Retirement

How will 2024 Midterm Elections affect Retirement?

The midterm elections of 2022 were among the most controversial in recent memory, with voters weighing in on crucial economic topics like inflation and taxes. While rising prices catch the attention of many voters, the upcoming Election could result in significant changes for retirees and those nearing retirement, given that the Republicans have pledged to cut Social Security and Medicare.

And would Democrats, as they did in 2021, attempt to amend Roth IRA restrictions and estate taxes? These two main concerns and others could appear on the forthcoming legislative agenda when the new term begins, mainly if there is a shift in the congressional power structure.

Here is what individuals planning for retirement must focus on and how they can better secure their future.

Tax Deadline Approaching, How Much Money Do You Owe?

Taxes might significantly reduce your retirement income. The greater your retirement income, the greater your tax liability, and this causes a greater proportion of your hard-earned money to be utilized to pay taxes. Continue reading to see how different types of retirement income are taxed.

Passive Income Can Generate Wealth For You In Retirement

Imagine earning money just by sitting back and doing nothing. Thousands of people do it every day, believe it or not. Passive income investment is the notion that allows people like you to accumulate wealth without having to lift a finger.

3 Must Take Steps to A Secure Retirement

Everyone wants to enjoy our elderly years; we all yearn for a retirement free of worry. However, getting there requires extensive planning. And it is essential to begin early.

Here are the fundamental processes involved in retirement planning.

What Will Become Of Social Security And Medicare?

As the two most extensive non-emergency spending programs in the federal budget, the two programs are the foundation of retirement security for nearly all American workers; it makes perfect sense to discuss Social Security and Medicare during election season – especially considering that both programs face significant financial challenges as our population ages.

3 Ways The SECURE 2.0 Will Help Your Retirement

The U.S. House of Representatives recently enacted SECURE 2.0, a new retirement measure intended to expand upon the SECURE Act of 2019. SECURE 2.0 is designed to simplify the retirement process, and three significant enhancements might help your savings go further.

How To Save For Retirement With Limited Resources

Sometimes the most difficult aspect of saving money is just getting started. This step-by-step approach can help you build a straightforward and achievable saving strategy to achieve all of your short- and long-term goals.

How To Establish If You Should Rent Or Own Your Home

Renting or owning a home has pros and cons; the decisions ultimately depend on where you see yourself during retirement. There is no right or wrong answer, your budget and plans matter. Here are some tips to determine which option might be a better fit for you.

The Truth About Cash And How Much You Should Carry

Is it necessary to carry cash nowadays, with digital payments so common? Cash is king, as the cliché goes, yet it appears to be becoming increasingly obsolete in today’s environment. Venmo allows friends to pay each other, delivery apps feature digital tipping choices, and even tiny stores increasingly take credit and debit cards.