An important decision near-retirees face is whether to take their pension benefits upfront as a lump sum or over time as an annuity. The rise in interest rates – a current state of affairs – may affect that amount if you are leaning towards a one-time payment near retirement.
Author: Doreen
The Pros and Cons of Residing in a State with No State Income Tax
Every citizen of the United States is required to pay federal income tax, and some taxpayers must pay a separate state income tax. Living in a state that does not require paying income tax seems wise.
Three Strategies For Turning Your Retirement Savings Into $1 Million
Saving $100,000 is an excellent start toward a comfortable retirement. Nonetheless, if you want to retire in style, you’ll need a lot more than that. The good news is that you’ve already accomplished a great deal simply by reaching the $100,000 mark. Growing $100,000 into $1 million is a relatively simple process. Here are three tips that you could use to try and reach that million-dollar milestone
Buy Now Pay Later Options Can Impact Your Savings
A growing number of Christmas consumers are utilizing buy now, pay later (BNPL) programs like Affirm and Afterpay. Financial gurus caution that it is a valuable instrument that can rapidly lead to debt accumulation.
Financial Resolutions for the New Year
With 2023 at our doorstep, it is time to think of our financial goals, no matter your age.
Financial goals require regular investments of money and effort over a long period. Bringing them to life requires a workable plan.
Here are ten financial objectives everyone should have in 2023:
These Statistics About Retirement Should Terrify You
A tight budget for living expenses like food and gas makes planning for retirement a daunting undertaking. A few critical and sobering retirement realities may also have escaped your attention. Preparing for retirement will help you avoid making careless financial mistakes as you plan for your post-work years. This article seeks to clarify some of the challenging realities of retirement so that you may make the necessary plans.
7 Reasons to Change Your Medicare Plan During Open Enrollment
With inflation putting a strain on many people’s wallets, an alternative Medicare plan might help reduce costs. Changing plans may also be necessary if your location or medical requirements change.
Here Are 4 Things For Retirees To Look Forward To In 2023
Many retirees on fixed incomes have had a difficult year. Rising costs, a volatile stock market, and fears of a probable recession have many older Americans concerned about their financial future.
The following are four things to look forward to in 2023 for those nearing or currently in retirement.
Social Security May Face Significant Changes In The Future
Social Security is a lifeline for millions of seniors. According to a a recent poll, more than 70% of retirees, rely heavily on Social Security income, and 40% of the group says they rely entirely on their benefits.
Here Are The Top Two Retiree’s Expenses And Some Ways To Lower Them
According to the most recent official statistics, the average monthly cost for persons 65 and over, including rent, groceries, and healthcare, is roughly $4,345. In 2016, retirement-age Americans could spend approximately a thousand dollars less, at $3,564. However, with inflation only lately beginning to decrease from a nearly 40-year peak this summer, financial experts predict that older Americans will need to reduce their spending even more in the future.
