Traditional IRAs, 401(k)s, and other similar retirement accounts enable you to save money before taxes and watch it grow over time. However, the IRS eventually requires you to start withdrawing some of your savings each year. These withdrawals are referred to as required minimum distributions, or RMDs, and the amount you withdraw is taxed at […]
New RMD Rules For 2025 Read More »
Several key updates to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase The Social Security Administration (SSA) announced a 2.8% COLA for 2026 on October 24.
Changes Coming to Social Security in 2026 Read More »
One in six people will be over 65 by the middle of the 21st century. Additionally, it’s likely that by 2034, the Social Security Administration program in the United States will not be able to provide full benefits. These demographic and financial pressures may cause a retirement crisis. However, there is an additional problem that
Retirement Age Is Changing Read More »
Of those who turn 65 today, 49% of men and 64% of women will need substantial long-term care. Nearly half will require paid services, even though many rely on unpaid help from family members. Long-term care (LTC) insurance is one way to help with the significant problem of covering these costs. The situation has evolved
Understanding Long-Term Care Read More »
Losing a job is always hard—but it can be especially stressful when it happens in your 50s or 60s. At this stage in life, many people are balancing major financial responsibilities like paying a mortgage, helping kids through college, or caring for aging relatives. And finding a new job that offers similar pay and benefits
Late-Career Job Losses Are Affecting Retirement in America Read More »
Many people, as they age, have similar goals: to stay in their own homes, maintain independence for as long as possible, and rely on family and friends for assistance only when necessary. Aging in place refers to the practice of remaining in one’s own home as one ages. However, aging in place requires careful planning
Should You Move When You Retire or “Age in Place?” Read More »
Although 65 is the age to claim Medicare, many senior benefits and discounts begin considerably earlier. Enrolling in an AARP or AMAC membership when you turn 50 allows you to take advantage of senior discounts sooner. All other reductions have minimum age limits that vary by employer or location and might range from 50 to 65
Senior Discounts in 2025 Read More »
This year will see a record number of Baby Boomers reaching the traditional retirement age. By 2030, they will all be at least 65. However, this creates a fiscal problem, as fewer taxable workers means less money for Social Security. If Congress does not act, we will likely* face a serious crisis. Here’s how a
2024’s Record Number of Retirees May Spark a Recession Read More »
Many retirees are concerned that they may run out of savings during retirement, due to a combination of inflation and people living longer on average. As a result, many are afraid to spend during retirement. And can you blame them? Half of the financial industry focuses on how unprepared most Americans are for retirement. The
Many are Scared to Spend Money in Retirement Read More »
At first, taking out an extra $10,000 from your savings to pay for a new roof might not seem like a big deal. But costs add up, and plans for how to pay for future expenses might not work out as planned. You should have a detailed budget that covers as many possible problems as
Unexpected Retirement Expenses Read More »
