It’s important to build a retirement nest egg so you have income outside of Social Security to pay the bills. But not everyone is able to come into retirement with money set aside in a savings plan. And so some seniors inevitably wind up having to depend on Social Security as their sole income source. […]
Category: Personal Finance
Personal Finance: Navigating your first year in retirement
Like most Americans, you’ve probably spent years working to achieve the retirement of your dreams. Then there comes a point when this career milestone changes from a distant goal to an imminent reality. You can make your first year away from work more rewarding and less stressful when you take the time to anticipate potential […]
Kiplinger’s Personal Finance: How to lower taxes on your required minimum distributions
The buoyant stock market has swelled the amount of money Americans have in their retirement savings plans, which is undoubtedly a welcome development for seniors who will need that money to live on. But most of the more than $13 trillion in savings is stockpiled in tax-deferred plans, which means retirees will eventually have to […]
6 Big Changes Lawmakers Are Targeting for Retirement Accounts in 2022
Saving for retirement is currently a major challenge for most Americans. Lawmakers are trying to change that. A proposal called the Securing A Strong Retirement Act of 2021 has received bipartisan support. It would make big shifts in the rules affecting workers saving for their later years. It would also change some rules for current […]
The 1 Retirement Benefit You Can Only Get With a Roth IRA
It’s important to sock money away for retirement so you have enough income to cover your expenses. Without savings, you might struggle to pay your bills as a senior. Now when it comes to finding a home for your savings, you have choices. There are IRA and 401(k)s, each of which comes in the traditional […]
4 important reasons why your budget isn’t as successful as you thought it’d be
If you’ve ever tried to improve your finances, the first place you’ve probably turned your attention to was your budget. Whether you love it or hate it, there are some benefits to knowing where your money goes on a monthly basis. Budgeting can help you figure out if there are areas where you’re spending on things […]
Rethink how to manage money with a reverse budget
There are a few words that always seem to make people uneasy. “Diet” is one. “Budget” is another. The reasons are actually similar. Both can be hard to stick with, and they each leave you feeling guilty when you fall short. Although budgeting is an invaluable aspect of personal finance and shouldn’t be ignored, many […]
The three retirement accounts you should try to maximize in 2022
For some, retirement can seem so far into the future that it isn’t worth addressing today. However, many would say that you can’t get started early enough, because the sooner you start, the sooner you may be able to retire. According to a 2020 Statista survey, 41% of Americans have less than $100,000 saved for […]
Here are 3 things to consider before getting a roommate in retirement
Being home alone is a retirement reality for many. According to government data, more than three in 10 women and two in 10 men at least age 65 live alone. For women, the odds of being solo increase with age, thanks in part to longer life expectancy; in 2018, 44% of women at least age […]
3 Reasons Your Retirement Savings Aren’t Growing as Fast as You’d Like
You contribute to your retirement accounts diligently, but it seems like your balance barely budges. Sound familiar? You’re not alone. But fortunately, you’re not out of luck either. There can be many causes for a stagnant retirement balance, but here are three of the most common and what you can do to solve them 1. […]
This rarely used tax loophole is helping some bitcoin holders save tons of cash
Bitcoin is down around 36% from its all-time high in November, but the dip has a good side, thanks to a quirk in the tax code that helps crypto holders shield their winnings from the IRS. The IRS treats cryptocurrencies like property, meaning that anytime you spend, exchange, or sell your tokens, you’re logging a […]
Here is the age when many Americans hope to retire
Many workers look forward to the day when they can retire. A recent survey from Natixis Investment Managers set out to find out exactly when most Americans hope to stop working. The average age is 62, the research found. However, it turns out when people to hang up their hats varies by generation. The youngest […]