Four Financial Red Flags Proving You’re Not Ready To Retire at 62 In 1991, the average American reported retiring at 57; in 2024, the average reported retirement age was 61. It was also reported that the target retirement age among those who aren’t retired went up from 60 in 1995 to 65 in 2024. So, … Read more
Many individuals feel the weight of the necessity to save for retirement, driven by the fear that retirement could become a significant disappointment without a substantial nest egg. This concern may be amplified if potential cuts to Social Security become a reality. However, the challenge lies in maintaining a consistent retirement savings plan, especially in … Read more
Following the advice of staying the course, not overreacting, and thinking long-term during economic uncertainty can do wonders for your retirement plan. But don’t misinterpret it as an invitation to sit back and not do anything. While things are still uncertain, there are steps you can take that will pay off big down the road. … Read more
With its year-round sunshine, stunning beaches, and relatively cheap taxes, Florida has long been a popular choice for retirees. However, an increasing number of Americans are opting to spend their golden years in its neighbor to the northwest. According to the Wall Street Journal, last year, John Fox and Louise Turkula of Minnesota purchased a … Read more
Every day in the United States, as reported by the U.S. Department of Health and Human Services, 10,000 individuals reach the age of 65. In the upcoming year, during what is termed “Peak 65,” this number is anticipated to surge to 12,000 daily, marking an unprecedented peak in the country’s 65-year-old population. A projected 20% … Read more
When discussing concerns about retirement, many individuals often raise the issue of potential health-related challenges. However, another significant worry that frequently affects retirees is the fear of depleting their financial resources. The harsh reality is that no 401(k) or IRA balance can guarantee that one’s savings will never run dry. Even a substantial nest egg … Read more
Now is the perfect time to top up your retirement accounts to ensure you are well-positioned for the future. Before the end of 2024, aim to top off retirement savings plans and take your RMDs if appropriate. Retirement account changes to make before 2024: Until December 31, you can contribute up to $22,500 to your … Read more
A few years ago, a renowned firm in the community organized an estate planning seminar, attracting many retirees. The event stood out for its lack of exaggerated promises, a common pitfall in such workshops, and the firm’s apparent expertise was commendable. However, a concerning trend emerged: every client received similar estate planning documents regardless of … Read more
Choosing the right retirement community involves considering several factors, including housing options, amenities, healthcare services, and lifestyle. Here are some steps to finding the ideal retirement community to assist individuals in making this critical decision. Location It is crucial to determine the desired location. Reasons for relocating may include: Identifying the preferred location sets the … Read more
Retirees living on fixed income streams face challenges when it comes to holiday spending, especially as the cost of food, retail goods, and other items continues to rise. However, with careful budgeting and financial planning, retirees can still enjoy a meaningful holiday without breaking the bank. To navigate the expenses that come with gift-giving and … Read more