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
Shutterstock Moneywise and Yahoo Finance LLC may earn commission or revenue by linking to the content below. Once you turn 65, there’s a 70% chance you’ll need some kind of long-term care throughout your life, according to LongTermCare.gov (1). Unfortunately, paying for this care can be very difficult: According to SeniorLiving.org, the average price of … 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
Rix Pix Photo / Shutterstock.com Dave Ramsey advises claiming Social Security at age 62, despite the 30% reduction in benefits, to invest the funds for potentially higher returns. Early claimants who continue to work lose $1 in benefits for every $2 earned over $23,400 annually until full retirement age. This strategy requires saving enough to … Read more
The new year will bring countless retirement-related changes for savers and retirees alike. Here’s a summary of the main retirement changes for 2026. The amount you can withdraw for your golden years will increase modestly. The contribution limit for Individual Retirement Accounts (IRAs) increases to $7,500, and the catch-up contribution limit for people over 50 … Read more
If the thought of your golden years causes more anxiety than excitement, you’re not alone. Nearly two-thirds (63%) of Americans surveyed for Bank of America’s 2025 Wealth Report are worried about having to return to work after retirement. (1) The US Bank survey found that many Americans — despite making responsible choices like budgeting and … 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
“I also have a work health savings account with $300,000 to help with our medical expenses.” (Photo subjects are models.) – Getty Images/iStockphoto I am 64 and my wife is 65. We have $1.5 million in 401(k)s and IRAs and $90,000 in a Roth IRA. We are looking to retire next year. I will receive … Read more
“Our house is big, but there’s a lot wrong with it.” (Photo subjects are models.) – Getty Images/iStockphoto I’m tired of reading how many millions everyone has. We have maybe $100,000 in the bank. I am terrified that I will be homeless when my husband stops working. He is 76 and I am retired. Our … Read more
Like most of the developed world, Germany is facing an aging population that is making its national pension system unsustainable. To solve the problem, a group of economic experts proposed a controversial idea: raising the retirement age to 73 by 2060, from the current age of 65, according to the Telegraph. (1) Germany is not … Read more