One of the biggest financial stressors retirees face is healthcare costs. You can mitigate this stress by engaging in the estate and retirement planning process. Chronic illness, or “long-term care” needs, for example, are not covered by Medicare or any Medicare Supplement and thus can become a considerable expense later in life. Long-term care is… Continue Reading
One of the most stressful parts of retirement is the need to project costs in the future. If retirement ends up costing more than you thought, you could be in a very difficult place financially and be forced to choose between spending less or running out of money. To protect against this, save and invest… Continue Reading
One of the biggest tactical mistakes that couples can make as they approach retirement is to retire at the same time without thinking critically about this decision. Couples often dream of the day when they can stop working and spend time together, but this is not always the best way to maximize your joint income… Continue Reading
For some people, traditional retirement accounts may not provide enough income once they decide to stop working. People in this position may want to consider an annuity, which is a product that offers a steady stream of income for the life of the policyholder. However, there are many different types of annuities, and deciding which… Continue Reading
People often do not prepare adequately for taxes during retirement. Since retirement involves a fixed income, you should work to limit the number of surprise taxes you face. Moreover, you should plan strategies for reducing your overall tax burden while not working. This will make your hard-earned savings last longer. Luckily, there are a number… Continue Reading
Many people are growing worried that the United States is headed toward a financial downturn. While this is a bad situation for anyone, it can prove particularly stressful for people who are retired since they are on a fixed income. Often, retirees already live on a budget, so preparing for a financial downturn can seem… Continue Reading
With the current high rates of inflation throughout the United States, many retirees are worried about running out of money, especially those people who were pushed into retirement early due to the pandemic. The costs of everyday items like milk and fuel have increased dramatically with inflation rates that are the highest they have been… Continue Reading
Prior studies have shown that millennials are better than previous generations at saving for retirement and even putting money away for their children’s education. As this generation begins to purchase homes and start families, as well as care for their aging parents, they are planning for the future in an impressive way. A recent study… Continue Reading
Retirement plans have received a lot of attention from lawmakers in recent years. In 2019, the Secure Act resulted in some dramatic changes to retirement plans. One of the major changes was the possibility to incorporate annuities, which provide lifetime income, into both 401(k) and 403(b) plans. These products make it possible for employees to… Continue Reading
Younger people who are saving for retirement tend to rely mostly on stocks. While stocks are a risky investment vehicle, people who are younger have time for their portfolios to recover should something happen in the market. Moreover, accepting higher risk provides a greater chance of larger returns, so the portfolio can grow quickly. As… Continue Reading