Traditional IRAs, 401(k)s, and other similar retirement accounts allow you to save money before taxes and watch it grow for decades. But, eventually, the IRS requires you to begin withdrawing a portion of your savings each year. These withdrawals are known as required minimum distributions, or RMDs, and the amount you take out is taxed […]
New RMD Rules For 2025 Read More »
Several key updates to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase The Social Security Administration (SSA) announced a 2.8% COLA for 2026 on October 24.
Changes Coming to Social Security in 2026 Read More »
By the middle of the twenty-first century, one in every six people will be 65 or older. Furthermore, it is likely that by 2034, the Social Security Administration program in the United States will be unable to provide complete benefits. These demographic and financial pressures could potentially spark a retirement crisis. Another issue that isn’t
Retirement Age Is Changing Read More »
Approximately 49% of men and 64% of women who turn 65 today will require significant long-term care. While many people rely on unpaid assistance from relatives, nearly half will need paid services. Covering these costs is a significant challenge, and long-term care (LTC) insurance is one solution. However, the landscape has changed over time, as
Understanding Long-Term Care Read More »
Job loss is challenging at any age—but it can be particularly disruptive when it happens in your 50s or 60s. During this period, many individuals are still managing major financial responsibilities: covering mortgage payments, assisting children through higher education, or supporting aging family members. Replacing a lost job with one that offers comparable salary and
Late-Career Job Losses Are Affecting Retirement in America Read More »
Most Americans surveyed said that running out of money in retirement was their biggest concern, even more than dying. According to a recent study conducted by Allianz Life,* people who are nearing or have reached retirement are extremely worried about economic uncertainty. Sixty-four percent of respondents said they are more terrified of running out of
Many Americans Are More Afraid of Running Out of Money in Retirement Than Death Read More »
As people age, they often share the same goals. They want to stay in their own homes for as long as possible, allowing them to maintain their independence. Aging in place is the concept that retirees should remain in their own homes as they age. However, being able to age in place successfully requires careful
Should You Move When You Retire or “Age in Place?” Read More »
Although the age to claim Medicare is 65, many senior benefits and discounts begin much earlier. When you turn 50, you can join the AARP or AMAC and start taking advantage of senior discounts right away. Other discounts have minimum age requirements, which vary by employer or location and can range from 50 to 65
Senior Discounts in 2025 Read More »
This year will see a record number of Baby Boomers reach the traditional retirement age. By 2030, they will all be at least 65. However, this creates a fiscal problem, as fewer taxable workers means less money for Social Security. If Congress does not act, we will face a serious crisis. Here’s how a demographic
2024’s Record Number of Retirees May Spark a Recession Read More »
A common concern among retirees is that they will outlive their retirement savings. Many people are therefore scared to spend money in retirement. And it’s no surprise, consider how woefully unprepared many Americans are for retirement. You’ll often hear the financial services industry tell you just that. Their fear is unsurprising. Despite the fact that
Many are Scared to Spend Money in Retirement Read More »
