Retirement

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Your Guide to Navigate Medicare Open Enrollment This Year

Your Guide to Navigate Medicare Open Enrollment This Year

Are you getting bombarded with TV commercials and a mountain of health insurance advertisements in the mail? You’re not the only one. It’s that time of year again: Medicare open enrollment. During this roughly two-month period, Medicare beneficiaries can compare and adjust their coverage. Private insurance companies aggressively advertise their plans in hopes that you’ll […]

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Should I Reduce Retirement Savings During Bad Economic Times?

Should I Reduce Retirement Savings During Bad Economic Times?

Rising prices, a volatile stock market and general economic uncertainty may have you wondering if now is a good time to pause your retirement contributions until things calm down a bit. It’s typically a good idea to keep putting money aside for later regardless of the economy. Still, all the volatility might provide a reason

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Dear Penny: Should I Buy a M Annuity So I Never Worry About Money Again?

Dear Penny: Should I Buy a $3M Annuity So I Never Worry About Money Again?

Dear Penny, Please help me evaluate a tantalizing temptation. I am a 58-year-old single gay white male college graduate with no dependents. I worked hard, prospered, lived frugally and saved for over 30 years. In my early 50s, I was promoted beyond my skills and abilities and consequently floundered professionally.  Currently, I am self-employed owning/managing

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How to Sign Up for Medicare: Everything You Need to Know

How to Sign Up for Medicare: Everything You Need to Know

If your 65th birthday is approaching, it’s time to talk about Medicare. You know it kicks in when you turn 65, but how does it work? Some people are automatically enrolled while others need to sign up through the Social Security Administration. You’ll also need to get coverage for prescription drugs and maybe a supplemental

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The Surprising Benefits Of Early Retirement I Never Anticipated

The Surprising Benefits Of Early Retirement I Never Anticipated

In a previous article, I highlighted the negatives of early retirement nobody likes talking about. It might have seemed like the negatives of early retirement outweighed the positives. Further, some readers commented I sounded depressed. In actuality, I just wanted to provide some balanced perspective before you make one of the biggest decisions of your

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The Negatives Of Early Retirement Life Nobody Likes Talking About

The Negatives Of Early Retirement Life Nobody Likes Talking About

Early retirement sounds great and it is great for the most part. But there are negatives of early retirement life that also needs to be discussed. I retired early in 2012, at the age of 34. Then I unretired a year later because early retirement felt unnatural. Since retiring early in 2012, I’ve redefined what

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Navigating the retirement journey from the go-go years to no-go years

Navigating the retirement journey from the go-go years to no-go years

Clearly articulating your gifting and estate-planning goals may improve your retirement journey https://financialpost.com/personal-finance/retirement/navigating-the-retirement-journey-from-the-go-go-years-to-no-go-years #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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What Is a SIMPLE 401(k) and How Does It Work?

What Is a SIMPLE 401(k) and How Does It Work?

A Savings Incentive Match Plan for Employees, or SIMPLE 401(k), is a type of employer-sponsored 401(k) plan structured for small businesses with 100 employees or fewer. It is a cost-effective way for small businesses to offer a qualified plan to employees who have received at least $5,000 in wages in the previous calendar year. For

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FP Answers: What happens to CPP and OAS payments when a spouse dies and how do we plan for this?

FP Answers: What happens to CPP and OAS payments when a spouse dies and how do we plan for this?

Lifestyle planning should be the first step in your overall plan so you can have a good life both now and in the future https://financialpost.com/personal-finance/retirement/fp-answers-what-happens-to-cpp-and-oas-payments-when-a-spouse-dies-and-how-do-we-plan-for-this #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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What Is a Traditional IRA?

What Is a Traditional IRA?

A traditional IRA is a tax-advantaged individual retirement account that allows you to invest on a pre-tax basis, meaning you don’t pay income tax on the money when you invest it. Your balance can grow tax-deferred, and when you withdraw it after you reach retirement age, you’ll pay taxes on qualified account disbursements. One of

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Quiet Quitting Is Wonderful For Financial Freedom Seekers And Parents

Quiet Quitting Is Wonderful For Financial Freedom Seekers And Parents

Quiet quitting is taking the younger generation by storm, especially those on TikTok. The idea behind “quiet quitting” is to do no more than what’s asked of you at work and then check out. Once you’re out of the office, there’s no more responding to work e-mails, slack, nada. A quiet quitter does not go

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FP Answers: How should I make up the $1,278 a month that I need to live comfortably in retirement?

It’s possible that you may qualify for a minimal amount from the Guaranteed Income Supplement https://financialpost.com/personal-finance/retirement/fp-answers-how-should-i-make-up-the-1278-a-month-that-i-need-to-live-comfortably-in-retirement #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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What Is Compounding? An Explanation of Compound Interest

What Is Compounding? An Explanation of Compound Interest

Compounding Definition Compounding is the returns earned from interest on an existing principal amount, as well as on interest already paid. If you’re new to investing, compounding should be at the start of any investing discussion. Compounding refers to earning interest on top of the interest you’ve already accumulated from previous periods, and it’s a

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FP Answers: What’s the best way to maximize my RRIF money?

FP Answers: What’s the best way to maximize my RRIF money?

Contrary to popular opinion, drawing extra to minimize high after-death taxes might not make financial sense https://financialpost.com/personal-finance/retirement/fp-answers-whats-the-best-way-to-maximize-my-rrif-money #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp

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How To Retire Early: 7 Steps To Plan For Early Retirement

How To Retire Early: 7 Steps To Plan For Early Retirement

“How can I retire early?” That question might not keep you up at night if you’re still riding out your 20s—but if you like the idea of cutting down your working years and enjoying more financial freedom later in life, now is the time to explore your options for how to retire early.  So what

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How to Clean Out a Home: What to Keep, Sell, Donate and Toss

How to Clean Out a Home: What to Keep, Sell, Donate and Toss

Cleaning out a home is a major undertaking. The sheer amount of stuff can be overwhelming.  Whether you’re moving to a smaller place in retirement — or helping your siblings clean out the family home after your parents pass away — the process is never easy. You might be up against a tight deadline because

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Leaving your old job? Initiate a 401K rollover

Leaving your old job? Initiate a 401K rollover

As of May last year, there were an estimated $24.3 million forgotten or left behind 401(k)s, according to a study conducted by Capitalize, totaling to $1.35 trillion in abandoned assets.  Life happens in chapters. And sometimes, a new chapter involves getting a new job or losing your current one. There can also be some cliffhangers

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Self-Directed IRA (SDIRA) – What This Retirement Plan Is & How It Works

Self-Directed IRA (SDIRA) – What This Retirement Plan Is & How It Works

Self-directed IRAs offer flexibility to enjoy tax benefits while investing in alternative assets such as real estate and franchises. But they come with significant restrictions and cumbersome administrative hurdles. Learn more about self-directed IRAs and their pros, cons, and limitations. The post Self-Directed IRA (SDIRA) – What This Retirement Plan Is & How It Works

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Does SSDI Stop When You Become Eligible for Social Security?

Does SSDI Stop When You Become Eligible for Social Security?

If you receive Social Security Disability Insurance (SSDI), you’ve probably worried at some point about losing benefits. After all, the application process is notoriously long and cumbersome. If you’re nearing retirement age, those fears may become more pronounced. So what exactly happens to your SSDI when you reach retirement age? The good news is that

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