Both life insurance and a 401(k) plan can help you prepare your finances for the future. But which is best for retirement, and which is best for estate planning? MoneyGeek helps you uncover the differences.
A Texas senior has had $65,000 of her Social Security debt wiped after the Social Security Administration (SSA) overpaid her for years. For many seniors, the arrival of a letter from the SSA saying you owe them money can be very worrying. Winnie Marshall, a Houston grandmother, received a letter last year saying she owed $65,000. “Nobody could …
Texas Senior’s $65,000 Social Security Debt Is Forgiven: ‘Never Give Up’ Read More »
Born sometime between the years of 1946 and 1964, most baby boomers are 60 to 78 years old this year. That means most of them have reached the full retirement age of 66 (67 for younger boomers). And considering that people can start collecting Social Security benefits as early as 62 years old, many boomers have already …
7 Ways Boomers Are Spending Their Social Security Checks in 2024 Read More »
Act now to avoid common money missteps that could haunt you later in retirement. Americans with retirement on the horizon are worried. A recent AARP survey found that 20 percent of adults 50-plus have no money saved for retirement and 61 percent are concerned they will not have enough money to support themselves during their so-called golden …
6 Financial Mistakes You’ll Regret When You’re Older Read More »
Think about your retirement goals and age when choosing investments in your 401(k) plan. Saving for retirement in a 401(k) plan provides tax advantages that can be helpful as you plan the future. Some employers match the contributions you make, up to a certain amount or based on other criteria, which enables your funds to grow further. The challenge …
Retiring early might seem like an impossible financial goal. But with the right plan in place, it can be done. Financial Independence Retire Early – or FIRE – is a method of living below your means to obtain financial independence and security as early as possible. “The mentality behind the movement is where one strives …
You might be able to retire earlier than you think. Here’s how Read More »
They don’t call the beginning phase of retirement the go-go days for nothing. In the early years, retirees often spend more freely, checking off bucket-list items like vacation homes, antique cars and expensive toys. But for many older adults, it isn’t long before buyer’s remorse sets in.
Retirement isn’t what it used to be. Whether due to a change in the workplace, a shift in priorities, or the ongoing pandemic, employees are no longer waiting until 65 to retire. By the third quarter of 2021, 50% of adults aged 55 and over had retired from the labor force, according to data from Pew …
More employees are retiring before 65. Are they financially prepared? Read More »
