Retirement marks the beginning of a new chapter in life. After years of working, saving, and planning, it is finally time to enjoy the rewards. But one of the most important questions retirees face is how to make their savings last. That is where a sustainable withdrawal strategy becomes essential. Your withdrawal strategy determines how [...]
For many parents and grandparents, deciding how to allocate savings between a loved one's college education and their own retirement can be challenging. While both are important financial goals, it’s essential to strike the right balance so that neither is compromised. Here, we share some strategies to help you manage both priorities effectively. 1. Put [...]
The decision to retire is a significant milestone, and for many, the age at which they leave the workforce varies based on numerous factors. Some individuals choose to work past the full retirement age to increase their Social Security benefits, while others retire early due to personal reasons such as health or lifestyle changes. Regardless [...]
Required Minimum Distributions (RMDs) are a critical aspect of retirement planning, but they can also be a source of confusion and costly mistakes. To help protect your retirement savings, it’s important to understand the most common RMD mistakes and how to avoid them. Here are seven key pitfalls to watch out for: 1. Ignoring the [...]
The Social Security cost-of-living adjustment (COLA) for 2025 is projected to be 2.6%, a modest increase that reflects current inflation trends. While this adjustment aims to help beneficiaries keep pace with rising costs, it’s important to understand how it will affect retirement income and whether it aligns with financial needs. The estimated 2.6% COLA for [...]
The journey to building a robust retirement fund begins with a simple yet powerful shift in mindset. While many financial strategies and investment opportunities can enhance your retirement savings, the most fundamental and impactful approach is adopting a lifestyle that prioritizes saving overspending. Accumulating Savings The essence of living below your means is spending less [...]
Deciding what to do with your property after you pass away is a crucial part of estate planning. While leaving your house to your children might seem natural, it’s not always the best decision. There are various factors to consider that could make this choice less advantageous or even problematic for your heirs. From financial [...]
Bankruptcy is often seen as a last resort for those in dire financial straits. But what if you're 80 years old, facing over $100,000 in medical debt, and relying solely on Social Security? There are no simple choices, but some decide to simply carry their debt to the end of their lives. Many people perceive [...]
Divorce is a life-altering event that can have significant financial implications, particularly for women. While both partners may face financial challenges during and after a divorce, women often bear a heavier burden when it comes to retirement savings and Social Security benefits. Unequal Division of Assets. In many divorces, assets accumulated during the marriage are [...]
Property taxes play a significant role in American households' finances, with the average household spending $2,869 annually, according to a recent WalletHub report. These taxes impact not only homeowners but also renters, as they influence monthly rental rates and contribute to state and local government revenues. If you’re considering a move in retirement, particularly to [...]