Cooling inflation and the recent rise in the stock market have given many retirement accounts a welcome comeback. Add in January’s 8.7% increase in Social Security’s cost of living adjustment (COLA) to beneficiaries’ monthly checks, and the retirement landscape for retirees in 2023 will begin to liven up. What will change for retirement in the … [Read more…]
Ascentxmedia | Istock | Getty Images However, according to an IFS report on UK pension trends published last month, this has changed: “Retiring before state pension age is increasingly concentrated among the wealthier population.” The report showed that those who have average wealth in their late 50s and early 60s are most likely to be … [Read more…]
Dear Liz: When my wife turned 59.5, we implemented required minimum distributions on all of her retirement funds. During the trial, the investment company representative explained that she was not required to take RMDs on these accounts as long as she was still working and making contributions to her 401(k) and 403(b) at work. With … [Read more…]
Employees who receive both pension and social security may suffer a reduction in their benefits due to current regulations. This may come as a surprise to some workers and their families. Here’s what beneficiaries need to know about the risk of overpayments and how they can estimate their income in retirement. Richard Stephen | Istock … [Read more…]
Jayne Burns, Bob Rohloff and Melba Mebane are part of a rapidly growing share of the workforce: Americans over 75 years old. Photos courtesy of Jayne Burns, Bob Rohloff and Terry Mebane More Americans over 75 are working today than ever before. This shift is occurring as the oldest baby boomers approach 80 and better … [Read more…]
eggeeggjiew / Getty Images/iStockphoto Losing a job is never easy, but being laid off near retirement can feel especially stressful. Suddenly, the plans you’ve carefully laid out for your golden years are thrown into disarray. See: 10 Reassuring Signs You Won’t Run Out of Money in RetirementPlus: The simple and effective way to strengthen your … [Read more…]
INSCMagazine: Get Social! Dream retirement is a special time that people look forward to with excitement. It’s like a reward for all the hard work you’ve done, a time when you can do things you really love. Imagine having enough money to do what makes you happy, whether it’s exploring new places or being with … [Read more…]