One of the first stages of retirement begins about five years before retirement. This is when we begin winding down work and gearing up for a new chapter. Stage 1: Winding Down and Gearing Up As retirement grows near, both optimism and financial preparation increase. Travel and spending decline as we think more about saving…
Types of Annuities and How They Work
The other day I was craving tacos. The hunger was fierce. So, I decided to head to my favorite Mexican restaurant to satisfy my appetite. Usually, I choose between either coconut shrimp or carnitas. But, on this particular day, I wanted to try something different. But, I quickly became overwhelmed by the possibilities. Granted, this…
10 Ways to Boost Your Retirement Savings (Without Extra Money)
When it comes to retirement planning, that’s the boring advice we’ve been told ad nauseam. And, even though we might be tired of hearing it, saving is indispensable if you want to live comfortably in retirement. According to Fidelity Investments, by the age of 67, you should have 10 times your income saved for retirement….
How to Retire Early With Zero Regrets and Extra Cash for Life
Depending on who you ask, early retirement has different definitions. Generally, any time before your 62nd birthday when you are eligible to draw Social Security benefits. Recent years have seen the growth of the “Financial Independence, Retire Early” or FIRE (Financial Independence, Retire Early) movement, which encourages people to retire even in their 30s and…
10 Steps to Take Now for a Tax-Free Retirement
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes,” Benjamin Franklin wrote in a 1789 letter. The significance between that often-cited quotation? It’s often the first attribution to the adage, “Nothing is certain except for death…
101 Must-Know Retirement Statistics for 2022
I’ve been reading a ton about retirement, sounds like you too. The retirement statistics I’ve been reading are shocking. Retirement is a defining milestone in life that marks the end of one chapter and the beginning of another. Many people look forward to the end of their careers when they no longer have to work…
Social Security Benefits for Widows
April 14, 2022
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I’ve saved up some questions that are either from widows or from husbands or wives wondering about future widow’s benefits. Here are some of them. Q: I want to make sure my wife gets the highest widow’s benefits possible after I’m gone. How do I do that? A: If that’s your only goal with respect…
Are You Willing and Able to Retire at Age 55? Let’s Run the Numbers
What happens when you reach 55? For many, this watershed year marks their buyout or downsizing of a company—meaning retirement. But, Postpandemically, could you survive? If you are looking to retire early from the workforce, this is a question you may be asking. The traditional retirement age is 65 for most people. However, early retirement…
Locked In: How Inflation Impacts Those on Fixed Incomes
Retirees living on a pension and others who rely on a set amount of income every month will likely feel inflation—fast. “Those living on fixed incomes may see their purchasing power decrease during periods of high inflation,” Janet Alvarez, executive editor of Wise Bread, told The Epoch Times. A budget that worked well in the…
Ask Kip: Here’s How Postponing Social Security Changes Your Benefit
By Catherine Siskos, From Kiplinger’s Personal Finance Q: It’s often said that Social Security benefits increase annually by 8 percent every year that someone waits. Many financial experts use this figure too, but I found the 8 percent assumption to be false. Are there any reasons why someone who waits wouldn’t see an 8 percent bump…
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