Being married means learning how to compromise, and sometimes, it means doing things that benefit your life partner more so than they benefit you. That philosophy applies not just to life in general, but to Social Security, and if you're married, it's important that you avoid the one mistake that may not hurt you so badly, [...]
Autumn is making its way into State College, Pa. home to Penn State University. The days are shorter, the nights are cooler and trees are beginning to burst with color. But for local retiree Greg Guise, 67, fall’s arrival is falling a bit short this year. Due to the coronavirus, the football season for his [...]
When you’re doing your retirement planning, it’s easy to ignore one vital topic: How much taxes will I owe on my retirement income? Frankly, it’s a hornet’s nest. But the topic of taxes and your retirement income is vitally important for your retirement planning. Anqi Chen and Alicia H. Munnell of the Center for Retirement [...]
Though Social Security serves as a steady source of income for millions of seniors, many can't live on those benefits alone. Rather, they need additional income to cover their expenses, whether it comes in the form of retirement plan withdrawals or earnings from a part-time job. In fact, the latter option is becoming increasingly popular, with 73% of workers [...]
FOR THOSE WHO HAVE PAID off their home or only have a small mortgage, a reverse mortgage may be a way to help cover retirement expenses. A reverse mortgage allows you to borrow against the equity you’ve built up in your home. By doing so, you can supplement your income and remain in your current home. What Is a [...]
Retirement should be your time to relax and enjoy life, without alarm clocks and meetings. Unfortunately, saying goodbye to your boss also involves saying goodbye to your paycheck. If you haven't already saved ample funds to a 401(k), IRA, Health Savings Account, or a regular old savings account, you may be nervous about making ends [...]
Retirement savings plans generally offer several choices for those changing jobs or retiring. This article discusses the "distribution options" you can generally choose from in deciding how you want the money in your plan treated. What is a distribution? A distribution is simply defined as a payout of the amount of money that has accumulated in your [...]
How can I best plan for a tax efficient retirement?For many retirees, even those who have meticulously planned their retirement income, the amount of taxes they are expected to pay may come as an unwelcome surprise. It's understandable. This is a new form of income that they may not be familiar with. "Sometimes they think [...]
we explored retirees’ freedom to choose where to live and what kind of home to occupy, along with the many options they enjoy. As retirees get older, or any time their need for household support and medical care increases, the availability of care becomes a dominant factor in the housing equation. Many people move twice [...]
Choosing when to file for Social Security benefits is an important decision, particularly if you expect to depend on your monthly checks for a substantial portion of your retirement income. The age at which you begin claiming benefits has a direct impact on the amount you receive each month. By claiming as early as possible at age [...]