retirement

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What are Your Medicare Options at Retirement?

If you’re approaching retirement at age 65, now is the time to learn the basics of Medicare at retirement. To take full advantage of Medicare at retirement, take time to study your the different options. The more you know, the better you’ll manage health care costs in your retirement years. How to Enroll in Medicare at Retirement Most people are eligible for Medicare at retirement at age 65. Medicare enrollment steps depend on whether you currently collect Social Security or Railroad Retirement benefits. If you receive either, Medicare enrollment is automatic. If you don’t receive government benefits, you need to actively enroll…

What to Know About Retiring at 62 Versus Retiring at 70

Ah, retirement. That long-awaited life stage when all your hours of working, saving and family-raising efforts finally pay off. You’ll be free to travel, spend time with friends and family and enjoy the hobbies you never had time for. No worries, no stress, nobody to answer to. Except, without careful planning that scenario could be a fantasy. A 2017 Ipsos/USA Today poll found 45- to 65-year-olds surveyed, 30 percent had less than $100,000 in savings. Another 30 percent had no savings at all. No matter how much money you have invested for your retirement, deciding when to make the leap…

What To Know About Taxes and Retirement

Retirement. No more workday grind. No more being a slave to the clock. No more having to worry so much about taxes. Just a second. What was that about taxes? Sorry, but it’s not true. A lot of people go into retirement thinking keeping track of taxes practically disappears. The reality is dealing with taxes may actually get more complicated. In fact, taxes can be a retiree’s biggest budget item. How could taxes possibly get more complicated? Situations vary, but let’s take a simple example. In your working life, odds are you’ve got income from essentially one source—your job. Taxes…

Personal Finance Habits for Your 50s

After reaching important financial milestones in your 20s, 30s and 40s, things should calm down a bit in your 50s. If you followed good financial practices, you should have sizeable and growing retirement savings, shrinking debt and a clear path to retirement. And if you are off of your ideal plan, be sure to put the right habits in place right away to get yourself on the right track. While you can’t go back in time and change past spending and savings habits, you can start the right habits today. Start with these five personal finance habits for your 50s…

Are You Being Careful With Your 401(k)?

In time where traditional pensions are all but extinct, 401(k) accounts are key to many people’s retirement strategies. You just set them up, make sure you put money in and that’s it. Right? Trick question. A 401(k) needs management in order to be the retirement nest egg you want it to be. Your employer put it in place for you, but it’s up to you to make it work for you. There’s plenty of information out there on managing a 401(k) and the mistakes people make with their accounts. Even the IRS has some definite opinions on how you should…

How to Talk to Adult Children About Your Estate Planning

If you have adult children, you’ve probably done some planning about what you’d like to leave for them when you’re gone. You may even have a will and keep your paperwork and electronic files in places they know how to access. Many parents, however, have not actually talked to their older or adult children about their retirement years and end-of-life financial plans. It’s a subject that many find intimidating and uncomfortable. Or you may think your children don’t want to have such a conversation about that eventual day just yet. If you’re a good planner, take it to the next…

5 Personal Finance Milestones for Your 40s

Competing priorities for your time and money is always at the forefront no matter your age but it’s especially evident in your 40s. With so many to-dos, you might find yourself wondering where to focus and what should be at the top of the list. This post includes the top five personal finance milestones to hit in your 40s to keep you on track for a great financial future. Get in a Stride With Your Income In your 40s, you most likely have a respectable decade or two behind you in your work and you are at an established point…

Maximize Your Money With Smart Investments

A penny saved is a penny earned, right? Savings is important piece of your financial wellbeing, but to really maximize your money—or even just keep pace with inflation—you also need to invest. During periods of stock market volatility, though, investing can be difficult to embrace. Understanding the basic history of the stock market, as well as different investment strategies can help boost your peace of mind as you look to invest even during periods of market volatility. What Investors Should Keep in Mind Though some people choose not to invest because they feel it’s a gamble, the real scoop is…

Understanding Healthcare Costs in Retirement

What to expect to spend on health care in retirement is the big question for future retirees. The reality is there is no simple answer. By understanding estimates of Medicare premiums and other related expenses, as well as some of the ways costs can be reduced, you can start to put some of the pieces of the health care puzzle together. Unpacking Average Healthcare Cost Estimates Several different estimates related to what people can expect to spend on healthcare costs in retirement are out there. One of the most commonly quoted figures is $280,000 from a Fidelity study. Equally staggering…

7 Personal Finance Milestones in Your 30s

We recently discussed 5 Personal Finance Milestones in Your 20s, and today are following up with the next decade. Today we dive into the most important personal finance milestones of your 30s. Buy a Home While there are many circumstances where renting makes sense, owning your own home is a major milestone in your personal finances. When you buy a home, you stop paying someone else to live in their property and instead build equity in your own. On the 20s milestones list, an important item to help help you with this goal was noted: saving a down payment. If…

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