Many people find retirement to be a daunting prospect. After spending years in a routine of work, retirement marks a significant change in lifestyle that can be overwhelming for some. The prospect of losing the daily structure and social interactions that work provides can leave some retirees feeling lonely and without a sense of purpose.
This account provides a “triple tax benefit,” yet 88% of the nation is not taking advantage. Rarely are investors able to have their cake and eat it, too.
Despite frequent reminders, many ignore the need to save separately for retirement. An estimated 33% of Americans have no retirement savings, but more alarming is that 30% of those aged 55 and older are in the same predicament. Social Security is a major contributor to the fact that so few of us save. The National Academy of Social Insurance estimates that about 25 percent of elderly Americans depend solely on Social Security. Although Social Security …
When we retire, we may be giving up more than staff meetings and desk lunches. Work’s social contact and mental demands might be beneficial to our mental health. According to a recent study, working longer, making decisions, and being surrounded by diverse individuals are all beneficial to brain function.
Medicare’s prescription drug coverage will be transformed by provisions in the Inflation Reduction Act of 2022, which, for the first time, allow the program to negotiate prices of some medications with drug manufacturers, cap out-of-pocket costs for beneficiaries, and provide free vaccinations for Medicare enrollees.
Common pitfalls on the road to retirement include spending too much, investing too little, and deviating from your goal. The good news is you may be able to prevent them with some self-control and foresight.
Investors and financial advisors have had a challenging year. Many are reevaluating portions of their financial planning in light of record inflation, declining asset prices, soaring rents, and imminent recession fears. They are still determining whether their desires will remain the same in 2023.
While saving for retirement is essential, what follows next is at least as vital as your plan of action after retirement. Regardless of how diligently you save throughout the accumulation phase, preparing how those assets will be converted into income is essential.
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.
Medicare plan finder unlikely to reflect new out-of-pocket insulin cap of $35. Congress recently set the out-of-pocket cost of insulin for seniors at $35 per month, but the change arrived too late to be included in a crucial online tool known as the Medicare plan finder.