The Covid-19 pandemic ushered in an era of migration for millions of Americans, who now worked from home and could seek out new locations that offered lower costs of living (including taxes). It’s a trend long recognized by retirees, who find themselves no longer tied to specific locations due to their employment. If you fall [...]
You might recall that in 2019, Congress passed the SECURE Act. The new laws enacted a number of changes to how retirement accounts are utilized, with the age for required minimum distributions changed from 70 ½ to 72. Now, the SECURE 2.0 Act has again bumped that age, up to 73 this time. Then, the [...]
Most retirees must plan to live on a more limited budget than they enjoyed during their working years. To some degree that can be very doable, especially if you carefully pay down debts and no longer incur commuting expenses. But if you receive a surprising income tax bill, your budget can be seriously disrupted. That’s [...]
Each year, we urge you to stash as much money as possible in your qualified retirement plan. Making the maximum contribution to your account is not only the best way to continue preparing for a stable retirement; you can also earn a significant savings on your federal income taxes. So why not take advantage of [...]
To some degree, Social Security payments can help insulate retirement incomes against inflation. For example, the cost-of-living adjustment (COLA) this year was 5.9 percent, due to the considerable inflation we saw in 2021. But with inflation continuing to accelerate, will we see an even larger COLA in 2023? It’s possible. The Senior Citizens League has [...]
When you first reach age 65, you enroll in Medicare and make a number of choices about your coverage.For example, you will decide between Original Medicare and Medicare Advantage, whether to enroll in Medigap coverage, and maybe add a Part D (prescription) plan. All of these choices are aimed at helping you manage your healthcare [...]
You don’t need us to tell you that the cost of healthcare is out of control. All you have to do is turn on the news or take a look at your latest medical bill. In just twenty years, between 2000 and 2020, annual spending on healthcare tripled to $4.1 trillion per year! And according [...]
We definitely want you to enjoy your retirement years. At the same time, living on a fixed income can be challenging for many people. And the last thing you want is to run out of savings too early. So watch out for these ten common money traps. They catch more retirees than you might think! [...]
One of the great things about retirement is the freedom you can experience in your life. Not only can you determine your own schedule, seven days per week, because you aren’t tied to a desk anymore; you can even live wherever you want to! And that’s great news with the cost of living rising so [...]
Your retirement account helped you accumulate savings for retirement, while enjoying valuable benefits during your working years. Now it will (hopefully) provide income throughout your retirement years. Every so often, the IRS issues changes to their rules that can impact how you utilize your retirement account. This year, a new change should benefit many current [...]