Pre-retirers are being told to consider taxes as an integral part of retirement planning in this USA Today article. Not planning for taxes in retirement "could be a critical and costly mistake." Consider these five tips that clearly explain how to manage your taxes as you enter this new phase. Accumulating money for your older years is just a start; understanding how taxes affect your savings is the next step in making the most of your well-earned dollars. To learn more, click here.
As retirement gets closer, the checklist of what you need to think about might need review. This article lists a number of areas that you may not have considered, including doing home repairs while still working, looking into your tax situation, taking advantage of your present health benefits, and living on your projected retirement income while still employed. And after you've looked at this list, perhaps you want to add a "bucket" for how you might "give back" to your community in this next phase of life. For that, you can contact comingofage.org. To read more, click here.
This article poses the question: How can boomers, who are reaching 65 at the rate of 8,000 per day, help solve the problem of affordable housing for the ever increasing number of older adults that will make up 20% of the population by 2030? The question is really, how will boomers help themselves reach old age with the possibility of high quality, publicly-financed housing available? Boomers have political power (through sheer numbers), wealth, and a good reason to work toward that goal for the millions who won't be able to afford assisted living and other high-end options. Keep reading to learn about why this might be a good idea...sluggish economy and all.
NPR's Family Matters: The Money Squeeze series, that airs each Tuesday on Morning Edition, is about caregiving and multigenerational families. The latest story, the third in a series of eight, profiles the story of Yolanda Hunter's family in print and audio. For the Hunters, what started out as an act of love has become a difficult and costly decision that has no easy solution and brings up many questions of how caregiving impacts our society. Nearly 10 million people over the age of 50 are caring for their aging parents, and the number of caregivers has more than tripled over the past 15 years. Stayed tuned for the rest of these profiles...
Somehow the idea of paying student loans with your Social Security check doesn't seem right. But, new research from the Federal Reserve Bank of New York shows that Americans 60 and older have school debts in the range of $36 billion. So it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s. Some of the debt is decades old from their college days; others are paying off more recent courses taken to learn new skills. To learn more, click here.
Yes... another take on what boomers can do to stay financially solvent! As this author asserts, boomers who are closing in on retirement without enough money saved need to keep working. Delaying retirement leaves a worker with fewer years of retirement to finance, more time to save and earn returns, and higher Social Security benefits if they delay taking them. Read more about practical ways to build your nest egg and check out a recent CNBC roundtable discussion on a video within this article called "New Retirement."
The National Council on Aging and the National Association of Area Agencies on Aging are kicking off a campaign to encourage older people to take advantage of programs for which they are entitled, but were not aware existed. This includes reduced-cost drugs, food stamps, home care aides, transportation programs, help with heating bills, and subsidies that will lower Medicare premiums. A sample of those who have gone to the BenefitsCheckUp website since 2010 shows that more than 70% were eligible for at least one benefit that they were not receiving.
The premise of this USA Today article is that you don't want to wait until retirement to decide what your housing situation will be when you reach that transition. The advice being offered is to live a "blended life" that includes rightsizing your finances, work, and lifestyle so that you can ease into your future situation and be in better shape financially. An important question posed is when is the right time to sell your home? Read on to find out what you need to ask yourself and understand about the economy to make that decision wisely.
What keeps women age 50+ up at night? Increasing wrinkles? Gaining weight? No! What the author of this article in the Huffington Post actually found to be plaguing mature women is whether they will have enough money to support themselves in their old age. Women traditionally do not make as much money throughout their lives as men...and often receive less Social Security and smaller pensions. Divorce and the death of a husband can create great anxiety To learn ways to keep the fear at bay and take control of the issue, keep reading.
If you are a boomer, it's time to start thinking about how you'll convert decades of savings into a lifetime stream of income and to consider which accounts to tap first. Different sources of income have different tax consequences. Withdrawing funds in the most tax-efficient way will not only minimize your tax bill but could also make your savings last longer. To learn how to approach your nest egg with tax implications in mind, click here.