Wait until age 70 to claim Social Security: ‘The return on being patient is huge,’ says economist
KEY POINTS All U.S. workers ages 45 to 62 would benefit from waiting until beyond age 65 to start receiving Social Security retirement benefits, recent research finds. The best age to claim is 70, when benefits are 76% higher than retirement benefits taken at 62. The...
2 Big Changes to RMDs That Will Affect Retirees in 2023
KEY POINTS Retirees can push back RMDs to age 73 in 2023. The penalties for not taking RMDs will drop significantly. A big change is coming to workplace accounts with a Roth designation in 2024. The $1.7 trillion spending bill that Congress passed last week includes...
How much life insurance do I need?
In most cases, if you have no dependents and have enough money to pay your final expenses, you don’t need any life insurance. If you want to create an inheritance or make a charitable contribution, buy enough life insurance to achieve those goals. If you have...
Rising Prices Lead to Changes in Lifestyle and Shopping Habits
AARP Financial Security Trends Survey: Wave 2 In January 2022, AARP launched its Financial Security Trends Survey, which is designed to monitor the financial experiences, behaviors, and attitudes of adults age 30-plus. The survey examines perceptions of overall...
Rising Prices Lead to Changes in Lifestyle and Shopping Habits
AARP Financial Security Trends Survey: Wave 2 In January 2022, AARP launched its Financial Security Trends Survey, which is designed to monitor the financial experiences, behaviors, and attitudes of adults age 30-plus. The survey examines perceptions of overall...
7 Ways Retirement Will Be Different in 2023
Tax changes, RMD rules, Social Security COLA and more will affect older Americans’ finances You might have heard about big changes coming to retirement finance due to Secure 2.0, a package of provisions included in the massive spending bill enacted by Congress and...
Building emergency savings is a top financial resolution for 2023, survey finds. Here’s how to get started
KEY POINTS Increasing emergency savings is a top financial goal for many Americans heading into 2023, a new survey finds. Here’s how to increase the cash you have set aside. When it comes to financial resolutions for 2023, there’s one goal at the top of many people’s...
12 Tax Rules Linked to Inflation
IRS adjustments may save you some money in 2023 Are expensive gas and groceries busting your budget? The Internal Revenue Service feels your pain. In one of the few silver linings of the highest inflation rates in four decades, the IRS announced inflation-adjusted...
Your 2023 Tax Brackets vs. 2022 Tax Brackets
The income ranges, adjusted annually for inflation, determine which tax rates apply to you Even though we’re still in the 2022 tax year, and you filed your 2021 tax returns back in April, you’re probably thinking to yourself, “Gosh! I wonder what the tax brackets are...
50 Years of Inflation: What Things Cost in 1972
Surprisingly, some things are bargains today — but not many Remember 1972? Richard Nixon was president, the Oakland Athletics were on the way to winning the first of three consecutive World Series and All in the Family was the number 1 television show. Still, what you...
Bah, Humbug: Inflation Drives Christmas Tree Prices Up
Whether you opt for a real or a faux one, expect to pay 5 to 15 percent more this holiday season Christmas tree prices, whether for faux or real ones, are rising this holiday season as inflation spills over into decorations. How bad? Expect to pay anywhere from 5 to...
A Recession Survival Guide for Retirees
Economic downturns are inevitable. Here's how to protect your retirement nest egg Is the U.S. in a recession? The media was filled with speculation after the Bureau of Economic Analysis (BEA) announced that the nation's economy had contracted in the first and second...
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