In retirement, the cultural norm is that you are living a good life. Psychologists and others have found that working and volunteering during retirement can reduce depression, dementia, and hypertension. Other evidence suggests that these activities aren’t the key to everyone’s well-being. To find out what makes people happy, people should spend as much time planning their social or psychological portfolios before retirement.
Even though saving for retirement is important, your plan of action once you retire is at least as important. Regardless of how well you save during the accumulation phase, it’s crucial to plan how you will convert those assets into income.
As a result of the reconciliation bill, at least some Medicare beneficiaries will see lower prescription costs in Part D, Medicare’s prescription drug program, and in Part B, Medicare’s office-based prescription drug plan, as follows:
Many retirees face similar dilemmas with the pension or lump-sum decision driven by corporations trying to reduce debt. Is it better to let your old employer manage your pension money or to let you handle it? The choice you make is a potentially life-changing decision. In addition, it is often made in haste since employees often don’t have much time to decide, and many do not have access to objective financial advice. These decisions are typically irrevocable.
When buying a new house for retirement, certain factors should be considered. Buying a retirement home may be even more important than buying your first home because your retirement home may need to meet your changing needs as you age.
Think about these three factors when you’re looking for a retirement home when you’re making your decision.
Are you 50 or older? Finally, some good news, you may qualify for some tax breaks. Being older has some perks, and the following tax breaks may be available to you. Seniors 65 and older get a bigger standard deduction. You or your spouse can claim a larger standard deduction if you don’t itemize your … Read more
How ready are you to retire? Have you done a test run? Can you cut your expenses? Read on for some helpful ideas.