In 2023, people who receive Social Security benefits saw a substantial increase in their payments due to the cost-of-living adjustment (COLA). As a result, retired workers are likely hoping for a similar adjustment in 2024.
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.
If you’re trying to determine if $1.5 million will last you through retirement, you’ll need to consider your Social Security, pension, other retirement income, and your fixed and variable expenses. Significant factors include how long you expect to live in retirement and spending time in that phase of life. Allow me to assist you in determining if you can retire comfortably on $1.5 million by breaking down these and other factors.
Yes, a home is still a good investment, despite falling home prices. After a lengthy surge in property prices, indications now point to a time of deceleration. Instead of being enthusiastic about this potential, many homebuyers question if purchasing a home during a recession is still a sensible investment.
A tight budget for living expenses like food and gas makes planning for retirement a daunting undertaking. A few critical and sobering retirement realities may also have escaped your attention. Preparing for retirement will help you avoid making careless financial mistakes as you plan for your post-work years. This article seeks to clarify some of the challenging realities of retirement so that you may make the necessary plans.
This year, retirees and investors nearing retirement are under stress. The inflation rate has soared to multidecade highs, equities have plummeted, and bonds, often a haven, have declined. One of the worst years in a century has been experienced by the typical portfolio consisting of sixty percent equities and forty percent bonds.