Thursday, December 19

Tag: wealth

No, Social Security Isn’t ‘Earned’
10Dec By adminNo Comments
Health

No, Social Security Isn’t ‘Earned’

Joe Biden and Donald Trump have something in common: Neither wants to touch Social Security. The program’s benefits “belong to the American people,” Mr. Biden said in February. “They earned them.” A month later Mr. Trump said: “We’re going to take care of our Social Security—people have earned that.”Both men have used the program as a cudgel against political opponents who have supported reining in benefits to balance the program’s troubled finances. The same goes for Medicare, which the progressive group Social Security Works has described as “an EARNED benefit,” adding that “anyone who proposes cuts to this program is reaching into your pockets and stealing from you!”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ...
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How to Turn $500K Into Passive Retirement Income | Retirement
7Dec By adminNo Comments
Money

How to Turn $500K Into Passive Retirement Income | Retirement

You’re likely familiar with the phrase "Let your money work for you." That’s the idea behind the concept of passive income, which means earning money with little or no effort.In retirement, it’s certainly possible to generate passive income with your investment portfolio. For example, if you want to invest $500,000 to create passive income, you can go about it in several ways, but give it some thought before jumping in."Investing $500,000 to generate passive retirement income requires careful planning and consideration of various factors, such as risk tolerance, desired income and investment timeline," said Walter Russell, president of Russell and Company in New Albany, Ohio, in an email.Passive or semi-passive income options include: Fixed-income securities. Dividend-paying stocks. Re...
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What Millionaires Know About Retirement That You Don’t | Retirement
6Dec By adminNo Comments
Money

What Millionaires Know About Retirement That You Don’t | Retirement

Millionaires tend to have a different view of wealth and retirement savings than other Americans do. It may seem surprising, but most millionaires don’t consider themselves wealthy, according to an Ameriprise Financial survey. In fact, 60% consider themselves upper middle class, and 31% say they are part of the middle class.The survey, which included 580 Americans ages 27 to 77 with $1 million or more in investable assets, also found that millionaires’ financial priorities differ from less affluent investors' priorities. Millionaires' priorities were: Protecting accumulated wealth. Saving for retirement. Managing market volatility. Ameriprise also surveyed those with less than $1 million in assets. Their top financial priorities were: Saving for retirement. Managing day-to-day living...
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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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Is $2 Million Enough to Retire as a Couple? | Retirement
14Nov By adminNo Comments
Money

Is $2 Million Enough to Retire as a Couple? | Retirement

A $2 million nest egg is substantial and can provide financial security for many couples, but whether it's enough for you depends on various factors.First, consider when you plan to retire. If you retire at 60, $2 million won’t stretch as far as it would if you retired at 70, as the money needs to cover a longer retirement period. The earlier you retire, the greater the risk of outliving your savings, which makes proper financial planning essential.Another significant factor for a couple is life expectancy. With advances in health care, people live longer, which means retirement savings must last longer.Couples also face challenges if their lifestyle is too lavish. Expensive travel and leisure activities can burn through your $2 million faster than you may realize. Maintaining a frugal li...
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Companies With Great Retirement Plans | 401ks
13Nov By adminNo Comments
Money

Companies With Great Retirement Plans | 401ks

A 401(k) plan is one of the most convenient ways to stash away dollars for retirement. Funds contributed to the account can be deducted from your taxable income that year, and you can grow your savings over time with savvy investments. But perhaps the biggest motivator to contribute to a 401(k) plan is an employer's 401(k) match.Many firms offer to match employee contributions to the 401(k) plan. Typically, the employer contributes a certain amount to the employee’s 401(k) plan based on formulas and policies set by the company.The Typical 401(k) MatchWhen an employer decides to offer a 401(k) plan for its workers, it may provide different types of plans from which to choose. The arrangement provided in these plans can vary by company. Common forms of matching include partial matches or do...
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How to Earn $50K, $70K and $100K Per Year in Retirement | Retirement
9Nov By adminNo Comments
Money

How to Earn $50K, $70K and $100K Per Year in Retirement | Retirement

As you get closer to retirement, you may realize that you have plenty of money to sustain you during your golden years. Or you might discover that you’ve fallen short. Either way, you’ve probably determined that you’d like to have a certain amount of cash to live on every year, whether it comes from savings, Social Security or a part-time job.For those looking at specific retirement income numbers, here are some ideas on how to earn $50,000, $70,000 and $100,000 per year, in retirement.How Much Savings Will Earn $50K, $70K or $100K in Interest Per Year?To cut to the chase, if you want your interest to earn $50,000, $70,000 or $100,000 per year, you’ll need to have approximately $1.25 million to $2.5 million in savings or retirement accounts. If you're aiming for somewhere in the middle, l...
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