#Finances for retirees

[amniforn]

Key things to know if you're considering the Medigap policy with Basic Medicare

Key things to know if you’re considering the Medigap policy with Basic Medicare

Dragos Condrea | Istock | Getty Images If you register for Health Insuranceyou’ve probably discovered that there are a lot of out-of-pocket expenses that come with your coverage. For about 23% of the 65.1 million Medicare beneficiariesthe solution to cover these expenses is a so-called Medigap plan. These policies, sold by private insurance companies, typically cover some or most of the cost…

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#economic news #Finances for retirees #Health care costs #Health Insurance #Medicare Part D #Personal finance #Retired #retirement planning

[soyuria]

13 "Simple and Stupid" Habits I Used to Save $1 Million and Retire Early at 35

13 “Simple and Stupid” Habits I Used to Save $1 Million and Retire Early at 35

I will remember December 23, 2016 for the rest of my life. It was my last day of full-time work. My wife and I took early retirement at 33 and 35, respectively, after accumulating $870,000 working in information technology. With the help of the market, our net worth grew to $1 million soon after. I was not born rich. We did not start our own business. None of us inherited a substantial amount of…

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#401(k) plans #Finances for retirees #Immovable #Individual retirement accounts #Make them contributors #Personal debt #Personal expenses #Personal finance #Personal investment #Personal loans #Personal savings #Relationships #Retired #retirement planning #Roth IRA #Travel #way of life #Wedding

[kc22invesmentsblog]

Passive Income Strategies for Retirees and Seniors: Building Financial Security in Your Golden Years

Written by Delvin Retirement is a time for relaxation, travel, and pursuing hobbies, but it’s also a period where many individuals seek to maintain financial stability. Passive income offers an opportunity to supplement retirement savings, providing a steady stream of income without the need for active daily involvement. For retirees and seniors, passive income strategies can play a crucial role…

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#Building Financial Security #dailyprompt #Financial #Financial Literacy #knowledge #money #Passive Income #Passive Income Strategies for Retirees and Seniors #Personal Finance

[go-mortgage-reverse]

#carlsbad #reverse mortgage #retiree finances #retirement

[personalfinancewhizz]

Save A Ton In Retirement

Renting an apartment in retirement can be a bit complicated but it’s doable. Here is how to rent an apartment if you are retired

Show Your Bank Statement

Exhibit Your Assets and Credit Score

Present a Guarantor

Offer Advance Rent

Convince Your Landlord

To read the full process please visit the original article at How To Rent An Apartment In Retirement

#retirement #retiree finances #retirementplanning #retirerich #retireearly #personal finance tips #personal finance #personalgrowth #financial feasibility #financial planning #financial freedom

[digitalguap]

The Journey To Finding Happy Money With Ken Honda - Retire Sooner Highlight

The Journey To Finding Happy Money With Ken Honda – Retire Sooner Highlight

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#advice for a happy retirement #clark howard #early retirement #finances #financial happiness #finding financial happiness #finding happy money #funds #happy money #happy relationship with money #happy retirees #happy retirement #ken honda #managing your finances #managing your money #money #relationship with money #retire #retire early #retire happy #retire sooner #retired #retirees #retirement #retiring #retiring happy #wes moss

[storynstory]

9 Smart Part-Time Jobs for Retirees

Retirees need to keep busy, and it never hurts to make some extra money, especially if you’re on a fixed income. If you want to work while you’re retired......Read More

#part time jobs #opportunity #retiree finances

[annuityla]

#annuities #economy #finance #fixed annuity #fixed income #indexed annuity #insurance #retiree finances #retirement #stock maket news

[budgetwidsom]

Why Does People Retire in Poverty

#youtube #retiree finances #poverty

[smithleonardo]

Why I'm Putting Retirement Savings Ahead of College Savings | Personal Finance

Why I’m Putting Retirement Savings Ahead of College Savings | Personal Finance

(Maurie Backman) As someone who graduated college with a modest pile of debt (and that’s after sticking to an in-state school and working throughout my studies to pay a lot of my expenses along the way), when I had kids, I told myself early on that I’d do my best to fund their college education to a significant degree. I know that graduating with loans held me back as a young adult. I didn’t…

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#benefit #college #commerce #cost #dcc #economics #finance #money #motley-fool #personal-finance #retiree #retirement #savings #wire

[cartierrings]

Economic fears further increase pandemic-era retirees' plans to keep working

Economic fears further increase pandemic-era retirees’ plans to keep working

Yacobchuk | Istock | Getty Images What is retirement? When does it start? And how did Covid-19 affect Americans’ retirement plans? An ongoing survey of US retirees and near-retirees suggests that there is a wide range of views on these fundamental questions and a rapidly changing outlook on what retirement will look like in the future. Last July, about one-third of the 11,000 older Americans…

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#business news #Careers #economic #fears #increase #Investment strategy #Markets #pandemicera #personal #Personal finance #Personal savings #plans #Retirees #Retirement planning #Social issues #working #Works

[robertreich]

How the Super Rich Are Killing Social Security

Here’s the real reason Social Security is in danger that nobody’s talking about.

It's not just because too many boomers like me are retiring. It's because of inequality.

Now, I don’t want to alarm you. Social Security is still helping us oldies enjoy our golden years — but only for so long.

Social Security is one of the most popular and successful government programs ever created, not only helping retirees — but it’s also keeping 26 million people out of poverty.  Yet here is the problem:

It’s going run out of money before you can ever receive it if the rich don’t start paying their fair share.

The trustees of Social Security — of which yours truly was once a member back when I had thicker hair — say the program will only be able to pay full benefits until 2033. After that, Social Security will only be able to dole out roughly 77 percent of benefits.

Why? It’s not the reason that many seem to think.

Boomer retirees like me might be soaking up some sun, but we’re not soaking up all of the program’s funds.

The Social Security trustees anticipated the boom in boomer retirements. This is why Social Security was amended back in 1983, to gradually increase the age for collecting full retirement benefits from age 65 to 67. That change is helping finance the boomers’ retirement.

What did the trustees fail to anticipate? How much income would be going to the top.

A big part of the American working population today is earning less than the Social Security trustees anticipated years ago — reducing revenue flowing into the program.

At the same time, a much larger chunk of the nation’s total income is now going to the top compared to decades ago.

But income subject to the Social Security payroll tax is capped. No dollar of earnings above the cap is taxed. The cap in 2023 is $160,200.

So, as the rich have become far richer, more and more of the nation’s total income has escaped the Social Security payroll tax.

For example, a CEO earning $20 million a year pays Social Security taxes on roughly 1% of their income, while a worker earning under the cap pays Social Security taxes on 100% of their income. But they both end up paying the same amount of money into the program.

The rise in the amount of income above the cap due to inequality has cost the Social Security Trust Fund reserve an estimated $1.4 trillion since 1983.

The solution is obvious: it’s time to scrap the cap, and make the rich pay more in Social Security taxes.

One plan introduced in Congress would eliminate the cap on earnings over $250,000 and also subject investment income to Social Security taxes. It’s estimated that this would extend the solvency of Social Security for the next 75 years without raising taxes on 93% of American households.

This is where you come in. Share this video and help spread the word about the real threat to Social Security. If we want to ensure Social Security’s long term future, and that working people can retire with dignity, we must make the wealthy pay their fair share.

#youtube #Social Security #Video #Videos #Economics #Pollitics #Money

[personalfinancewhizz]

Fired Before Retirement?- Don’t worry, Apply these Methods

Getting fired before retirement is an unfortunate thing. But according to a research

"Around 56 percent of American people aged 50 or more lose their job at least once before retirement."

So, It is not rare at all. At least not in the United States. But what to do if you get fired just before retirement?

If your age is below 60 and you get fired before retirement then you must do these to protect your interests

If you are able to work then look for new employment. Because no matter how much money you have on your hand, it can still be short due to rising inflation.

Apply for unemployment benefits immediately after getting fired before retirement.

Don’t take your pension fund from your employer in cash without consulting a tax accountant or tax attorney. Otherwise, you might end up facing serious tax penalties.

Don’t withdraw lump sum from your 401(k). If you do then you might face tax penalties.

Consult with a financial advisor for the management of your pension fund.

If your healthcare is tied with your employer and you have a family, take advantage of COBRA Health insurance. Otherwise, find a private healthcare solution.

If you are above 62 then

Apply for Social Security Benefits. Though how much you will get depends on your age. But still getting something is better than nothing.

Consult with a tax accountant before withdrawing any money from your 401(k) or pension fund to avoid tax penalties.

Find a financial expert or advisor for managing your retirement fund.

Sign up for Medicare if you are above 65. If not then use COBRA if you have a family. Otherwise, find the most suitable private healthcare solution for you.

For more suggestions and tips read the original article here-https://www.pfwhizz.com/getting-fired-before-retirement/

#retirementplanning #life #personalgrowth #finance #economy #retiree finances #retirement #financial feasibility #personal finance #personal finance tips

[zvaigzdelasas]

Argentina’s Economy Ministry has announced measures to improve government workers’ salaries and funnel money toward retirees and poorer families, defying an International Monetary Fund appeal earlier this month for the country to spend less. Economy Minister Sergio Massa, who is running for president, outlined measures that include tax-breaks, higher pension payments, additional money for food programmes for families with kids, and low-interest credit lines. It also includes financing for export products, according to the announcement made on social media Sunday.

The new plan comes after the Unión Por La Patria coalition of President Alberto Fernández, for whom Massa is a candidate, was surprised by the win of libertarian Javier Milei in the primary this month prior to the October election. The measures could put the government in conflict with the IMF, which approved a cash transfer to the government last week following extensive negotiations over its multi-billion dollar loans, after Argentina failed to meet programme targets amid a drought.[...]

A condition of the IMF’s aid to Fernández’s government was that Argentina step up expenditure controls by limiting public wages and pensions.

28 Aug 23

[vote-democrat-president-congress]

NYTimes: Gutting Social Security and Medicare:

Biden has a clear plan to preserve these programs.

However Trump, if he gets back to the White House, he’ll do for Social Security and Medicare what he did in his almost successful attempt to replace Obamacare: leave the drafting of legislation to right-wing ideologues who want to gut them.

One final point: Trump’s plan for a draconian crackdown on immigration would be a disaster on many fronts, but one important consideration is that it would have a catastrophic impact on the future finances of Social Security and Medicare. Why? Because at this point, immigration is crucial for growth in the working-age population, whose taxes support retirees.

So will Social Security and Medicare be on the ballot this November? Definitely. Biden has a clear plan to preserve these programs; Trump, wittingly or unwittingly, would probably help wreck them."

[annuityla]

"That means buyers, who are generally retirees or those near retirement age, may find payouts better now than they were just a few months ago.

The trend will likely continue if the Federal Reserve continues raising its benchmark interest rate, as it’s expected to do to tame high inflation, according to annuity experts."

#annuities #economy #finance #fixed annuity #fixed income #indexed annuity #insurance #retiree finances #retirement #stock maket news