More than 1 in 4 retirees say they’re spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute. With inflation at 7.1 percent in November, it’s not surprising that savings aren’t going as far as they used to. But there are ways to bring in extra income without…
How the New Omnibus Spending Bill Changes Retirement Policy
The $1.7 trillion omnibus spending bill that the Senate and the House recently passed will add billions of dollars to many government programs. Besides providing more funding for the government through September of next year, it will also help more people be able to retire with more savings than before. Lawmakers realized, according to Finance.Yahoo,…
Divorced? You May Still Be Eligible for Spousal Benefits
By Sandra Block From Kiplinger’s Personal Finance The wage gap between men and women has narrowed in recent years, but many women still earn less than their spouses, particularly if they took time out to care for their family. This discrepancy can be particularly difficult for divorced women who earned less than their former husbands…
Social Security Update for 2023
It has been my custom for most of the past 25 years to write a year-end column that summarizes the Social Security changes and updates scheduled to take place the following year. I already discussed some of these changes in a column back in October when the updates were first announced. But it doesn’t hurt…
Benefit Cuts of 23 Percent—and 4 Other Things to Know About the Government’s New Social Security Projections
News Analysis A new Congressional Budget Office report projects an even more dire outlook for Social Security’s future than was previously calculated. Without action to fix the situation, huge benefit cuts for recipients will begin in 2033. And preventing those cuts will require massive tax increases for working Americans beginning immediately. In contrast to the Social Security trustees’…
How to Save for Retirement Without a 401(K)
When you want to save for retirement but find out that your employer does not offer a 401(k), it can be disappointing. The good news is that there are 401(k) alternatives where you can put your retirement money and build considerable interest. Go for a Solo 401(K) Apart from an employer’s 401(k), probably the best…
Is There a Best Way to Receive Required Minimum Distributions?
December 25, 2022
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As you get closer to the age when you need to take required minimum distributions (RMDs) from your retirement accounts, you are likely wondering about the best way to do it. There are several ways, but any of them depend on your circumstances. When you get closer to the RMD age of 72, you will…
Best Colleges for Retirees
Typically, retirement is a time when you can kick back and relax. And, there’s nothing wrong with that. You’ve paid your dues, after all. However, learning new skills can help you keep your mind sharp. Did you also know that in the United States, many institutions offer senior citizens free college courses? Taking advantage of…
Get More Money in Your Roth IRA by Avoiding These Mistakes
Many types of retirement plans are available today, but you have only so much time to put money into them. If you have a Roth IRA, it can be easy to think your money is secure. Unfortunately, just because it offers options that other plans do not will not make it safe from mistakes that…
Should You Collect Social Security at 62? Pros and Cons
Whether to collect Social Security at 62 depends on your individual circumstances. There are many reasons that you may want to collect Social Security early. But what are the benefits of signing up for benefits at 62? And does it really hurt in the long run? Here are some pros and cons of collecting Social…
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