The benefits of a purpose-driven life don’t dissipate when you retire. Rather, without the imposed daily and weekly structures of the working world, it may be even more important to find purpose during this distinct stage of life.
The Social Security Administration has announced a cost-of-living adjustment (COLA) to recipients’ monthly Social Security and Supplemental Security Income benefits. Nearly 68 million Americans will see the 2.5% increase in their payments beginning in January 2025.
Choosing to work with a financial advisor can make a positive difference in your current and future life – and even for the next generations of your family. Your goals of building and preserving wealth, enjoying a comfortable retirement, and leaving a legacy are dependent on how well your financial matters are managed.
It’s an election year, which means you can expect to hear presidential candidates being asked about their plan for preventing Social Security from going bankrupt.
On the road to retirement, be on the lookout for hazards that can hamper your progress. Here are five potential risks that can slow you down.
More than 338,000 Americans relocated for retirement last year – a 44% increase from 2022 – and about a quarter of those retirees moved to a different state. According to the online moving-services marketplace Hire A Helper’s latest annual report, Florida is the number one destination for retirees, claiming 11% of movers across state lines. South Carolina comes in at a close second and New Jersey third, with Texas and Washington rounding out the top five. Let’s explore what’s drawing retirees to these destinations.
To handle payments for a disabled senior, it's not enough to put powers of attorney, medical directives or guardianship arrangements in place.
For people looking to build a balanced retirement savings portfolio, a Roth IRA can serve as a great companion to an employer plan such as a 401(k). But if you earn too much money, you may not qualify to invest fully – or at all – in a Roth IRA. And no matter how much you earn, you may find that contribution limits prevent you from building as fat a fund as you’d like. Fortunately, there are “backdoor” strategies that may help you get around these limitations. Here’s what you need to know.
Age may just be a number, but when it comes to retirement, it matters. A recent survey by the Employee Benefit Research Institute found that only 11% of workers plan to retire before the age of 60. But with the right preparation, you can create a retirement plan that will provide you with financial resources and the freedom to pursue your passions, whether you flip the switch at 65, 60 or sooner.
You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors.
