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Longevity risk is the possibility of outliving your retirement savings. This can be a genuine concern, especially considering that the average life expectancy in the U.S. has grown to 77.3 years, although many people will live longer. Since it’s impossible to predict how long you’ll live, estimating your longevity risk can be complicated. Find out […]
What Is Longevity Risk for Retirees? Read More »
It’s been a tough year for many retirees on fixed incomes. Rising prices, a turbulent stock market and concerns about a possible recession are leaving many older Americans stressed about their financial future. But it’s not all doom and gloom. There’s actually a few things to look forward to in 2023, including bigger Social Security
4 Good Things Retirees Can Look Forward to in the New Year Read More »
Since 2012, I’ve been arguing that freedom is priceless. After giving up a healthy income and my career for more freedom, how could it not be? But maybe I’ve just been telling a lie to make myself feel better about not being richer! We lie to ourselves to help justify our decisions. Otherwise, we might
Freedom May Not Be Priceless: Consider Going To Jail For Money Read More »
Are you confusing your good fortune due to your own skill rather than due to luck? I’m here to argue that above average wealth is mostly due to luck. Therefore, stop deluding yourself into thinking you’re so great! As President Obama said in a July 13, 2012 campaign election speech, “If you’ve got a business,
Your Outsized Wealth Is Mostly Due To Luck: Be Thankful! Read More »
Contrary to popular belief, the ideal retirement age isn’t as soon as possible. Retire too soon and you may feel empty for never living up to your true work potential. Retire too late and you might always be left wondering what could have been if you had changed course sooner. For example, a 35-year-old couple
The Ideal Retirement Age To Minimize Regret And Maximize Happiness Read More »
Dear Penny, I am a widow. My husband was 53 when he died. He was collecting Social Security disability for about two years preceding his death. I am nearing retirement age and was planning on taking his Social Security when I reach my full retirement age, and then switching to mine when I turn 70.
Dear Penny: Can I Get Survivor Benefits if Our Marriage Record Was Destroyed? Read More »
As more people look to retire early (<60), more people are looking for shortcuts in order to reach early retirement quicker. Some hate their jobs so much they are willing to retire early and live in poverty! One shortcut to retiring early is the concept of Coast FIRE. Coast FIRE is a type of financial
The Amount Of Money Needed To Retire Early And Live In Poverty Read More »
People who put money into an employer-sponsored retirement plan should be aware of an important word: “vested.” When you’re vested in a retirement plan, it means you own some or all of the money in your account. So, if you’re 100% vested, you own 100% of your retirement funds. But if you’re 20% vested, you’re
What Does It Mean to Be “Vested”? Read More »
The decision of whether to max out your retirement contributions every year is a personal one and often depends on your ability to save, your progress toward retirement and other financial goals. Here are some things to keep in mind as you determine the right path for you. What Are the Limits on Retirement Contributions?
Should You Max Out Your Retirement Accounts? Read More »
When your 62nd birthday approaches, you’ll have a big decision to make: Should you take Social Security at 62 and accept lower benefits? Or should you delay Social Security to get a higher benefit amount? The answer to whether taking Social Security at 62 is the right move for you depends on several factors: your
Is Taking Social Security at 62 a Huge Mistake? Read More »
Do you know what is really hard? Deciding to walk away from a whole lot of money in your prime. If you decide to retire early or take a lower-paying job out of joy, you must accept the death of your maximum money potential. Over the years, many readers looking to retire early or do
Overcoming The Downer Of No Longer Making Maximum Money Read More »
The IRS limits how much you can contribute to your Individual Retirement Account (IRA) each year. In general, investors under the age of 50 may contribute up to $6,000 to a Roth or traditional IRA during the 2021 and 2022 tax years. Investors over the age of 50 are afforded an annual catch-up contribution of
Roth IRA Contribution Limits for 2022 Read More »
Annuities are insurance products that provide income during retirement. They’re great for that purpose, but they’re also illiquid and can be difficult to get out of in some cases. Find out if you can get out of your annuity at all, and under what circumstances if so. The post Can I Get Out of an
Can I Get Out of an Annuity? – Penalties for Cashing Out Early Read More »
A Roth IRA is a type of Individual Retirement Account(IRA) funded with after-tax income. While the money you put into your Roth IRA isn’t tax deductible at the time you contribute it, withdrawals made after age 59½ are tax-free. That means you don’t pay any tax on the earnings in your account, as long as
How Does a Roth IRA Work? Read More »
Red Rock Secured is a precious metals investment company that gives you access to precious metals directly or in gold IRA accounts. Its favorable pricing structure, price protections, and excellent customer care go above and beyond. Learn more about Red Rock Secured and whether it’s right for you. The post Red Rock Secured Review –
Red Rock Secured Review – Precious Metals Investing & Gold IRAs Read More »
Did you forget something when you left your last employer? Not the threadbare office sweater — your 401(k). Forgetting that could cost you. Many companies stop maintaining a former employee’s 401(k) if there’s less than $5,000 in the account. Although it might be tempting to get a check for the remaining amount right away, cashing
Forget to Roll Over Your 401(k)? Find It in This New ‘Lost & Found’ Read More »
Enjoy your life, no matter the economic situation. If you do, then you’ll always be winning. The key is to recognize reality and take appropriate action. If the Fed raises the Fed Funds rate to 4.5% and keeps it there while inflation and the stock market plummet, the world will be temporarily ruined. As the
How To Enjoy Your Life After The Fed Ruins The World Read More »
Dear Penny, I am a widow with a home, property and two large dogs. My health is fairly good, but I’m getting older and starting to question what moves I should make to secure my future. I have no will, as most of my relatives have passed away. I do have a few grandkids who
Dear Penny: Who Gets My Dogs When I Die if I Have No Close Family? Read More »
Medicare beneficiaries will pay less for their Part B premium next year, the first decrease in a decade. Other Medicare costs, like Part A deductibles, are on the rise. Here’s how it breaks down. Medicare Part B Premiums Will Decrease in 2023 The standard Medicare Part B premium will be $164.90 a month in 2023,
Medicare Part B Premiums Are Going Down in 2023 — Here’s Why Read More »
Your Medicare card is a very important piece of identification. It’s proof of your health insurance benefits. You’re often required to present your Medicare card when seeking care. Without it, you could end up paying a lot more out of pocket. You’ll receive your card in the mail along with your “Welcome to Medicare” packet
How to Replace Your Medicare Card If It’s Lost or Damaged Read More »