At the beginning of 2023, Social Security beneficiaries witnessed a substantial 8.7% increase in their benefits. This cost-of-living adjustment (COLA) was the most significant in several years, driven by the intense inflation…
Tag: premiums
The Best Places You Can Save For Retirement Without A 401(K) Account.
Without a 401(k) via your employer, saving enough money for retirement can be difficult, but it is certainly doable. If you want your money to grow tax-free, you can open a savings account or a Roth IRA instead. If 2022 is still a year in which you hope to contribute to your retirement fund, here are options to consider.
How To Mitigate Retirement Expenses
Many Americans are blissfully unaware of just how fast their hard earned money can actually fly out of their wallet, leaving them scratching their heads. Between the costs of living, housing and health maintenance, are you truly aware of how much you potentially have to work with within your budget?
Is A 401k The Best Option?
A 401(k) plan is an excellent way to save money for retirement. However, the money you save shouldn’t just sit there in cash. You’ll need your nest egg to stay up with inflation as a senior, so you don’t lose purchasing power. Therefore, it is essential to invest your retirement funds prudently.
Your 5 Biggest Challenges During 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.
Your Medicare Drug Provisions Under the Inflation Reduction Act
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:
You Need To Know About Hidden Obstacles In Your Retirement Account
Regardless of how far away or close your retirement is, you should plan thoroughly because, without it, you could face significant challenges that aren’t top-of-mind right now. These issues may affect your lifestyle in the future. You may encounter hidden roadblocks on your way to retirement, so you should educate yourself about them and take the appropriate steps to reduce their impact. Consider these five essential elements when planning your retirement:
IRMAA – a Medicare Surcharge That You Need to Know About
Surprise, the same thing that boosted your income two years ago may now increase your Medicare premiums. Income-related monthly adjustment amounts, or IRMAAs, are one of those unwelcome surprises that can confront you as retirement draws near.
Common Retirement Expenses That You Should Budget For
Some expenses may be able to be reduced or eliminated in retirement, while others may increase with age. Retirement means no commuting costs or expensive clothes for work, and new hobbies or…
