Thanks to advances in healthcare, retirees are living longer than ever – sometimes stretching their retirement out 20 years or more.
According to the 2010 US Census and the National Center for Health Statistics, the number of Americans 65 and older is growing. In 2010, the 65-74 age group (20.8 million) was 10 times larger than in 1900. The 75-84 group (13.1 million) was 17 times larger and the 85+ group (5.5 million) was 45 times larger.
One major concern for most retirees is outliving their life savings. That’s why it’s important to plan well for your retirement.
Which brings us to today’s Just Explain It.
What are the best ways to maximize your income in retirement without working?
Here are some suggestions.
It’s a given that at some point you’ll have to pay taxes on your savings. How much is the question. That depends on the strategy you use to minimize the tax impact. For example, experts advise leaving most of your money tax-deferred in a 401(k) or an IRA account. The more moneyRead More »from Just Explain It: Maximizing Your Retirement Income Without Working