Retirement
The cost of living is very high for retirees on a fixed income. And retirement can be a very expensive proposition if you have no savings or plan. Consult a retirement specialist to discover if you have viable options relative to your circumstances. But here are five ways to incrementally and cheaply start your retirement. […]
It is said that retirement is a lifelong journey and not a destination. For many aspiring retirees, it may be a road to nowhere. Over 22% of Americans have less than $5,000 saved for retirement. Many have nothing saved. Here are five moves you must make before retiring — the sooner the better. Develop a […]
A growing number of seniors finding jobs are doing so by joining the gig economy. According to a 2017 Prudential Financial survey, around 31 percent of gig economy workers are baby boomers, and 34 percent of those workers are retired. The flexibility offered by contract jobs is attractive to retirees, allowing them to set their […]
When you’re about to retire but don’t want to live the quiet life just yet, there’s another option: phased retirement. Over the next year, 18% of U.S. respondents say they’ll switch from full-time to part-time work before retiring, according to global consulting firm Mercer. Part-time work can come from a current or new employer or […]
There was a time when retirees could lead a comfortable life with the help of the three-legged stool of a lifetime saving — Social Security, a pension, and private savings and investment. Sadly, that is no longer the case for many. Retirees find it increasingly difficult to manage their expenses on Social Security income alone […]
Is the 4 percent rule viable for retirement anymore? And if not, what should retirees do about it? For decades, the cornerstone of retirement planning has been the 4 percent rule, which states that if you only withdraw 4 percent of your funds annually, odds are that you will have enough money to last 30 […]
Officials within the Social Security Administration are floating the idea of raising the retirement age. Though no proposal is in play just yet, Congressional staffers are studying a rise in the age at which you can claim based on the idea that Americans are living longer. This drastic step would be undertaken in response to […]
Social Security scams are on the rise. The November Retirement Confidence Index from SimplyWise reported that 47% of Americans were targeted by a Social Security scam in a recent three-month period. SimpleWise found that 53% of seniors were the target of a Social Security scam over the same period. What’s more, 21% of seniors were […]
The golden rule when it comes to claiming Social Security is that you should wait until you reach your full retirement age in order to maximize the benefits you can receive. You get paid more for waiting because the government calculates that you are likely to collect for fewer years. Each year you wait means […]
While the rule of thumb is to retire at the age of 65, here’s the truth: Most Americans retire at the age of 62. In fact, in 2017 the average age of a living retiree was just under 60 years old. How to retire early? It takes real planning. The sad truth is that more […]
