Several significant changes will be implemented in the Social Security system beginning in January 2026. These changes will have an impact on benefit amounts, retirement age rules, taxes, and the minimum wage required for workers to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase On October 24, the Social Security Administration (SSA) announced a […]
Changes Coming to Social Security in 2026 Read More »
By mid-century, one in every six people worldwide will be over the age of 65. In the United States, it is highly likely that the Social Security Administration program will be unable to pay full benefits by 2034. These demographic and financial pressures are frequently cited as the source of an impending retirement crisis. But
Retirement Age Is Changing Read More »
Approximately 49% of men and 64% of women who turn 65 today will require significant long-term care. While many people rely on unpaid assistance from relatives, nearly half will need paid services. Covering these costs is a considerable challenge, and long-term care (LTC) insurance is one solution. However, the landscape has changed over time, as
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Losing a job is never easy, but when it happens later in life, the challenges can feel even more daunting. Many people in their fifties are juggling significant financial responsibilities, such as mortgages, supporting children through college, or assisting aging relatives. When people are laid off, it can be difficult to find a new job
Late-Career Job Losses Are Affecting Retirement in America Read More »
The majority of Americans interviewed said their biggest fear was not death, but running out of money in retirement. This is the conclusion of a recent study by Allianz Life, which discovered that people approaching or already in retirement are deeply concerned about economic uncertainty. According to the survey, 64% of participants are more afraid
Many Americans Are More Afraid of Running Out of Money in Retirement Than Death Read More »
As people age, they often share similar goals. They want to remain in their own homes for as long as possible, to maintain independence, and to rely on family and friends for assistance only when absolutely necessary. The concept of remaining in one’s own home throughout the aging process is known as aging in place.
Should You Move When You Retire or “Age in Place?” Read More »
Although the age to claim Medicare is 65, many senior benefits and discounts begin much earlier. When you turn 50, you can join AARP or AMAC and start taking advantage of senior discounts right away. Other discounts have minimum age requirements, which vary by employer or location and can range from 50 to 65 years.
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This year will see a record number of Baby Boomers reaching the traditional retirement age. By 2030, they will all be at least 65. However, this creates a fiscal problem, as fewer taxable workers means less money for Social Security. If Congress does not act, we may face a serious crisis. Here’s how this imminent
2024’s Record Number of Retirees May Spark a Recession Read More »
Many retirees worry that they will live too long to enjoy their money. As a result, many are scared to spend in retirement. And can you blame them? Half of the financial world focuses on how woefully underprepared most Americans are for retirement. The other half focuses on a 3%, 4%, or 5% “safe” withdrawal
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Taking out an extra $10,000 to pay for a new roof may not seem like a huge problem in the long term. However, costs build up, and your future retirement plans may be disrupted. Every penny matters in retirement, so you should create a precise budget that addresses as many potential issues as possible. To
Unexpected Retirement Expenses Read More »