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.
The security of tax returns, credit cards, and other usual targets of cybercriminals has been strengthened. Cybercriminals are now launching sophisticated assaults on workplace retirement plans and plan accounts.
If you’re worried about whether your retirement assets will endure, consider that life expectancy may be a more significant factor than even historically high inflation.
Even though retirement is one of the most significant life changes, a 2022 survey found that 71 percent of baby boomers were concerned about their ability to save enough for it. Similarly, as an adult child, you may wonder about your parent’s ability to adjust to retirement.
A new law that raises the minimum withdrawal age for retirement savings may have unintended and costly implications.
It’s tempting to put off retirement savings until later in life, especially when you’re in your 30s, but you should keep this goal in mind at all costs. You’ll need to control your spending to maintain a healthy savings rate.
Whether you have your retirement date circled on your calendar or have just begun the next phase of your life, you have likely considered taking a trip. But how does one select the ideal destination? There are several factors to consider, including cost, activities, language, and transportation.
The holy grail for many retirees is to find a tax-free jurisdiction to spend their life savings. Income from Social Security, pensions of any kind, 401(k) and IRA distributions, interest, dividends, and capital gains are not subject to state taxation in these eight states.
Advisors celebrated the passing of a retirement reform law at the end of 2022. Most of the discussion centered on provisions allowing savers more leeway in their retirement preparations and incentivizing more employers to provide workplace savings programs.
Like a jigsaw puzzle, the U.S. retirement system consists of a wide variety of parts that come together to form a complex, if not always cohesive, whole. Fixed-benefit pension plans are becoming increasingly rare among modern employers. It’s also true that Social Security has its flaws because it was never meant to be a retiree’s only source of money in their golden years.