Ryan Eastwood Retiring abroad has become an appealing option for a significant segment of America’s retiree population. Approximately 12% of the roughly 45 million retirees in the U.S. have chosen to live overseas. The reasons for this shift are as varied as the individuals making the move. Many are enticed by the potential for a lower cost … Read more
When it comes to retirement planning, one of the most crucial aspects to consider is healthcare coverage. Medicare, the federal health insurance program for those who are 65 and older, offers a wide range of benefits, but it’s not all-encompassing. There are several key areas of healthcare that Medicare does not cover, and beneficiaries need … Read more
In an effort to safeguard the retirement savings of Americans, a new regulation known as the Retirement Security Rule has been proposed. This initiative ensures that financial professionals prioritize your best interests when offering advice. The rule aims to eliminate “junk fees” and enhance returns on retirement savings. Addressing the Loopholes The Department of Labor … Read more
The Internal Revenue Service (IRS) has made an announcement that the contribution limits for retirement accounts, such as 401(k) plans, will be raised in 2024. There will be an increase to the annual contribution limits for most 457 plans, 401(ks), and 403(bs) by $500 to $23,000. Individuals aged 50 and older will be able to … Read more
A recent study by the Employee Benefit Research Institute (EBRI) paints a concerning picture for retirees, emphasizing that healthcare might be a more significant expense than anticipated. The research suggests that even with the assistance of Medicare, retirees might face substantial out-of-pocket costs, spanning insurance premiums, deductibles, and medication expenses. Breaking Down Healthcare Costs in … Read more
The Biden administration is set to introduce new regulations aimed at tightening the oversight of retirement plan providers to eliminate practices that prioritize their profits over the well-being of customers. This move represents the administration’s ongoing efforts to curb what it deems “junk fees” in the financial industry. Under the proposed rules from the Labor … Read more
Many older workers grapple with a common dilemma: they’ve reached the age when they’re eligible to apply for Social Security, yet even with the monthly benefit checks, leaving their jobs right away would leave them financially vulnerable. The question arises: Should they enroll in Social Security immediately or wait until retirement? The answer isn’t straightforward … Read more
Retired individuals often seek opportunities to stay active and supplement their fixed income. If you’re considering working during retirement, I’ve got you covered. In this guide, I’ll walk you through nine of the best part-time jobs for retirees that offer income and flexibility. Plus, I’ll provide tips on creating a retirement plan with a financial … Read more
The financial landscape is ever-evolving, and as of Thursday, October 26, 2024, we find ourselves in a period of rising interest rates, with the average 30-year fixed mortgage rate at a staggering 8.09%. This marks a nine basis point increase from the previous week, and the trend shows no signs of slowing down. Understanding how … Read more
Employer-sponsored 401(k) plans are a cornerstone of retirement savings, but not all plans are created equal. As retirees or soon-to-be retirees, it’s crucial to understand the intricacies of your 401(k) plan to ensure you’re making the most out of your retirement savings. While employers have a fiduciary duty to offer sound investment options and minimize … Read more