Ray Jefferson, Author at The American Retiree

The Secret IRS Changes to Your Retirement Funds After 70 Revealed!

As retirees, staying informed about the evolving rules surrounding Individual Retirement Accounts (IRAs) is crucial. Gone are the days when you had to start withdrawing from your IRA at age 70 1/2. The landscape has changed, offering more flexibility and control over retirement funds. The SECURE Act 2.0, a significant legislative update, has altered the age for Required Minimum Distributions (RMDs). If you’re turning 72 in 2024, note that the RMD age has been pushed …

Employee Benefits: The Surprising Benefits Beyond Retirement You Can’t Afford to Overlook

Inflationary pressures have begun to manifest themselves within the workplace, extending beyond the mere demand for salary increases. Many employees are now turning to their employers for assistance in grappling with the escalating cost of living, resulting in a transformation of the types of benefits both sought after and provided. While conventional retirement plans and health/dental insurance continue to serve as the fundamental pillars of corporate benefits, assisting employees in achieving their long-term financial aspirations, …

Is Putting Your Emergency Fund into a CD a Smart Move?

You should maintain an emergency fund equivalent to three to six months’ worth of living expenses. This financial safety net ensures preparedness for unforeseen expenses, shielding you from resorting to debt or experiencing financial strain while attempting to cover unexpected costs. Nonetheless, accumulating a substantial emergency fund can raise the question of whether you should consider investing it to generate better returns. Certificates of deposit (CDs) often offer superior returns compared to regular savings accounts, …

Senior Living: What You Need to Know Before You Move

Choosing the right retirement home is a crucial decision that affects our comfort, independence, and overall well-being as we age. So, how do you choose the home you want to retire in? Here are some things you should consider before making any decisions. 1. Understand Your Needs and Preferences The first step is to assess your current and future needs. Consider factors like health care requirements, lifestyle preferences, and social needs. Do you need assistance …

Think Your Retirement is Secure? This Debt Trend Says Otherwise!

As Americans age, a concerning trend has emerged: the increasing burden of debt on older households. This issue has significant implications for the financial health of the aging population and the economy at large. The Center for Retirement Research at Boston College has highlighted key aspects of this troubling pattern. The proportion of households aged 55 and over with debt has escalated, and the median amount they owe has more than doubled in the last …

Don’t Drop the Ball: Your Medicare Deadline is Looming

The United States is home to over 335 million people, with approximately 65 million benefiting from Medicare, the national health insurance program. Among this group, about 57 million are senior citizens over 65. For these individuals, the Medicare enrollment period is a critical time, offering a once-a-year opportunity to assess and adjust their Medicare plans. It’s a significant time that allows individuals to tailor their healthcare coverage to fit changing medical needs and potentially reduce …

Act Now or Miss Out: Critical Retirement Deadlines You Can’t Ignore

As the calendar year draws to a close, financial professionals emphasize the importance of attentive management of retirement plans. A timely assessment of one’s retirement strategy is crucial for ensuring that savings grow adequately and that individuals receive the maximum tax advantages. With several critical deadlines on the horizon, those gearing up for retirement should be particularly vigilant to make the most of their contributions and distributions before the year’s end. 401(k) plans For employees …