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…
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: Retiring in a mountain town offers the chance to connect with nature and enjoy beautiful scenery. Retirees can indulge in many outdoor activities in mountain towns to maintain and healthy and active lifestyle. Retirees should consider the overall cost of living, including housing, taxes, and everyday expenses. The most affordable mountain towns for…
Key Takeaways To enroll in SilverSneakers, you must be at least 65 years old and enrolled in a participating Medicare plan. The program is a free benefit included in certain Medicare Advantage and Medigap plans. SilverSneakers is a fitness program designed for seniors, offering in-person and online classes aimed at improving health and wellness through…
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 Retiring abroad on $1,000 per month doesn’t mean sacrificing quality of life. Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam. Before making the move, consider expenses…
Key Takeaways Take account of your savings, investments and retirement accounts to make sure you have enough funds to retire. Lay out the monthly costs you’ll have to cover and consider how your income will pay for those. Look into Social Security benefits so you can decide when to start the application process. Get rid…
Key Takeaways: The SECURE 2.0 Act changed the age for starting required minimum distributions (RMDs) to 73 in 2023, and it will increase to 75 in 2033. Depending on your income level, premium costs could increase once withdrawals begin, and your taxes could be higher. Missing an RMD could lead to a penalty, though the…
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: FIRE stands for financial independence, retire early, and consists of saving enough to retire before the traditional retirement age. To achieve FIRE, you may have to live frugally and save as much as possible to build your investments. Retiring early can bring a long list of benefits, ranging from flexibility and freedom in…
