The US House of Representatives came back early from its August recess after weeks of stalled talks between Republicans and Democrats over negotiations on coronavirus relief. The House didn’t vote on another stimulus package, which would include a second stimulus check. Instead, the House passed legislation that bans recent changes to the US Postal Service […]
As of June, the average retired worker was bringing home $1,514 a month from Social Security. This works out to almost $18,200 a year. All things considered, this isn’t very much — but for 62% of retired workers receiving a Social Security benefit, their monthly payout will account for at least half of their income. […]
Assuming you still have some form of income, tax planning does not end once you retire. The Internal Revenue Service (IRS) will always expect you to pay taxes on your retirement income. For those who are well prepared to maintain their standard of living in retirement, many find their tax bills are similar to when […]
For many Americans, this has been one of the most challenging years of their lives. The coronavirus pandemic has completely altered our social norms, cost more than 20 million people their jobs, and sent the U.S. economy into its steepest recession in history. Although retired workers arguably haven’t been hit as hard — financially — […]
For most Americans, one of the biggest threats to their financial security in retirement is the possibility that they’ll have to leave the working world earlier than expected. Unfortunately, according to recent research from The New School, the COVID-19 pandemic could force this fate on an estimated four million Americans. In fact, The New School’s […]
When you talk to retirees, many will tell you if that if they had it to do all over again, they would do some things differently when it came to saving for retirement. A recent study by Bankrate.com study showed that 3 out of 4 baby boomers and retirees stated that one of their biggest […]
There’s no single universal savings goal to target when it comes to funding a retirement plan. Why? Your retirement expenses and goals may look different than someone else’s. Your best bet is to consistently sock away a respectable portion of your income in hopes of amassing enough wealth over time to enjoy your senior years. […]
The average worker expects to need nearly $2 million to retire comfortably, according to a recent report from Charles Schwab. That’s a lofty goal, especially considering tens of millions of Americans are unemployed thanks to the COVID-19 pandemic. Not everyone will be able to afford to save $2 million for retirement, and that’s okay. What […]
Even if you expect to live a fairly modest lifestyle in retirement, you’ll still need money to pay for it. In fact, Social Security will generally do a good job of replacing 40% of your former income, more or less, if you’re an average wage-earner. But most seniors need 70% of their former income or […]
These days, older workers and retirees are understandably concerned that their retirement plans will be disrupted by the COVID-19 pandemic and the resulting economic downturn. There are concerns that pre-retirees and recent retirees may have about any economic downturn, and strategies that are designed to help them withstand multiple financial crises, crises that are inevitable […]
Last week, America celebrated a very special birthday. Back in August of 1935, President Franklin D. Roosevelt signed the Social Security Act into law, establishing what is still the most important social program in our country. Today, Social Security provides benefits to more than 64 million people, more than 70% of whom are retired workers. […]
You may already know that your payroll taxes help fund Medicare, which you’re generally eligible for at age 65. That doesn’t let you off the hook for further outlays once you sign up, however. Depending on the particulars of your coverage and how often you use the health-care system, your out-of-pocket costs could hit six-figure […]
