Retirement living: Here's what it costs to retire comfortably in every state

Retirement living: Here's what it costs to retire comfortably in every state

Example: "...In Alabama, residents need an average of about $894,000 to live out their retirement years in relative comfort – below the national average of about $1.1 million. Retirees in Alabama need less retirement savings because of both lower average life expectancy and lower cost of living. Life expectancy at age 65 in the state is 17.7 years, nearly two years below the national average. Additionally, goods and services are about 14% less expensive on average in Alabama than they are nationwide. ..." [Note: This equates to approximately $56,497.17 per year; Areas like Huntsville are much greater. Circa 2020.]

Resource: www.usatoday.com

Retirement Living: Renting vs. Homeownership

Retirement Living: Renting vs. Homeownership

Article Excerpt: "... If you own your home, you’ll likely enjoy more stability and control. You won’t have to worry about a landlord bumping up the rent. Likewise, a landlord can’t sell the residence out from under you. You still have the option to move, but it will be your decision—not a landlord’s. Also, you can’t remodel a rental, at least not without the owner’s permission. Build Equity For some retirees, it’s important to leave an inheritance. Others want to use accumulated home equity to take out a loan, line of credit, or reverse mortgage. These are situations in which ownership makes the most sense..."

Resource: www.investopedia.com

White House braces for brutal inflation report today

White House braces for brutal inflation report today

Article Excerpt: "...The White House is bracing for another bad report Wednesday on inflation — but now expects it to slow down by the end of the year, administration officials tell Axios. ...economists forecast will be 7% for the year in the report..."

Resource: www.axios.com

The truth about how retirees spend their day

The truth about how retirees spend their day

Article Excerpt: "...The study showed that those in retirement spent less time on things like working, educational activities, and caring for others like their children. They spent more time on things like..."

Resource: intentionalretirement.com

How many years it takes to break even if you delay your claim for Social Security benefits

Something to Ponder: Do you really want to wait at least 10 years before you reach the break even point for delaying Social Security benefits while gambling you will even live past the average U.S. life expectancy? That break even point is even longer if you qualify for the supplement a FERS employee can draw for years by retiring early. The government usually wins that statistical gamble. And the longer you delay, the longer the break even point. In 2021 the avergae life expectancy: Male: 76.1 years - Average life expectancy of a US male (at birth). Female: 81.1 years - Average life expectancy of a US female (at birth). - federalretiree.blogspot.com

Delaying Social Security benefits? Here's how long it will take for it to pay off

Article Excerpt: "...it also means you miss out on years of money you'd otherwise have received. You'll need a higher monthly income for many years to make up for all those missed benefits and reach your break-even point. ..."

Resource: www.usatoday.com

break even if you delay your claim for Social Security benefits

Retirement and the Unknown Time Horizon

Retirement and the Unknown Time Horizon

Article Excerpt: "...Suppose you know that in order to live comfortably in retirement, you'll need $20,000 per year in addition to your Social Security income. How much do you need to save to provide the $20,000 a year? A present value calculation gives you the answer. ...If you live for 20 years and can earn a 5% rate of return, you'll need $261,706 to provide you with $20,000 a year. ..."

Resource: www.thebalance.com

Surprise: You owe Uncle Sam another 5 years!

Surprise: You owe Uncle Sam another 5 years!

Article Excerpt: "...And the HR person casually asks if you are sure you’ve had one of the Federal Employees Health Benefits (FEHB) plans for at least five years. Five years! No, you haven’t been in an FEHB plan for the past five years. You got your health insurance through your significant others’ private employer. Maybe it was less costly. But whatever the reason..."

Resource: federalnewsnetwork.com

What it Takes to Be an Average Retiree

What it Takes to Be an Average Retiree

Article Excerpt: "...FERS defined benefits are smaller—an average of about $1,600 monthly and a median of about $1,300, for annual figures of $19,200 and $15,600—because that program also includes Social Security as a basic element. The average Social Security benefit is about $1,500 a month..."

Resource: www.fedweek.com

Inflation, debt, retirement: A bad mix

Inflation, debt, retirement: A bad mix

Article Excerpt: "...In case you hadn’t noticed, inflation is at a 20 year high. Gasoline prices have jumped 40%. Houses are up 30% in many spots. A new car costs an average of $40,000-plus. And this may be the new normal, according to some experts. That’s the not-so-good news. ..."

Resource: federalnewsnetwork.com

Sally Friedman: Life after retirement can be rewarding

Sally Friedman: Life after retirement can be rewarding

Article Excerpt: "...What would he do? How would he spend the long days that were once filled with meaningful, important work? If you like your endings at the beginning, I can tell you that this one is a modified happily-ever-after. We have finally almost figured it out. We’ve adjusted, as we knew we must, to a whole new chapter in our lives and our marriage. It hasn’t been easy. But like most challenges, it’s been worth the effort. ..."

Resource: www.yahoo.com

How To Acquire Your First Social Security Check

How To Acquire Your First Social Security Check

Article Excerpt: "...Social Security promises a lifelong payout of retirement benefits based on your earnings record. Yet, Social Security checks don’t magically start to appear at your doorstep as soon as you retire. In fact, it can take some work to figure out exactly how Social Security works and what you have to do to get your first check. Here’s a quick step-by-step guide so you’ll have the tools you need to initiate your Social Security retirement payments. ..."

Resource: www.gobankingrates.com

How Big of a Threat Does Inflation Pose to Your Retirement?

How Big of a Threat Does Inflation Pose to Your Retirement?

Article Excerpt: "...As America’s economy reopens, we’re seeing higher inflation rates, and this unwelcome surge should prompt retirees to consider the threat it could pose to their financial security...."

Resource: www.kiplinger.com

Federal employees who retire early have some important choices to make regarding their pensions and health insurance.

Federal employees who retire early have some important choices to make regarding their pensions and health insurance.

Article Excerpt: "...Key differences for federal employees retiring before immediate eligibility FERS (Federal Employee Retirement System) federal employees who do not reach their magical MRA (Minimum Retirement Age) with at least 30 years of service (age 60 with 20 years or 62 with at least 5 years) and who are considering an early retirement..."

Resource: www.fedsmith.com

Feds take control of Tampa Bay Times pension plan as paper racks up $103M in liens

Feds take control of Tampa Bay Times pension plan as paper racks up $103M in liens

Article Excerpt: "...The federal government has taken control of the Tampa Bay Times’ pension plan after finding its parent, Times Publishing Company, was unable to pay benefits. The Pension Benefit Guaranty Corporation announced in a letter to beneficiaries it began taking over the plan Nov. 30. ..."

Resource: floridapolitics.com

Goldman Sachs Says Young U.S. Workers Are Plotting Early Retirements

Goldman Sachs Says Young U.S. Workers Are Plotting Early Retirements

Article Excerpt: "...A survey signals that younger employees may also need more realistic expectations about how much money they’ll need in later life. ..."

Resource: www.bloomberg.com