retirement
What does the average retiree have saved?
The Federal Reserve’s Survey of Consumer Finances states the average retirement savings of $426,000 for those aged 65 to 74 is $426,000, and for those aged 75 and older is $357,000, well below the recommended magic $1 million mark. However,…
Political Brinksmanship on Major Retirement Legislation
The lame duck session of Congress has not yet passed the retirement bill dubbed The SECURE Act 2.0. Ben Werschkul reports that, while the bill has no Social Security provisions, it aims to follow up 2019’s SECURE Act, which was the…
Retirement advice for 2023
Liz Weston, a financial advice columnist, says, “Retiring into a bear market makes it more likely you’ll run short of money over the long haul.” Yes, there will be challenges if you retire in 2023, but it’s not to say…
Envisioning and Defining Retirement
With all the financial and economic doom and gloom news, many retirees and pre-retirees are questioning their retirement plans. However, the media focuses on how to save for retirement, not how to spend in retirement. Jamie Hopkins uses the term…
How Are Social Security Benefits Taxed?
More than half of the 65 million Social Security recipients pay taxes on their benefits. The amount of taxes you will pay depends on your income, including retirement, survivor, and disability benefits, and filing status. Kemberley Washington and Kim Porter…
The real price tag to claiming Social Security too early
New research from economists at Boston University and the Federal Reserve Bank of Atlanta found many retirees are making a strategic mistake that can cost them tens of thousands of dollars in lifetime benefits by claiming their Social Security benefits…
Tips for Retiring on a Budget
Most financial and retirement experts advise us to save $1 million or more for our retirement. However, many Americans fall short of this goal, but that does not mean you cannot have a comfortable retirement. Gabrielle Olya outlines a complete…
Social Security, by itself, won’t be enough
The Social Security Administration states 21 percent of married couples and 45 percent of single persons rely on Social Security for 90 percent or more of their retirement income. Based on recent polls conducted by several leading financial organizations found…
The changes that will impact all future retirees
As of October 2022, over 48 million Americans received Social Security retirement benefits. However, there will be around 10,000 people (taking the total of retiring males and females) turning 65 each day for the next two decades. Although your retirement…
Millennials and the FIRE Movement: A Cautionary Tale
The thought of retirement way before conventional approaches is attractive to many younger workers desiring freedom from work life. That attractiveness has spawned the FIRE movement–“Financial independence, retire early”–and in recent past it seems to be growing n popularity. If…