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Tag: Rachel Hartman

What Are the Average Retirement Ages Around the World? | Retirement
2Apr By adminNo Comments
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 ...
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Biden’s Crackdown on Junk Fees in Retirement Plans | Retirement
22Dec By adminNo Comments
Money

Biden’s Crackdown on Junk Fees in Retirement Plans | Retirement

As part of its initiative to curb junk fees, the Biden administration is setting its sights on retirement plans. In October, the Department of Labor proposed a rule aimed at closing loopholes and requiring financial advisors to provide retirement advice in the best interest of clients. It would expand on the current fiduciary standard that covers advice related to purchasing securities to include types of nonsecurities, affecting recommendations for IRA rollovers and advice to retirement plan sponsors and employers.The initiative also aims to reduce junk fees in retirement products such as individual retirement accounts and 401(k)s. To understand President Joe Biden’s crackdown on junk fees, consider: How much Americans pay in junk fees. What the proposal to crack down on junk fees incl...
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Why Do Jobs No Longer Offer Pensions?  | Retirement
22Dec By adminNo Comments
Money

Why Do Jobs No Longer Offer Pensions?  | Retirement

For many years, companies often provided workers with a pension plan, a valuable benefit that set them up with a steady source of guaranteed income during retirement. These days, fewer employers offer a pension: Only 15% of private industry workers had access to one in 2022, according to the Bureau of Labor Statistics.Retirement plans that rely on employee contributions and the rate of returns on their investments are more prevalent today. According to the BLS, 69% of private industry workers had access to such plans in 2022.Why are pensions less common? Consider the following: How pension plans work. Understanding why employers used to offer pensions. Changing times: the shift from traditional pension plans. Contemporary factors contributing to the disappearance of pensions. Alterna...
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What Is the Social Security Administration? | Social Security
21Dec By adminNo Comments
Money

What Is the Social Security Administration? | Social Security

Almost all working Americans eventually receive Social Security benefits. These funds are collected and distributed by the Social Security Administration, a federal agency that serves to fight poverty. The SSA's programs pay benefits to almost 67 million people, including retirees, children, widows, widowers and those with disabilities. As you manage your finances and prepare for retirement, it can be helpful to understand the workings of the SSA, including the following: Introduction to the Social Security Administration. History of the Social Security Administration. Functions of the Social Security Administration. How the Social Security Administration works. Role of the Social Security Administration in the U.S. economy. Challenges of the Social Security Administration. The fut...
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Volunteer Opportunities for Seniors | Retirement
7Dec By adminNo Comments
Money

Volunteer Opportunities for Seniors | Retirement

Volunteering in retirement allows you to give back, socialize and stay active without spending much money. You may also learn new skills and build friendships while you help organizations in your community.There are many ways to volunteer in retirement, and the level of commitment can range from a few hours or days each week to longer. Some organizations may provide a stipend to help cover expenses like traveling to and from the place you're volunteering. While it can be a great use of your time, you’ll want to make sure you have balance in your life so you don’t get burned out.If you’re thinking about volunteering during retirement, consider the following: Types of volunteer opportunities for seniors. How to find the right volunteer opportunity. Preparing to volunteer: What seniors ne...
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How to Keep Holiday Spending in Check During Retirement | Retirement
7Dec By adminNo Comments
Money

How to Keep Holiday Spending in Check During Retirement | Retirement

Retirees living on Social Security and other fixed income streams may need to adjust their holiday spending strategy this year amid the high cost of food, retail goods and other items. But with a careful eye and a commitment to budgeting, it's still possible to have a great holiday while keeping your spending in check.To manage costs during the season of gifts and gatherings, consider the following: Recognize the challenges of holiday spending. Develop a realistic holiday budget. Follow handy money-saving tips for retirees. Implement a solid savings plan. Keep track of your spending. Manage credit wisely. Balance fun and finances in retirement. Recognize the Challenges of Holiday SpendingIt can be easy to get caught up in the spirit of the season. You might have invitations to atte...
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How I Save Money by Living Simply in Retirement | Retirement
1Dec By adminNo Comments
Money

How I Save Money by Living Simply in Retirement | Retirement

Embracing a simple lifestyle in retirement can help you relax, appreciate what you have and save money over the long term.Janet Ruth Heller and her husband, Michael, both former college professors in Portage, Michigan, accomplish this by staying active but keeping a close eye on spending. "Both of us earn some income each year from part-time work," Heller said in an email. "However, we rely on our savings and some investments for most expenditures. We do not want to live extravagantly."If you’re also looking to save money by living simply in retirement, here are some ideas from Heller and financial experts : Create an income plan. Track each dollar. Keep living expenses low. Get involved in groups. Avoid impulse spending. Choose activities thoughtfully. Create an Income PlanAs you c...
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What Is the $1K Per Month in Retirement Rule? | Retirement
22Nov By adminNo Comments
Money

What Is the $1K Per Month in Retirement Rule? | Retirement

As you look toward retirement, you'll want to evaluate your options to create a steady income stream. This could come from Social Security benefits, retirement account distributions or a pension. Another popular income strategy involves using the $1,000 per month retirement rule. It means that for every $240,000 you have set aside, you can receive $1,000 a month if you withdraw 5% each year.If you’re interested in learning about the $1,000 per month rule, consider the following: Understanding the $1,000 per month in retirement rule. Why $1,000 per month? Advantages of the $1,000 per month rule. Limitations of the $1,000 per month in retirement rule. How to effectively implement the $1,000 per month rule. Alternatives to the $1,000 per month in retirement rule. Is the $1,000 per mon...
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How Much Will I Receive When I Retire From the Military? | Baby Boomers
16Nov By adminNo Comments
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...
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Benefits You Qualify for After Retiring From the Military  | Retirement
16Nov By adminNo Comments
Money

Benefits You Qualify for After Retiring From the Military  | Retirement

As you look ahead or prepare to step away from military life, it can be helpful to know what to expect. The amount of financial support and assistance you receive will depend on several factors, including the number of years in service you’ve accumulated when you retire.Here's what to know about military benefits as you prepare for your retirement: Understanding military retirement. Financial benefits. Housing and housing assistance. Educational opportunities. Employment and career support. Shopping and recreational perks. Other veteran benefits after retirement. Understanding Military RetirementIn general, military members who complete 20 years of qualifying service are eligible for retirement. For each qualifying year, you’ll need to have a minimum of 50 retirement points. These ...
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