Retirement Plans

Is Inflation Eroding Your Retirement?

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Is Inflation Eroding Your Retirement?
Despite your best efforts, inflation gnaws away at retirement benefits like chronic, incurable sickness and eroding retirement benefits that often fail to keep pace with the growing cost of living. Inflation’s impact on a family’s savings is taboo for many households since it presents the dreadful possibility of outliving their resources. This year, no American, whatever age, can ignore it. Currently, the U.S. inflation rate is at its highest level in approximately three decades.

Loan Forgiveness Applies to Parents and Retirees

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Parents of college students who may have taken out loans in order to help their children pay for college stand to benefit from President Joe Biden’s proposal to erase some student debt, a potential bonanza for the retirement savings of older Americans who qualify.
The proposal includes Parent PLUS loans, which are federal loans taken out by parents to assist their children in paying for college. In families where the student and the parent took out qualified loans independently, both would be entitled to relief. Private loans and loans taken out after June 30, 2022, do not eligible for forgiveness.
Did You have Parent Plus Loan?

Retiring, Should You Pay Off Your Mortgage?

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For many, paying off their mortgage was a rite of passage after 30 years, followed by retirement. This scenario is no longer the norm: According to research conducted by Fannie Mae’s Economic and Strategic Research Group, Baby Boomers, born between 1946 and 1965, are carrying more debt than earlier generations at this age and are less likely to own their homes at retirement age than generations before them.