Daily Retirement News Update
August 28, 2020
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Five Top Destinations Where $30,000 a Year (or Less) Can Support a Nice Lifestyle The U.S. is an expensive place to live, particularly if your income drops at retirement time. Here are five destinations where you can have a comfortable retirement on about $30,000 per year. Best yet, you might have a beach outside your front door or live in a beautiful UNESCO World Heritage town. Find out more!
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Medicare Open Enrollment is Coming Soon - Here are Three Steps to Help You Save Money Open enrollment for Medicare Advantage plans and Part D prescription coverage starts on October 15 and ends on December 7, 2020. Doctors and networks can change, so resist the temptation to automatically re-enroll in your current plan until you have done some research. Get more info!
Five Huge Retirment Risks (and What You Can Do to Mitigate Them) Everyone wants a smooth post-working life, but unforseen events can derail even the best planned retirement. Here are five specific big risk factors retirees often face. Find out more!
Previous Updates
Who is Most at Risk of Retiring Broke? Unfortunately, many Americans have not saved enough for retirement and face a bleak post-working financial life. One group in particular may struggle more than most.
Have You Heard About This Latest Social Security Scam? In addition to the standard phone scam in which a criminal pretends to be from the Social Security Administration, now thieves are faking documents with SSA letterhead and emailing them to beneficiaries. These emails often include threats.
How Does Your 401(k) Balance Compare to the Average? To ensure a comfortable retirement, employees should be contributing about 16% of their income, including an employer match, to their retirement fund account. In reality, employees contribute about 8% to their retirement fund vehicle, typically a 401(k). So how does your 401(k) balance compare to the average?
How Can You Increase Your Social Security Check? Nearly 65% of retirees rely on Social Security for the bulk of their income after they stop working. It's therefore important to make sure that your benefit check is as large as it can be. How do you do that? Are You Ready for These Three Expensive Potential Retirement Situations? You might have a financial retirement plan in place, confident that you have everything covered for the day you stop working. But as they say, men (and women) plan, and the universe laughs. What are three expensive potential events that you might not have thought of that could throw your retirement off course? Want to Claim Social Security Benefits at Age 62? It is a fact that most retirees claim their Social Security benefits at age 62, either because they need the extra cash or do not think that Social Security will last and it is better to get what they can while they can. Yet nearly 40% of people who claimed at 62 wish they had waited. Why? How to Establish a Retirement "Paycheck" Just because you are retired does not mean that your expenses end. In fact, on a monthly basis, most retirees will spend at least 80% of what they spent when they were working. People who travel or have expensive hobbies often spend more. So how do you create a reliable "retirement paycheck?"
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