retirement strategies

Want to Retire in 2024? Here’s What You Need to Know.

Embarking on the retirement journey is a monumental step. However, diving headfirst into this new chapter without laying the proper financial groundwork can lead to a myriad of unforeseen challenges and obstacles. It’s essential to approach this milestone with both excitement and prudence, ensuring a smooth transition into your golden years. For those looking at 2024 as their year to retire, there are three pivotal things you must know. 1. Your Financial Milestone There’s no …

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Understanding Non-Deductible IRAs and Their Distinctions from Roth or Traditional IRAs

 Is it logical to finance an individual retirement account (IRA) when it doesn’t offer a tax deduction? Many individuals who aren’t eligible to fully finance a deductible IRA or Roth IRA miss out on this straightforward opportunity to set aside additional retirement funds that can mature without tax implications. Unlike a 401(k) or similar salary reduction plan, you can contribute to a non-deductible IRA until the tax filing deadline. Understanding Non-deductible IRAs  During a tax …

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Why Millennials Might NEVER See Full Social Security Benefits

As concerns about the future of Social Security grow, many Americans are reevaluating their retirement strategies. Recent data reveals a trend towards accessing Social Security benefits earlier, even if it means sacrificing the total potential payout. The Early Bird Trend According to a 2024 survey by asset management firm Schroders, only 10% of non-retired Americans intend to wait until 70 to avail their maximum Social Security benefits. This is a significant shift, as 40% of …

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Money vs. Mortality: You Won’t Believe What Americans Are More Afraid Of

A recent study from Allianz Life reveals that a majority of Americans need to pay more attention to retirement savings and planning due to inflation and increasing rates, which has left little room in their wallets for other expenses. As a result, many are now more worried about running out of money during retirement than dying. Many Americans face a “new retirement reality” that has changed their long-term outlook. According to the report, 61% of …

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Here Is How Gen Xers Can Boost Their Savings

As Gen Xers approach retirement age, with some already nearing 60, questions arise about their preparedness for the future. When surveyed, many Gen Xers expressed a desire to retire around 63. However, this leaves little time for older members to accumulate the necessary funds.