Retirement is just around the corner, and if you’re like many Americans in your 50s, 60s, or even early 70s, you’re probably wondering: Have I saved enough? Can I handle unexpected expenses? How can I make my money last?
For those earning between $60,000 and $150,000, balancing your current lifestyle with the need to save for the future can feel overwhelming. But the truth is, you don’t need to be wealthy to enjoy a financially secure retirement. With a smart, simple plan, you can address common challenges like rising healthcare costs, ensuring your savings last, and making the most of your remaining working years. Read More
Retirement marks a pivotal milestone—a transition from the structured world of work to a life of freedom and self-determination. But how do you know if it’s the right time to take the leap? Whether you’re eager to explore new adventures or questioning if your finances are enough to sustain you, here are eight key signs that indicate you may be ready to retire and start enjoying this next chapter of your life.
1. Your Finances Are Strong and Stable
Financial security is the foundation of a successful retirement. To feel confident in stepping away from work, you should ensure that your savings, investments, and income streams align with your desired lifestyle. Experts suggest having at least 10–12 times your annual salary saved by retirement. However, the exact amount depends on your spending habits and goals. Read More
In times of economic uncertainty, gold has long been viewed as a safe haven for investors. But is buying gold right now a smart financial move? With inflation concerns, market volatility, and geopolitical tensions dominating headlines, the appeal of gold has grown stronger.
However, like any investment, gold isn’t without its drawbacks. In this article, we’ll explore the pros and cons of buying gold, key considerations when purchasing it, smart alternatives for protecting your wealth, and how gold compares to financial products like annuities and life insurance. Read More
Retirement—a phase often painted as a golden era of relaxation and leisure—can bring unexpected emotional challenges. While much focus is placed on financial readiness, the psychological and emotional side of retirement is just as important. Retirees often face identity loss, social isolation, and the daunting question: “What now?”
But what if retirement could be approached with confidence, clarity, and emotional peace? In this article, we’ll explore the emotional and psychological aspects of retirement, the profound impact of financial security on mental well-being, and actionable strategies to adjust to this new phase of life with purpose, resilience, and peace of mind. Read More
Retirement is often seen as a time to relax, travel, and enjoy life after years of hard work. However, without careful planning, taxes on your retirement withdrawals can significantly reduce your income, leaving you with less money to enjoy your golden years. The good news? With strategic planning, you can minimize your tax burden and make your retirement savings last longer.
In this guide, we’ll break down 10 actionable strategies to help you keep more of your hard-earned money in retirement.
1. Understand How Different Retirement Accounts Are Taxed
The holiday season brings festive cheer, family gatherings, and for many retirees, unexpected financial gifts or bonuses. Whether it’s a generous monetary gift from a loved one, a year-end bonus from a part-time job, or even a holiday raffle win, these financial windfalls raise one important question: Are holiday bonuses and gifts taxable in retirement?
Understanding how these financial gifts are treated by the IRS is essential for avoiding tax surprises and ensuring your retirement plan stays on track. In this article, we’ll clarify the tax rules around holiday bonuses, financial gifts, and other windfalls, giving you peace of mind this holiday season. Read More
Retirement today is vastly different from the experience of previous generations. Factors such as economic uncertainty, shifting workforce dynamics, legislative updates, and increasing personal responsibility are redefining how Americans approach their golden years. To navigate this evolving landscape, retirees and pre-retirees must adopt strategies that account for longevity, market volatility, and rising costs.
This comprehensive guide explores how the modern retirement landscape has changed and offers actionable insights to help individuals prepare for a secure and fulfilling future.
1. Demographic Shifts Reshaping Retirement
The United States is experiencing unprecedented demographic changes as the population ages. According to the U.S. Census Bureau, by 2030, all baby boomers will be older than 65, marking a significant milestone in U.S. history. By 2040, it is estimated that 80 million Americans will be retirees, a dramatic increase from 55 million in 2020. Read More
Planning for retirement is a crucial task for Americans, yet it often comes with complex details that can overwhelm even the savviest savers. Personal finance expert and bestselling author Suze Orman continues to shed light on these intricacies, particularly when it comes to Social Security—a vital component of most retirement plans.
For those navigating the challenges of retirement planning, understanding updates and strategies related to Social Security benefits can significantly impact their financial well-being. Here’s a breakdown of Orman’s latest advice on Social Security for 2025 and how to make the most of these benefits.
The Role of Social Security in Retirement
Social Security serves as a cornerstone of retirement income for many Americans. Yet, as Orman emphasizes, it should not be the sole source of financial support. Most individuals also rely on savings from employer-sponsored 401(k) plans and Individual Retirement Accounts (IRAs) to sustain their desired lifestyle in retirement. Read More
When a loved one passes away, managing finances becomes an essential task, and one of the most significant decisions may involve the family home. For surviving spouses, selling a primary residence can trigger tax implications, particularly capital gains tax. Thankfully, the IRS provides a special 24-month rule that can help mitigate this tax burden.
This article will explore the fundamentals of capital gains, the benefits of the 24-month rule for surviving spouses, and practical strategies to minimize taxes during a home sale.
What Are Capital Gains and How Are They Taxed?
Capital gains occur when you sell an asset for more than you initially paid for it. For example, if you bought your home for $300,000 and sold it for $800,000, the capital gain would be $500,000. This gain is subject to federal taxes, which vary based on your income level and how long you owned the asset. Read More
Inflation has proven to be more than a passing phase; it remains a critical consideration for retirees planning their golden years. Rising prices can erode the purchasing power of fixed incomes, undermining even the most robust savings plans. For retirees and those approaching retirement, understanding and preparing for inflation’s impact is key to financial security. This comprehensive guide explores strategies to protect retirement income in the face of inflation.
Why Inflation is a Threat to Retirement
Inflation measures the rising cost of goods and services over time, typically expressed as a percentage. While a modest inflation rate is expected in a healthy economy, higher rates pose challenges for retirees.
Consider this: If inflation averages 3% annually, the purchasing power of $100,000 today would dwindle to about $74,000 in just 10 years. For retirees relying on fixed incomes or savings, this erosion can drastically affect their lifestyle and ability to cover essential expenses like housing, healthcare, and food. Read More
Start a Conversation About Your Retirement What-Ifs
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