Retirement

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, …

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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, …

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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 …

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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 …

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Biden’s Pick for Social Security Chief Promises End to Long Waits – What This Means for You!

As we look toward the horizon of retirement, the reliability and efficiency of Social Security services remain a cornerstone of financial stability for many. The Social Security Administration (SSA) has recently been under scrutiny for its service delivery times. It has become a growing concern for retirees who rely on these benefits for their livelihood. A Commitment to Enhanced Customer Service The nominee for the new commissioner of the SSA, former Maryland Governor Martin O’Malley, …

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Are Your Funds Safe? Social Security’s Top Expert Weighs In!

The Social Security Administration (SSA) is actively working to dispel concerns regarding the diminishing reserves in the trust fund. In a recent episode of the SSA Talks podcast, SSA’s chief actuary, Steve Goss, provided reassurance. He emphasized that although there is a risk of benefits decreasing as reserves diminish, it is unlikely that the Social Security trust funds will be completely exhausted. Addressing Common Fears Many retirees and soon-to-be retirees express apprehension about the financial …

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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 …

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Here Are Four Critical Retirement Planning Steps

Retirement, often viewed as the payoff for years of hard work and prudent saving, is envisioned as a period of joy, companionship, and leisure. The recent pandemic has highlighted the importance of financial security for a comfortable retirement. As a result, Americans are prioritizing strengthening their economic positions.  Furthermore, a survey conducted in 2021 by Ameriprise Financial revealed that the global health crisis had propelled individuals to enhance their financial perspectives, with many implementing retirement …

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Retirement Reality Check: Why Working Longer May Not Work

When it comes to retirement, many Americans find themselves retiring earlier than planned, often due to unforeseen circumstances. Retirement plans can be disrupted by factors such as poor health or job loss. In 2024, a Gallup survey found that Americans expected to retire at the age of 66, but the actual retirement age turned out to be 62 on average. This consistent gap of about five years between expected and actual retirement ages has been …

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How Social Security Changes in 2024 Affect YOUR Pocket

. In 2024, there will be three significant changes to the Social Security system that will have an impact on beneficiaries, contributors, and those planning for retirement. Individuals must be aware of these changes and how they may affect their financial well-being. The first change is an increase in Social Security benefits. Each year, the Social Security Administration adjusts the benefits based on the cost of living. In 2024, there will be a 3.2 percent …

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