In 2023, do you predict a recession? Things are at a crossroads where either path is possible. In 2022, the Fed increased interest rates by a significant amount to slow the rising price of goods and services. And the Federal Reserve isn’t finished with rate hikes yet.
A recent survey shows that 38% of Americans are worried about outliving their retirement savings and investments, indicating that retirement anxiety is a persistent problem in the United States. According to Transamerica’s “Emerging From the COVID-19 Pandemic: A Compendium About U.S. Workers’ Retirement Outlook,” the fear of running out of money during retirement ranks as the top retirement worry among Americans. In addition, 37% of respondents reported that they were worried about their health deteriorating …
Investing as much as possible in as many different ways could pay off immensely in the future. As of 2023, the maximum amount that can be contributed to a retirement plan will be raised by the Internal Revenue Service (IRS), allowing you to save more.
Although approximately 48 million Americans are receiving Social Security retirement benefits, many are still actively employed and hope to one day receive these benefits. If you are one of these soon-to-be retirees, you should know that there are things you can do to ensure a comfortable retirement financially.
If Congress agrees on a colossal spending bill this week, new retirement rules that might make it simpler for Americans to accrue retirement savings and make it less costly to withdraw those assets could be implemented soon.
The decision of when to retire is not an easy one. There are many things to think about, such as how much money you have saved, how healthy you are, and what kind of retirement lifestyle you want. While the timing of your retirement is ultimately up to you, it might be helpful to be aware of when most people decide to do so.
Retirement savings plans like 401(k)s and IRAs are crucial to the long-term financial well-being of millions of Americans. Mutual funds, which provide simple diversification for clients, are the most popular investment vehicle in the United States.
Despite mutual funds’ effectiveness in assisting industrious Americans in saving for retirement, the Securities and Exchange Commission (SEC) aims to significantly alter how these funds operate, leading to more significant expenses and poorer returns for investors.
When you reach the age of 65, there are five financial milestones you should be aware of. Even if you aren’t quite ready to retire just yet, this is an important age for planning your future.
As far as individual income tax rates are concerned, 2022 is likely to go virtually unnoticed unless a lame-duck Congress passes some hasty legislation. However, several crucial federal tax decisions are still to be made before the end of the year that may lead to cost savings, especially for investors.
There is a reason why 62 has historically been the most common age to enroll in Social Security: It is the youngest age at which one can begin receiving benefits.