Retiring Archives - DR News - News, Retirement, Finance

Retiring Early? How Social Security Benefits Are Affected if You Exit Workforce in Your 30s or 40s

New York, NY – A growing number of individuals are choosing to retire in their 30s or 40s as part of the FIRE (Financial Independence, Retire Early) movement. This lifestyle choice emphasizes extreme savings and frugal living to achieve financial independence at a young age. However, early retirement poses unique challenges for individuals in terms of their Social Security benefits. A study conducted by Credit Karma revealed that 53% of Generation Z members identify with …

Retiring in Our Mid-50s: Managing $1.9M on $225K Income – What’s Next?

Living in a bustling urban area, a couple in their mid-50s is facing a significant financial milestone. With an annual income of $225,000 and assets totaling $1.9 million, they are now contemplating the next steps to secure their financial future. As they navigate through their midlife years, the couple is pondering on how to make the most of their current financial standing. With a sizeable income and substantial assets, they are considering various options to …

Vicars in Crisis: Retiring Clergy Struggle with Unmanageable Church Loans

London, England – British vicars in the UK are facing a retirement crisis as they struggle to repay Church loans that are deemed unaffordable. This financial burden has left many retired vicars feeling trapped and uncertain about their future. Vicars who have dedicated their lives to serving their communities now find themselves in a difficult situation, unable to make ends meet due to the high costs associated with their Church loans. The issue has highlighted …

Retiring: Best 5 States for Couples Living off Social Security in the US

Los Angeles, CA – A recent study identified five states where couples can retire solely on Social Security benefits in the United States. These states offer a cost-effective option for retirees looking to make the most out of their Social Security earnings. With the rising cost of living across the country, these states provide a more affordable lifestyle for older adults relying on fixed incomes. Among the top states identified in the study is California, …

Retiring Early with $90,000 Cash Flow and Helping a Daughter Buy a Home is Doable, Financial Planner Says

TORONTO, Ontario – A couple in small-town Ontario, Canada, retired at relatively young ages – 57 for him and 54 for her – and they are now questioning whether their decision was the right one. Malcolm, now 60, has just started to take early Canada Pension Plan benefits, while Laura is 57. They have a mortgage-free house and are looking to help their 25-year-old daughter with a down payment on her first home. With substantial …

Retiring GOP Rep. Mark Green Oversaw Mayorkas Impeachment

NASHVILLE, Tenn. – Rep. Mark Green announced his retirement after being involved in the impeachment of Alejandro Mayorkas, the first Cabinet secretary to be impeached in almost 150 years. The Republican, who oversaw Mayorkas impeachment, also confirmed that he will not seek re-election. This news comes as a surprise to many in the political arena, with powerful House GOP chair Mark Green deciding to retire from his position. The House Homeland Security Committee Chair from …

Retiring in 2024? Make Financial Decisions Regarding Social Security Funding and Benefits Now

Washington, D.C. – As retirement approaches, many individuals grapple with the decision of when to start collecting their Social Security benefits. The prevailing wisdom is to wait as long as possible in order to receive a higher monthly payment. However, the current landscape is complex due to the looming possibility of a funding shortfall in Social Security. According to projections, the Old Age and Survivors Insurance (OASI) Trust Fund, which supports Social Security, is expected …

Retiring Couple? Discover the 7 Best Nevada Locations to Live on a Social Security Check

RENO, Nevada – Many retirees are seeking affordable places to live, especially those relying solely on a social security check as their income. Nevada, known for its low cost of living, has several cities that are ideal for couples looking to stretch their retirement dollars. Elko, Nevada, is a popular choice for retirees as it offers a low cost of living, affordable housing, and access to healthcare services. The city also boasts a variety of …

Retiring Early? Be Mindful of These Potential Hiccups

New York, USA – Many individuals harbor dreams of retiring early, but what does this actually mean? According to recent research from the Motley Fool, over half of Americans retire at age 61 or earlier, with nearly a quarter of them retiring between the ages of 62 and 64. This indicates that a significant portion of the population is indeed retiring on the early side. However, there are potential obstacles to navigate when aiming for …

Healthcare Options for Retiring Before 65: What You Need to Know

Many people dream of retiring before the age of 65, but knowing the various healthcare options available is crucial. Healthcare is a significant factor to consider when planning for early retirement. Whether you’re retiring before becoming eligible for Medicare or simply seeking alternative coverage, understanding your healthcare options is essential for a smooth transition into retirement. One of the main concerns for those retiring early is the availability of affordable healthcare coverage. With the cost …