Want larger Social Security benefits? Three Motley Fool retirement experts explain the easiest ways to make that happen.
Photo by Towfiqu barbhuiya on Unsplash Many Americans worry they’re not saving enough for retirement, and rightfully so. A recent Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor. The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns. Still, research suggests people who work with a financial advisor feel more at
Can I retire at 55? It’s a question you might be asking yourself if you’re hoping to make an early exit from the workforce. While normal retirement age for most people usually means 65 or older, early retirement could give … Continue reading → The post Can You Retire at Age 55? Let’s Run the Numbers appeared first on SmartAsset Blog.
The 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act brought key changes to laws governing retirement plans. Among other things, the Act eliminated the age cutoff for traditional IRA contributions and increased the age for required minimum distributions … Continue reading → The post SECURE Act 2.0: What It Means for Your Retirement appeared first on SmartAsset Blog.
One of my goals for my 65th orbit of the sun is to really dig into Medicare. Traditional Medicare is made up of Part A (hospitalization), Part B (doctor’s services, outpatient costs and medical equipment) and Part D (prescription drugs). For 2021, the Part B standard monthly premium is $148.50.
Most retirees are eligible, but some fall through the cracks due to a spotty work history or for other reasons.
If you become insignificant in retirement, you lose identity, purpose, and a part of yourself. Here are some ways to avoid that.
Financial Advisor at Wealthstream Advisors Katharine George joins Yahoo Finance to discuss the best strategies for employees who want to invest in retirement if their employers don't offer a standard 401(K) plan.
For retirees and those who are getting close, big changes are on the horizon for 2022. Most consequentially, Social Security is getting a makeover with several big updates that will impact most of the...
Latinas need to work almost a year more—i.e., twice as hard—to break even on white men's earnings. On this Latina Equal Pay Day and every day, what can we do to turn the tide?
Learn why age plays an important role for receiving Social Security income and why calculating the breakeven age is important.
The largest Social Security raise in decades may not provide as much extra income as you'd think.
When it comes to saving for retirement, the sooner you begin investing, the easier it is to accomplish your goals. If you are still earning income, you still have the option to invest in tax-advantaged accounts that help your retirement savings grow. Depending on your income, you might also be able to claim the Saver's Credit, which could essentially provide up to $2,000 in free retirement savings from Uncle Sam.
Prepare yourself for some startling Social Security statistics: According to the Social Security Administration (SSA), Social Security benefits on average make up about 30% of elderly Americans' income. How much are Social Security benefits? For the best estimate of how much you will receive in Social Security benefits in the future, head over to the SSA website and set up a "my Social Security" account.
Preparing for a job interview is stressful, including planning what you’re going to wear. Do you go with the beige pencil skirt that scored...
If you're at or nearing retirement age, it's possible your boss wants you to retire, but you just haven't gotten the memo. Some employers take a direct approach when encouraging workers to start their...
Many seniors today look to Social Security as an important source of retirement income. If you're wondering whether it's feasible to live on Social Security alone, you'll need to get an estimate of your monthly benefit and see what that number looks like.
The COVID-19 pandemic has unexpectedly helped Japan's nursing homes and information technology (IT) companies overcome years of labour shortages, as job cuts at restaurants and hotels have prompted workers to look for new careers. Toshiki Kurimata, who used to make 2.8 million yen ($25,000) a year as a masseur, quit after 12 years as the pandemic caused a sharp drop in customers. Now he works at a nursing care centre and is taking classes to become a registered caregiver.
Pension managers, facing shortfalls, are turning to risky bets on private equity, private loans and real estate to plug gaps in their “leaking bucket.”
Someone who inherits a non-qualified annuity will only have to pay income taxes on any earnings from the annuity when they are withdrawn. Inheriting a qualified annuity, on the other hand, means owing taxes on any withdrawals from the annuity, … Continue reading → The post What Is an Inherited Non-Qualified Annuity? appeared first on SmartAsset Blog.
If you're receiving Social Security benefits, you'll be earning a significant raise next year. The Social Security Administration recently announced that beneficiaries will earn a 5.9% increase in benefits in 2022 to account for cost of living adjustments, which is the biggest boost in decades. How much does the average retiree earn in Social Security benefits?