Article Excerpt: "...budgeting during retirement is based on the same principles as before. Nevertheless, there are new things to look out for that make it extra important to plan ahead, so you don’t find yourself old and broke during your final years on this earth. This is why, in this post, I’ll cover the most important steps to budget effectively during retirement...."
Article Excerpt: "... delaying your filing past FRA will result in a significant boost to your benefits -- one that you'll get to enjoy for the rest of your life. And so if you're short on retirement savings, waiting as long as possible to claim Social Security is a good bet. Specifically, that means waiting until your 70th birthday to sign up for benefits. ..."
Article Excerpt: "...The average retirement income is around $73,000, but the median retirement salary is $47,000. ..."
Article Excerpt: "...When we think about it — why aren’t all retired people happy? They don’t work or commute any more. They have no deadlines, commitments, angry bosses, or backstabbing coworkers to deal with, and they can sleep in every day. ..."
Article Excerpt: "...January is a critical month for the hundreds of thousands of potential Social Security beneficiaries who are reaching 66 and 4 months, their so-called full retirement age (FRA), in 2022. ..."
Article Excerpt: "...Grown Kids Siphoning Off Your Retirement Money Most people want to help their children succeed in life. Experts caution against sharing too much of your retirement money with adult kids, however. "You won't be around forever, and [children] need to stand on their own..."
Article Excerpt: "...There can be many causes for a stagnant retirement balance, but here are three of the most common and what you can do to solve them. ..."
New Year. New Law. Beginning January 1, 2022, new federal protections will shield millions of consumers from surprise medical bills. Surprise medical bills – unexpected bills from an out-of-network provider, out-of-network facility or out-of-network air ambulance provider – is common among those with private insurance. Nearly one in five patients who go to the emergency room, have an elective surgery, or give birth in a hospital receive surprise bills, with average costs ranging from $750 to $2,600 per episode.
Learn about how the No Surprises Act can protect you from surprise medical billing. U.S. Department of Health and Human Services
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.]
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..."
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..."
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..."
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. ..."
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. ..."
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..."