If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you...
Retirement Planning
5 Money Mistakes That Keep You Poor
Navigating the complicated financial landscape in the United States is challenging, especially considering the varying costs of a comfortable lifestyle.Recent statistics from GOBankingRates reveal a median income of approximately $53,000 for comfortable living,...
Retirement Planning Key Numbers
Certain retirement plan and IRA limits are indexed for inflation each year, and 2024 saw increases in many figures. Some of the key numbers are listed below, with the corresponding limit for 2023. (The source for the 2024 numbers is IRS Notice...
Can I set up a traditional IRA?
Almost anyone can set up a traditional IRA. The only requirement is that you generally must have taxable compensation (typically, salary or wages from your job) in order to put money into an IRA. Beyond that, the basic mechanics of setting up an IRA are pretty...
2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year.1Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be...
Why a Healthcare Bucket for Your Retirement Portfolio Makes Sense
Healthcare costs consume a growing share of retiree budgets over time. Because they typically rise at a rate higher than inflation, do healthcare expenses deserve their own bucket within the portfolio?Some experts say yes, that from a behavioral and financial...
To Retire Someday, When’s The Right Time To Start Investing?
With constantly changing regulations, a market that seems to be continuously in flux, and inflation driving costs up across the board, it can be hard to know when and if you should start investing your money. So how do you know when you should start?
Social Security Benefits Could Shrink in 10 Years. How to Plan.
If the Social Security trust fund runs dry in 2033—which it is projected to do if no action is taken—a couple with average earnings would lose $17,400 in benefits that year alone, according to a new report.
3 Ways To Tell If You Are Ready For Retirement
Retirement is more of a balancing act than a one-and-done decision. You have to know if you’re ready before you actually do it.
Three Things To Do Before You Retire, And Three Things That Can Wait
As a retirement writer who is working past his normal retirement age, I’ve witnessed a lot of people transition from work to retirement. And I’ve noticed that a source of stress for many is determining which things have to happen at retirement versus which decisions can wait. While every retirement is unique, these are my observations about what issues should be prioritized and what can be delayed.