If you have been saving and investing for retirement, it has been a difficult year. All three stock market indices, including the DOW, S&P 500, and most notably, the NASDAQ, have seen severe losses. And if that weren’t enough, the inflation rate is still rising. The housing market bubble has burst, and the nation may be on the verge of the next economic downturn.
San Francisco, CA – Social Security benefits are not intended to be the sole source of income for retirees. Typically, these benefits are designed to replace about 40% of an average worker’s salary. Many financial planners assert that retirees will need approximately 80% of their pre-retirement income to maintain the same standard of living after leaving the workforce. As a result, the majority of Americans rely on other sources such as savings in 401(k) or …
A provision of the $1.7 trillion spending plan that was enacted on Friday has been touted as helping millions of Americans save more for retirement. But the true gain may go to a somewhat more secure group: the financial services sector.
London, United Kingdom – A recent study has raised concerns about the growing disparity in retirement savings between men and women. The study revealed that women are potentially facing £136,000 less in pension savings compared to men, highlighting a troubling “gender gap” in financial security during retirement. The report, which analyzed the pension savings of individuals, found that women are significantly disadvantaged when it comes to saving for retirement. This disparity is attributed to a …
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.
LONDON, UK – Recent reports indicate that the amount needed for a “comfortable” retirement has soared to £59,000 a year, causing concern among individuals planning for their future. According to experts, the income required to retire has jumped due to the rising costs of maintaining a family, with the looming pension crisis adding further pressure on middle-aged savers. The increase in the cost of retirement, up £8000 a year, has placed enormous pressure on households, …
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.
Daruvar, Croatia — A tragic incident unfolded at a private nursing home in Daruvar, Croatia, where a gunman killed six people and wounded several others on Monday, local media reported. The small town, located approximately 75 miles east of Croatia’s capital, Zagreb, was thrown into disarray following the early morning attack. The assailant, whose identity has not yet been disclosed, entered the facility and began shooting at residents and staff. Croatian Radiotelevision reported that five …
There is still time to do well by doing good this year, and there are still tax benefits available to retirees who make charitable contributions. Act quickly, though!
There is usually a year-end interest in donating to charity; this motivation does not always disappear upon retirement. Let’s discuss some tax-intelligent ways for charitable contributions by retirees.
Philadelphia, PA – Seniors in the United States have the option to choose their Social Security filing age, but this decision comes with both pros and cons. Many may find it appealing to receive their money sooner, especially if the need is urgent. However, filing early could lead to long-term financial difficulties, making it crucial to carefully consider the implications of such a decision. When discussing early Social Security claims, it typically refers to signing …