What are the Big Takeaways for Social Security in 2023?
2022 has been a tough year for many seniors, but the outlook for 2023 shows some potential ‘silver linings.’
2022 has been a tough year for many seniors, but the outlook for 2023 shows some potential ‘silver linings.’
Retirement planning is an important part of long-term financial wellness. For women, the process can be especially fraught.
Many major expenses only shrink once you retire. However, health care is hardly one of them.
Retiring ahead of schedule may seem like a dream, but it is doable with the proper planning. Depending on when you were born, the normal retirement age is currently 66 or 67. If you’re planning to retire five, 10, or even 15 years early, one of the most important things to consider is how to make your savings last for the long haul.
Retirees have a choice about when to claim their Social Security retirement benefits, but for most people, 62 is the earliest age at which you can start them.
There are some major financial benefits to tying the knot. From IRAs to Social Security and tax exemptions, there are many reasons (besides the obvious one: love) for older couples to say I do.
You have a few options when it comes to affording the whopping expense that is long-term care.
Most financial experts would agree that it is rarely, if ever, a good idea to take an early withdrawal from a traditional IRA or Roth IRA. This is due in part to the high cost of penalties that can hit an account holder for an early withdrawal (not to mention losing out on years of potential earnings).
If you’re between 55 and 64, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up, if necessary.
Social Security benefits have long been a critical part of Americans’ retirement income plans. After all, the monthly benefits provide a stream of income that is adjusted for inflation annually and can’t be outlived. With the decline of pensions and increasing life spans, Social Security is now playing a larger role in shoring up retirees’ nest eggs.