Saving for retirement can feel like a long, upward climb. Taking step after step, saving dollar after dollar. But the view at the top is worth it… except the journey isn’t over. You now have to navigate your way down. That is, you have to take money from your savings to fund your retirement without tripping up.
The biggest Social Security change for 2023 is the major cost-of-living adjustment (COLA) increase. At least, that is the one most people are talking about. But there are other important changes set to go into effect next year that will impact both workers and retirees. To help you prepare, here are the Social Security changes for 2023 and how they could change your financial plan.
Recessions are a normal part of our economy. But no one can accurately predict when the next one will happen. It could happen at an inconvenient time for you personally. For one, you could find yourself retiring in a recession.
There’s no getting around the fact this year has been challenging for most investors. But that doesn’t mean it’s a total wash. Even though the year is quickly coming to a close, you can still take advantage of valuable opportunities and take proactive steps to set yourself up for the future. With that goal in mind, here is a year-end financial checklist to help you get ahead.
Healthcare will likely be one of your biggest retirement expenses. Most retirees rely on Medicare, which is the national health insurance for older adults and people with disabilities. Unfortunately, Medicare’s various plans can be complex and confusing. And choosing the wrong plan can be expensive.
Advance Capital Management’s president and chief investment officer, Christopher Kostiz, provides his key economic and market insights from the most recent quarter.
Building wealth starts with having the right goals in place. But your financial needs and goals in your 20s will look vastly different from those in your 40s. Hence, your financial priorities change as your life changes. With that in mind, here is a list of financial priorities in your 20s, 30s and 40s that can help you stay on track.
People like to describe retirement as a marathon and not a sprint. That’s because it takes diligent saving over a long period of time to achieve financial independence. But it’s more accurate to think of retirement as a triathlon, because you’ll rely on a variety of vehicles, or retirement income sources, to finish this kind of race.
Planning the next chapter of your life is an exciting experience. But there’s a good chance you’re worried about at least one thing: health care. Consider that a PricewaterhouseCoopers financial wellness survey consistently found health care costs as one of the biggest concerns about retirement among all age groups.
For some people, the road to a comfortable and secure retirement leads them toward buying an annuity. These insurance products are heavily marketed for attractive features, such as income for life and protection from market declines.