. The attached article gives ten suggestions to bring your expenses into line with a more…
How working part-time in retirement impacts your financial life
Many retirees end up taking on part-time work even if it wasn’t part of their initial retirement plan. According to the Bureau of Labor Statistics, more than half of people ages 60 to 64 were working at least part time…