baby boomers – The News Desk

Where the Presidential Candidates Stand on Retirement | Retirement

16Apr

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Money

Where the Presidential Candidates Stand on Retirement | Retirement

Key Takeaways: The Social Security retirement trust fund and Medicare Hospital Insurance trust fund will both be depleted within the next decade if no action is taken. Joe Biden proposed increasing taxes on high earners to shore up the two trust funds. Donald Trump said he supports the programs but has provided no details about how he plans to address the trust fund shortfalls. Independent and third-party candidates have various approaches to retirement topics, but none are expected to win the presidency and implement their policies. This November, voters will head to the polls to decide who should be president for the next four years. And while debates rage over topics such as border security, immigration and abortion, people shouldn’t overlook the importance of retirement issues.The...

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

2Apr

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Money

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if at all. The federal government offers some tax breaks for expats, but they may not always transfer to state tax forms. Living or retiring abroad can be exciting, but it isn’t necessarily easy. You’ll need to navigate visa and residency requirements, find housing and maybe learn another language before moving. And once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens as well as what their host country might require.Here are some ...

What Are the Average Retirement Ages Around the World? | Retirement

2Apr

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Money

What Are the Average Retirement Ages Around the World? | Retirement

Key Takeaways: Global life expectancy is increasing, leading some countries to raise their retirement ages. The retirement age varies significantly around the world, with some countries, such as Iceland, having a retirement age of 67 and others, such as Saudi Arabia, of 47. The shift in the U.S. from company pensions to individual retirement accounts puts more responsibility on workers to save for retirement. Financial considerations like Social Security benefits and health care access play a major role in determining your ideal retirement age. Global life expectancy improved from 46.5 years in 1950 to 66 years in 2000 and is anticipated to increase to 76 by 2050, according to the United Nations Population Division. As a result, some countries are revisiting their retirement ages and ...

How Much Will I Receive When I Retire From the Military? | Baby Boomers

16Nov

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Money

How Much Will I Receive When I Retire From the Military? | Baby Boomers

If you served for several years or decades in the military, you'll be eligible for retirement benefits when you step back into civilian life. These perks take on different forms and might include a pension, health coverage and disability benefits. The amount you receive will depend on the length of time you served and your rank in the military.Here's what to expect when you retire from the military: Retirement pay. Survivor benefits. Medical benefits. Additional benefits. Military Retirement PayThe military offers a few retirement plans, so you'll want to see which one you have and how it works. Typically you need to serve for at least 20 years to receive full retirement pay.The military retirement plans include: Final Pay. Military members who began their years of active duty or res...

How to Find a Lost Pension Plan | Baby Boomers

23Aug

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Money

How to Find a Lost Pension Plan | Baby Boomers

Pension plans offer some of the best retirement benefits you can get from an employer. But if you had one from a previous job, you might have lost track of your plan by the time retirement rolls around.The last thing you want to do is let valuable benefits go unused, but it could take a bit of legwork to find the information you need to hunt down your “lost” pension plan, including contacting your former employer – who might have moved, changed names or even closed down – or contacting the Pension Benefit Guaranty Corporation.Follow these steps to track down your plan: Contact your former employer. Consider financial and insurance companies. Search at the Pension Benefit Guaranty Corporation. Collect the paperwork. Look into spousal payments. Make sure you are vested. Consider a fi...