Key Takeaways: Florida offers many great beach towns for retirement, with options to suit various budgets. Beyond Florida, coastal cities such as Portland, Maine, provide cooler temperatures and distinct seasons. When considering coastal retirement, factors like housing affordability, health care and amenities play a key role. Whether you crave a vibrant city by the beach…
Key Takeaways: The full retirement age to receive full Social Security benefits will vary by birth year, ranging from 65 to 67. Claiming Social Security before your full retirement age reduces your monthly benefit, but delaying benefits until age 70 increases them. Working while receiving Social Security benefits may lower your benefit amount depending on…
Key Takeaways Workers age 50 and older can take advantage of 401(k) catch-up contributions, allowing them to contribute up to $7,500 more than younger participants. In 2024, you can put in up to $30,500 if you meet the requirements. You can receive tax benefits through catch-up contributions, especially if you set aside the maximum amount,…
Key takeaways You may qualify for the saver’s credit if you have a low to moderate income and contributed to a 401(k) or IRA in the past year. The saver’s credit reduces your overall tax bill by a certain amount, depending on your level of income and savings. There are eligibility requirements for the saver’s…
Key Takeaways: Most companies no longer provide traditional pension plans. The majority of public school teachers are enrolled in defined-benefit pension plans. Nurses, state and local government workers, and unionized workers are more likely to have access to pension plans. These days, most companies no longer provide traditional pension plans that promise workers guaranteed income…
Key Takeaways: The Social Security tax limit refers to the maximum amount of earnings that are subject to Social Security tax. For 2024, the Social Security tax limit is $168,600. Workers earning less than this limit pay a 6.2% tax on their earnings. Individuals with multiple income sources will want to track their earnings and…
Saving for retirement in a Roth 401(k) will give you a tax-free source of retirement income. You also won’t need to pay income tax on the investment growth within the account. Here’s why you should consider using a Roth 401(k) to save for retirement: You can avoid paying income tax on investment gains. Withdrawals in…
