Preparing for retirement may take more time, money, and effort than you think. It is especially harder to transition this year as inflationary pressures intensify. Although it may benefit savers and lenders, its impact is less desirable than we think. It erodes the value of dollars and, in turn, hurts the purchasing power of consumers….
All You Need to Know About Living Off Dividends
May 29, 2023
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How Much to Sock Away in a 401(K)
By Lisa Gerstner From Kiplinger’s Personal Finance Stashing enough in an employer-sponsored retirement plan to get the full match is a no-brainer—it’s free money toward your retirement. Employers often match contributions up to about 3–5 percent of an employee’s salary. However, figuring out how much to contribute to a 401(k) beyond the match and how…
The Price of Prescription Drugs Expected to Fall for Retirees
By Sandra Block From Kiplinger’s Personal Finance If you’re enrolled in Medicare and spend a lot of money on prescription drugs, legislation enacted last summer could lower some of your expenses. The prescription-drug provisions in the 2022 Inflation Reduction Act will be phased in over seven years, but some take effect as early as this…
Social Security for Younger Retirees
Conventional wisdom has it that to get the most out of your Social Security, you should wait as long as possible to start your benefits. That’s good advice for some, but not for all. There are a variety of reasons why you might want to take your benefits at 62 (the earliest you can start…
Gen Z Workers Are Saving More for Retirement: Study
Gen Z workers are participating in workplace retirement plans at higher rates than previous generations were at the same stage of their lives, according to a new study by the investment firm Vanguard. In 2021, 62 percent of workers between the ages of 18 and 24 participated in their company’s 401(k) plan, up from 30…
Can You Afford to Age in Place?
Most older adults ages 50 to 80 say it’s important to stay in their homes for as long as they can, according to the 2022 National Poll on Healthy Aging from the Institute for Healthcare Policy and Innovation at the University of Michigan. But only 1 in 3 said their home “definitely” has the features…
Less Than 60 Percent of Baby Boomers Own Retirement Accounts
Millions of working-age Americans aged between 56 and 64 are edging closer to retirement without having savings stashed away. Census data for 2020 shows that less than 60 percent (approximately 58.1 percent) of American “baby boomers”—generally defined as those born between 1946 to 1964—owned a retirement account three years ago, at a time when the COVID-19 pandemic…
Your Social Security Payments Outside the US
As I write this, my wife and I are about to leave on a one-month trip to England. This has been one of our “bucket list” plans for a long time now. We’ve been back and forth to Europe about a half dozen-times over the years. But most of those trips were of the “if…
Your Pension Could Become a Retirement Tax Bomb
May 9, 2023
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If you have a pension coming to you when you retire, it could affect your taxes in the future. The biggest problem would be that you put a lot of your retirement money into tax-deferred accounts. As a result, it means that you will have to pay taxes on that money when you withdraw it,…
Freelancing Full-Time? 5 Personal Finance Moves
May 8, 2023
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BrightbudgetingEarning MoneyfreelancingFuture Planninginsurancepersonal financeretirementretirement accountRetirement AccountsWealth Management
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I did everything backward when I started freelancing. I was fresh out of journalism school. Instead of getting an entry-level job at a newspaper or magazine, I immediately started looking for online gigs. My then-husband and I were up to our eyeballs in student loan debt. He still had years of schooling ahead of him….
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