Uncategorized - DR News - News, Retirement, Finance

Is Your Investment Strategy Setting You Up for Failure?

The fear of running out of money during retirement is a common concern, leading many to save more in anticipation of financial instability. The desire for financial security is universal, regardless of one’s current savings. Recent market volatility further exacerbates these concerns, underscoring the need for a well-thought-out retirement income plan. What constitutes a good retirement plan or one that could potentially fail you? The following are some things to consider: Understanding Market Volatility: Market …

Wake-Up Call: The 3 Overlooked Realities Facing Every Retiree

Retirement, though meticulously planned for, often arrives with unexpected realities that can challenge even the most foresightful individuals—these significant life transitions usher in a whirlwind of alterations to one’s daily life and finances. Some retirees have to adjust to specific pivotal changes such as downsizing living spaces, budgeting with a tighter income, and dissociating personal identity from professional roles. However, the evolution doesn’t end there. As retirement approaches or if you’re already at the cusp …

The Escalation of Oil Prices is Contributing to the 2024 COLA Uplift.

The surge in oil prices has recently been a topic of concern, stirring discussions among economists and policymakers. However, this scenario has a silver lining for retirees. The announcement of the Cost of Living Adjustment (COLA) by the Social Security Administration (SSA) is an annual event crucial for retirees. COLA determines the increment in Social Security checks for the following year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). …

Financial Planning for Dummies: Simple Steps to a Richer Life

Financial planning, budgeting, retirement savings, estate planning, debt management, emergency fund, tax planning, investment portfolio, financial goals, holistic life planning, financial advisor, Financial Planning for Dummies: Simple Steps to a Richer Life Financial planning involves assessing one’s financial situation and preparing for short-term and long-term financial goals. It goes beyond just managing investments and encompasses areas such as tax planning, estate planning, insurance planning, budgeting, and day-to-day expense management. It can be seen as a …

Is Social Security Doomed? Unveiling the Harsh Reality of Joe Biden’s 4-Point Strategy

President Joe Biden’s proposal to strengthen Social Security falls short of making a significant impact. Despite the average monthly benefit of $1,835 for retired workers, which serves as a crucial income source for most seniors, the president’s plan fails to address the underlying issues. For over two decades, Gallup has conducted polls asking retirees about their dependence on Social Security. Consistently, at least 80% of respondents have acknowledged relying on their monthly benefits to some …

Supercharge Your Savings: Discover the Strategies Used By Retirement Super Savers

Imagine a life where you can enjoy the present without compromising your financial future. Meet the Super Savers-individuals who have cracked the code to long-term financial success while embracing today’s joys. These savvy individuals have mastered powerful strategies that catapult them toward their retirement goals. Below is their secret formula for success: #1 Setting Clear Financial Goals: Super Savers can establish solid financial milestones. They create SMART goals that are specific, measurable, achievable, relevant, and …

Social Security Retirement Age Increase: Low-Wage Workers Suffer Most

Senators. Angus King (I-ME) and Bill Cassidy (R-LA) have suggested raising the Social Security retirement age to 70, which would have a devastating impact on beneficiaries, especially those earning lower incomes. Millions of people who pay into Social Security will not stay alive long enough to get benefits if this bill is passed.

Thinking of returning to work? Here’s what to consider

The financial burdens on everyone, especially retirees, have increased due to historical inflation. For many retirees, the nest fund that appeared so secure only a few years ago may now seem woefully inadequate; rather than face the financial risk, they are at least considering a return to the working.