Research shows that 90 percent of current workers will receive more lifetime Social Security income if they wait until age 70 to claim benefits. Claiming early permanently reduces survivor benefits for a spouse if the highest earner dies first. Deferring Social Security until 70 offers guaranteed monthly benefit increases against uncertain investment returns. A recent … Read more
Lucigerma / Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue by linking to the content below. A surprise that may hit you in the early years of retirement – even after you say goodbye to work expenses and retirement account contributions, you may end up spending more than when you had a … Read more
If early retirement is something you’re striving for, you’re not alone. A 2024 YouGov survey found that 22% of Gen Zers and 30% of Millennials expect to retire between the ages of 51 and 60. (1) It’s young, especially when you consider that Medicare eligibility typically doesn’t begin until age 65 and the full Social … Read more
Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue by linking to the content below. It’s been more than 170 years since the California Gold Rush — but locals are once again finding gold dust, flakes and even nuggets glinting in the state’s rivers. “Gold is everywhere,” Manny Goza, a prospector surveying the … Read more
Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue by linking to the content below. With the youngest baby boomers now 61 years old, much of the generation is already retired or approaching retirement. However, the data shows that many have inadequate savings and may struggle to maintain their standard of living. In … Read more
Canva: Monkey Business Images and Jonathan Ross of Getty Images A $4 million nest egg generates $160,000 annually using the 4% withdrawal rule. Healthcare, taxes and long-term care costs remain major variables that can have a significant impact on retirement spending. You may enjoy a nice retirement with $4 million saved, but continue to manage … Read more
If you have $2 million in retirement savings, congratulations. That’s well above the $1.26 million Americans, according to Northwestern Mutual, think they need to retire comfortably. (1) At this point, you’ve probably overcome the challenge of saving enough. Now your next mission is to preserve the wealth. Higher taxes and poor lifestyle choices can quickly … Read more
For Gen Xers, fears of a future retirement savings shortfall are finally hitting them in the gut. With the first of this cohort turning 60 this year, decades of scrapping retirement savings have come back to bite them. Two new surveys focus on their angst, why they’re in this mess, and how they’re taking steps … Read more
Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue by linking to the content below. For many people, being retired is almost synonymous with being frugal. With less control over your monthly income, it’s natural to focus more on controlling your expenses. In a recent Senior Citizens League survey, 94% of respondents said … Read more
24/7 Wall St. It will come as no surprise to learn that millions of Americans are trying to put money away for retirement, with varying degrees of success. Unfortunately, the number of people left behind is shockingly high, putting millions at risk of not enjoying their retirement years. 58.4% of Americans have less than $10,000 … Read more