Retirement income comes in all forms, and pension payouts are just one of them. To the federal government, most pension payouts are fully taxable as income. To the 50 states and the District of Columbia, the tax picture for pension payouts is a bit more complicated. A patchwork of tax rules Eight states – Alaska, [...]
Far fewer federal employees retired in 2020 compared to previous years, and for some, the pandemic and new telework arrangements have played a prominent role in their decisions to delay and their views about their jobs. A total of 92,008 federal employees retired in 2020, the fewest in nearly 10 years, according to a Federal [...]
If you’re thinking of becoming a landlord as part of your retirement strategy, do the math first. Buying homes, (maybe) fixing them up, and then renting them out is a popular investment for those seeking regular “passive” income after they’ve retired. (It’s seen as a route to wealth for many others, too). By some estimates [...]
Reaching your retirement goals takes a lot of effort. Once you reach those goals, you have to continue the process in order to achieve the plans you put in place. Fiduciary retirement advisor Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss 3 common financial mistakes to avoid in retirement to make sure you stick [...]
Retiring is something that most people eventually do. But while some spend the time doing the things they've always dreamed of, others find themselves living on a fixed income or working during their retirement years. The lifestyle you live when you retire can vary greatly depending on how much pre-planning you put into the process. [...]
Whether you’re 20 years old or 10 years away from retirement, it’s important to plan how you’re going to supplement your income and spend your money during your golden years. For many soon-to-be retirees, this means making a plan for their Social Security checks. Americans 65 and older spend an average of about $50,000 a [...]
A popular retirement guideline suggests retirees need 80% of their preretirement income to make ends meet, and some experts encourage saving even more to avoid running out of money. Facing such daunting goals, 53% of preretirees say they plan on working past age 65 to ensure that they have enough money, according to the Transamerica [...]
Retirement has long been thought to be a time of relaxation and peace, but that trend is quickly falling to the wayside in favor of more adventurous golden years. Seniors are more active than ever, looking to take on new experiences during their retirement instead of slowing down. Given that by 2030, all Baby Boomers will [...]
Retirement should inspire thoughts of mixed drinks on the beach and long afternoons with the grandkids. But for many people, just mentioning the word spurs anxiety. Younger Americans are waiting too long to put money away, middle-aged workers rarely make up for lost time and people approaching retirement hope to hold onto their jobs long [...]
During your working years, you're supposed to do your best to sock away money in an IRA or 401(k) plan. But that money shouldn't just sit in cash. Rather, you should invest it for growth. The same applies during retirement. Once you stop working, you should plan to keep your IRA or 401(k) invested so it [...]