Article Excerpt: "The standard deduction will increase by $400 ($12,950) for single filers and by $800 ($25,900) for joint filers ..."
Article Excerpt: "When you retire, you gain eight or more extra hours of leisure time each day. Retirees are generally using that extra time to linger a little longer over meals, sleep, do household chores, and watch a lot more TV, according to recently released American Time Use Survey data..."
Article Excerpt: "With inflation at its highest rate since 1982, the Social Security administration made a 5.9% cost-of-living adjustment (COLA) for benefits doled out in 2022. In April 2022, the average monthly benefit for retired workers was $1,666.49. The average monthly benefit spousal benefit was $837.34. ..."
Article Excerpt: "...When I was a mail carrier, my days off rotated through the week. I got one actual weekend off every six weeks, and worked all the other Saturdays. I loved that postal schedule, though. It was great to have days off in the middle of the week when other people were working. Stores were empty, and I had hiking trails to myself. I had signed on as a letter carrier at age 23, aware that I would be able to retire at 55, and even back then I knew it was a great deal. ...All I did was stick mail into the holes in people’s houses, and my former salary impresses no one. But I did retire rich. It’s easy to do if you have a solid middle-class union wage and a bit of a pension, and your idea of entertainment is to juice birds and make a bunch of stars."
Article Excerpt: "Most states impose an income tax on their residents, and many state income tax systems treat retirees the same way the federal government does, taxing much of their retirement income. Alabama, however, has several favorable provisions that treat retirees better than the IRS. Let's look at some of the most important ways that Alabama deals with retirees for state income tax purposes. Alabama is a generous state to retirees and older residents. With a variety of tax breaks, the state seems to encourage older residents to come and stay within its borders. ..."
MORE READING ON ALABAMA:
Article Excerpt: "...Some of them simply don't tax income at all. These include Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. The rest do have an income tax, but they exclude Social Security benefits from taxable income. ..."
Article Excerpt: "...there are many states (14 to be exact) that do not tax pension income at all. Here they are:..."
Article Excerpt: "You can request a refund of your pension contributions as a lump sum payment, or you can ..."
Article Excerpt: "...As stressful as things might seem, a divorce doesn’t have to put a dent in your savings or delay your retirement. You can prepare as scheduled if you take the right precautions. Here are some tips about preparing for retirement in the midst of a divorce. ..."
Article Excerpt: "The Perfect Retirement Gift, or Simply a Great Read for Anyone That Loves Life and Laughter! REVISED, EXPANDED AND UPDATED ***Welcome to retirement!**** No more morning commute, no more idiotic bosses, no more stressful deadlines! You are now officially off the clock and the world is your oyster! There is no need to be bound by convention. Push the envelope. Do it weird, do it different, but most of all do it fun! Be that cigar chomping rocknroll granny if it takes your fancy. Seriously, if your kids arent worried about what you are up to, then you are probably not doing it right!..."
Article Excerpt: "...According to AARP, a good retirement income is about... This is because when you're no longer working, you won't be paying income tax or other job-related expenses. ..."
Article Excerpt: "According to AARP’s own internal analysis of additional census data, 18% of men and women over 50 never had biological children; it’s 11% for those 75-plus. In addition, the number of Americans who never marry...people with partners or spouses and children can also find themselves facing retirement alone—through divorce or widowhood, if children move far away or become estranged. But those who have always or long been single and childfree know they have only themselves to rely on."
Article Excerpt: "First, yes, congress does have the power to cut benefits being received by current federal retirees. ..."
Article Excerpt: While AFSA does its best to maintain information on all that may concern the Foreign Service community, we readily admit that we are not always the best resource for each and any issue. To supplement our information, we are happy to provide a constantly-increasing list of excellent online resources for a variety of subjects.