retirement
The new retirement rule and senior home owners
William Bengen created what is considered the gold standard of retirement strategies: The 4% Rule. The 4 percent retirement rule is a guideline suggesting that retirees can withdraw 4% of their retirement savings annually, adjusted for inflation, to ensure their…
You may want to stop funding your retirement account
We are continually told by experts that Americans are not saving enough for retirement, but what if there are other accounts that we should prioritize contributions to? I’m not saying that saving for retirement is wrong, considering Social Security was…
Three ways to help bridge the gap
Could you survive if your monthly Social Security check were cut by 19 percent? Or even more? As mentioned in the previous article, “Approximately 67 percent of seniors rely on Social Security for more than half of their income, with…
Retirees are over-relying on Social Security
Approximately 67 percent of seniors rely on Social Security for more than half of their income, with 27 percent entirely dependent on it for their financial needs. A recent survey echoes this statement. The survey results were not entirely surprising;…
Demystifying Social Security Spouse Benefits
Among Social Security’s myriad regulations, few topics are more misunderstood than spouse benefits. Terminology is important here – “spouse benefits” in Social Security (SS) parlance refers to benefits one spouse can collect from the other’s record while both spouses are…
Ask Rusty – I’d like to retire early, but don’t want my Social Security reduced
Dear Rusty: I will be 65 this year and my husband is 72 (he retired in 2019 at age 66). I would like to retire and enjoy some time with him before he gets too much older. I do not…
Living on Social Security…How Much is Enough?
With an estimated three-quarters of the senior population reportedly prioritizing Social Security benefits over pensions and personal savings in their retirement plans, it becomes critical to assess the adequacy of this benefit before making a decision. There are a few…
More on “Bridging” Strategies to Enhance Retirement Income
Outliving one’s financial resources is a reasonably common fear among retirees, both current and future retirees. When coupled with the impact of claiming Social Security benefits early, that is, before monthly payments are maximized, this fear can be rather significant.…
Retirement and Taxes: An Uncertainty
Passage of the recent “One Big Beautiful Bill Act” brought with it some much-welcomed tax relief for seniors, specifically with extension of the TCJA rates from 2017 and, of course, the “bonus deduction” intended to offset (for some) the effect…
Rethinking Your Target Retirement Age
Planning for retirement is something many people daydream about frequently during their years in the workforce. And the older you get, the more focused you become, with issues like financial preparedness, health, and post-career interests beginning to sharpen with each…