Social Security benefits are available to most people who work in the United States. Social Security retirement, disability and dependents benefits are available to workers who have paid into the system — but only if you’re disabled, retired or caring for a child or other dependent. If you’re employed, you may be able to receive some benefits for a limited time while continuing to work. However, several rules apply in this situation. Your monthly benefit amount is based on your earnings in jobs covered by Social Security. The Social Security Administration (SSA) oversees these programs, funded by payroll taxes paid …

No one ever tells you the downsides to retirement. When you’re working, your friends and family members are always asking, “When are you going to retire?” They paint a rosy picture of retirees spending their days on the golf course or traveling. They don’t tell you that retirement can have some serious downsides. In this article, we will discuss some of the most common ones. Keep reading to learn more! One of the biggest downsides to retirement is that it can be quite isolating. When you’re working, you have a built-in social network. But once you retire, those connections are …

How much money will you need to have saved for retirement? This is a question that many people are asking these days. The answer is not always easy to determine, as many factors need to be considered. In this article, we will discuss 10 of the most crucial factors that need to be considered when determining how much money you will need for retirement. So please read on! 1. Inflation: One of the most important factors to consider when determining how much money you will need for retirement is inflation. Over time, the cost of living tends to go up, …

Retirement is a dream for most Americans. Sure, there are people like Warren Buffett who love to work whereas most people do not. If you’re one of those people who want to retire, the question arises of when a good time to retire might be. Some people will be fine retiring next week while some should wait for a few more years.  Can You Do Without Income? If you’re working a job that pays well, it’s unlikely you’ll be able to bring in as much money when retired. There are exceptions to this rule. If you’ve routinely saved half of …

Individuals who spend their lives building businesses that ultimately lead to a high income tend to be dynamic go-getters who don’t want to think about the limitations and possible incapacitations of old age. However, with smart planning in your 50s and 60s, you can protect your heirs from financial risk and even protect your business from a crippling lack of leadership.  Costs of Long Term Care  Depending on where you live, long term care can cost you anything from $54,800 to $150,200 per year. While nearly half of all those who use a long term care facility is there for …

Retirement is a time to enjoy your life, not struggle with money. It’s also a time when many people are faced with whether or not to begin drawing on their retirement accounts. You may need more income in retirement than when you were working because, unless your spouse is a high-income earner, the tax savings of two working people are now gone. If you’re looking for strategies for making more income in retirement, then read on. Save more When you’re working, you can take money out of your paycheck before taxes are taken out. At retirement, there’s no such option. …

Once you reach your retired years, you may think that your previous planning efforts would put you in the clear from a financial standpoint. However, the numbers that you use in your projections are in flux. This means that you must stay organized and keep on top of your financial status if you want to enjoy financial peace of mind in the years to come. However, monitoring your efforts on a monthly basis may be overkill. Furthermore, when your oversight of your finances and budget is too frequent, it can be difficult to spot trends and potential issues. With this …

The term retirement comes with mixed feelings and reactions among most people. Some are usually waiting for it, while others dread those future years. Retirement requires finances as much as the working years. Therefore, people need to work on savings and investments for future purposes. Spending your entire income today will bring struggle in the coming days. Here are some interesting statistics to consider and work on as you prepare for your retirement.  Young People Fantasize of Retiring Early but Change Their Minds As They Grow Older When one is young and ambitious, they picture life with different lenses than …

Many Americans are unsure how to prepare for retirement. There is a lack of clear guidance and widespread misinformation on when a person should start saving, what sources of income to use, and the risks that may affect their assets. Let’s go over some of the ways people can prepare for retirement and let them know their financial position before it’s too late. You have to ask yourself some questions to get started in your preparation. The first step is to figure out your present situation and what retirement will look like. How old are you? What kind of work …