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The Best Reason to Take Social Security Long Before Age 70

The Motley Fool

APRIL 28, 2024

Retirement planning involves a long list of important decisions. From where to retire to your retirement savings withdrawal strategy to your desired retirement plans, there's no shortage of decisions. However, one of the more important decisions anyone will make about retirement is when to claim Social Security.

The Best Reason to Take Social Security Long Before Age 70

The Motley Fool

MARCH 23, 2024

Know that everyone has a " full retirement age " at which they can start collecting the full benefits to which they're entitled, based on their earnings history. The table below shows the effects of timing: Start Collecting at: Full retirement age of 66 Full retirement age of 67 62 75% 70% 63 80% 75% 64 86.7% 66 100% 93.3%

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86% of Older Americans Credit Working With a Financial Advisor to Being Retirement Ready

The Motley Fool

FEBRUARY 3, 2024

Retiring comfortably isn't a given. Plenty of people feel equipped to handle retirement planning on their own. But in a recent Nationwide survey of older Americans, 86% said that working with a financial professional has helped improve their retirement readiness. And you might strongly feel the same. Image source: Getty Images.

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1 Excellent Retirement Savings Account You'll Wish You Had Opened Sooner

The Motley Fool

DECEMBER 13, 2023

That will build to about $474,300 to buttress what would then be your imminent plans for retirement. For a traditional IRA and most other retirement plans, RMDs generally begin at 73 under current law. Your future income can be your guide You don't have to choose just one, by the way, as you build your nest egg.

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Are You 1 of the 4.1 Million Americans Turning 65 This Year? 5 Retirement Tips You Need to Know

The Motley Fool

FEBRUARY 13, 2024

According to an article from The Wall Street Journal , the United States is entering a potential retirement boom. But turning retirement age isn't the same as feeling ready for retirement. So, if you're hitting the golden milestone this year or soon, you need to know some essential retirement tips. Approximately 4.1

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Forget the 4% Rule: Here's What You Should Really Be Looking at During Retirement

The Motley Fool

FEBRUARY 11, 2024

The 4% Rule has long been a staple of retirement planning. The basic premise of that rule is that if you keep a well-diversified and balanced portfolio in retirement, you can withdraw 4% of the portfolio's initial value in your first year of retirement. Image source: Getty Images. What are your 'must-cover' costs?

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What Are Your Options if You Haven't Saved Enough When You Retire?

The Motley Fool

JANUARY 24, 2024

It's not an uncommon situation at all: Retirement is getting closer, and you're starting to worry that you haven't saved enough. Retiring without enough income or resources is a frightening prospect, and you're scared. That's clearly not going to get someone very far in retirement, as it's well below what most of us need to retire.

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Americans Think They'll Need $1.46 Million to Retire Comfortably. Are They Right?

The Motley Fool

APRIL 18, 2024

No matter what type of retirement you want, it's fair to assume that you'll need some amount of savings to fund it. That's a tough thing to figure out, which is why so many people struggle to come up with their so-called "retirement number." million as their ideal retirement savings target. adults landed on $1.27

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Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

The Motley Fool

MARCH 31, 2024

Your decision-making process should be guided by such elements as personal preferences, cost-effectiveness, and the complexity of the assets. The $ 22,924 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings.

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Before You Choose a Social Security Filing Age, There's Another Age You Need to Know About

The Motley Fool

APRIL 25, 2024

Know when your full monthly benefit is yours to claim While you can absolutely claim Social Security starting at age 62 , you won't get your full monthly benefit based on your personal earnings history until full retirement age (FRA) arrives. For example, let's say you're nearing retirement without much savings.

3 Ways You Can Make the Most of Medicare As a New Enrollee

The Motley Fool

JANUARY 16, 2024

And only a medical professional will be able to guide you in that regard. The $21,756 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. It may take you some time to get used to Medicare.

3 Reasons to Seriously Consider Using a Living Trust to Pass Inheritance to Your Family

The Motley Fool

FEBRUARY 12, 2024

But unless you're intimately familiar with that "certain language" and a member of a state bar or a certified financial planner or both, it's highly advisable you consult an experienced estate attorney who can guide you through the process, answering questions you already have and some you didn't know you needed to ask.

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Younger Workers Are Rethinking Traditional Retirement. Should You?

The Motley Fool

MARCH 30, 2024

The traditional view of retirement involves a clean break from the workforce to focus on other aspects of life, like travel, family, and hobbies. But as with so many other things, many in the younger generations aren't interested in following the retirement paths their parents and grandparents took. Image source: Getty Images.

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4 Things to Do Now to Help Get the Maximum Possible Social Security Benefit Later

The Motley Fool

JANUARY 1, 2024

You don't want to make mistakes today that will hurt your retirement down the road. One path to financial success is putting yourself in position to get the largest possible Social Security checks in retirement. In general, most people can't simply choose to make more money. This point also applies to spousal benefits.

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3 Reasons to Seriously Consider Using a Living Trust to Pass an Inheritance to Your Family

The Motley Fool

AUGUST 29, 2023

And please do use an experienced tax/estate attorney who can assess your unique situation and guide you away from pitfalls. The $21,756 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. The Motley Fool has a disclosure policy.

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This Is the Best Age to Claim Social Security Benefits for Couples, According to a Recent Study

The Motley Fool

AUGUST 26, 2023

Social Security is often the largest source of income in retirement, so maximizing benefits can dramatically improve living standards in later life. While eligibility for Social Security begins at age 62, workers aren't entitled to their full benefit, or primary insurance amount (PIA), until full retirement age (FRA).

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3 Little-Known Drawbacks of Retiring Abroad

The Motley Fool

MARCH 7, 2024

Retiring abroad gives you a chance to explore new cultures, and it might even reduce your cost of living. But it can also bring some significant financial challenges, particularly as they relate to taxes and traditional United States retirement benefits, like Social Security and Medicare. Image source: Getty Images. pays benefits to.

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Here's How to Calculate Exactly How Much Spousal Social Security Benefit You Stand to Receive

The Motley Fool

MARCH 17, 2024

For millions of older adults, Social Security is a safety net in retirement. Around 21% of adults age 50 and older have no other retirement income outside of their benefits, a 2023 survey from the Nationwide Retirement Institute found. The Social Security Administration (SSA) will pay out your retirement benefit first.

1 Ridiculously Simple Retirement Savings Hack You'll Wish You'd Known Sooner

The Motley Fool

JUNE 22, 2023

The first step in having a financially secure retirement is knowing how much you might need to live comfortably after you get out of the rat race. It recommends having saved twice your salary at age 30, three times by 40, six times by 50, eight times by 60, and 10 times by 67, when most people reach their full retirement age.

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3 Reasons to Come Out of Retirement This Year -- And 2 Reasons Not to

The Motley Fool

FEBRUARY 2, 2024

We think of retirement as a one-time event, but it doesn't play out that way for everyone. Regardless of the reason, coming out of retirement is a big decision, and it's helpful to weigh all the pros and cons before deciding. 2 reasons not to return to the workforce in 2024 Here are two reasons you may prefer to stay retired: 1.

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There Are Lots of Social Security Figures to Know, But This May Be the Most Important

The Motley Fool

FEBRUARY 10, 2024

One of those details is your full retirement age , which is one of the most important numbers to know in Social Security. Your Social Security benefit starts with your full retirement age Your full retirement age (FRA) is when you're eligible to receive your primary insurance amount (PIA). Image source: Getty Images.

Do You Need a Professional's Help to Save for Retirement?

The Motley Fool

JANUARY 14, 2024

Saving for retirement is something you should aim to do throughout your career. Many people simply open an IRA or sign up for a 401(k) plan through their employers, fund those accounts year after year, and basically make their own decisions about retirement savings. But should you be taking that approach? Image source: Getty Images.

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2 High-Yield Dividend Stocks That Could Climb 29% and 24% in 2024, According to Wall Street.

The Motley Fool

DECEMBER 18, 2023

Of course, its dividend program won't help you retire any sooner if management needs to slash the payout again. Folks who are already retired and need dividend payments they can rely on probably want to pass on this stock. The top end of management's guided revenue range for 2024 was $1.7 billion in 2022.

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Surprise: Artificial Intelligence (AI) Might Already Be Used to Allocate Your Retirement Savings

The Motley Fool

MAY 19, 2024

Have you ever considered asking an artificial intelligence (AI)-powered assistant like Google's Gemini or Microsoft 's Copilot for help allocating your retirement portfolio? You may already be using AI to allocate your retirement savings without knowing it. If so, you wouldn't be the first. regional) and micro (e.g.,

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This Lesser-Known IRA Option Lets You Invest in Gold -- but Is It Really a Good Choice for Your Retirement?

The Motley Fool

MARCH 1, 2024

Roth IRA contributions are taxable, but your withdrawals in retirement are tax-free as long as you're at least 59 1/2 and have had your account open for at least five years. You'll either save upfront on your contributions or later on your withdrawals in retirement. What are the disadvantages of investing in a gold IRA?

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Is Snowflake Stock a Buy Now?

The Motley Fool

APRIL 20, 2024

In short, it's been a complete dud for early investors. Here's how its financials have looked in each of its four complete fiscal years since its IPO. The company only guided for 22% product revenue growth in the current year. But the company just guided for its slowest year of growth ever.

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Revocable or Irrevocable: Which Trust Should You Trust With Your Money?

The Motley Fool

AUGUST 9, 2023

Again, consider letting experts guide you through this. The $21,756 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

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46% of Workers Don't Know What Investments Are in Their 401(k)s. That's a Problem.

The Motley Fool

SEPTEMBER 11, 2023

That's why it's so important to save for retirement on your own. So you don't have to think about when to put money into your retirement plan -- it'll just happen. They may be willing to bring in a financial planner to help guide you in those decisions. Then there's the issue of fees.

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Here's What Happens When Seniors Don't Get Life Insurance

The Motley Fool

APRIL 6, 2024

But what if you're nearing or at retirement age and you don't have a policy in place? The rules of Social Security survivors benefits dictate that if you pass away, your surviving spouse is entitled to receive the complete monthly benefit you were collecting while you were alive. That benefit may be enough to cover day-to-day expenses.

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Want the Max $4,873 Social Security Benefit in 2024? Here's the Salary You Need

The Motley Fool

DECEMBER 11, 2023

It was never meant to be the entirety of anyone's retirement income. But, for some people, Social Security's retirement benefits can be a sizable chunk of change. There are three key components to maximizing your eventual Social Security retirement benefits. That maximum amount is set to go up to $4,873 per month next year.

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4 Free Tax-Filing Resources for Military Members and Their Families

The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images February is almost over already, but there's still plenty of time to complete your taxes before the April 15 filing deadline. This service is available to active duty military members and their immediate family members, reserve members, discharged and retired service members, surviving family members, and more.

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5 Surprising Ways Your Employer Controls Your 401(k)

The Motley Fool

APRIL 4, 2024

You probably think of your 401(k) as your retirement account -- and you'd be right, to a degree. But at the end of the day, a 401(k) is an employer-sponsored retirement plan, and your employer gets a lot of say in how the plan operates. Use this information to guide where you'd like to keep your retirement savings.

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3 Lessons Learned From Failed Attempts at Credit Repair

The Motley Fool

MAY 8, 2024

Image source: Getty Images These days, I'm a Certified Financial Planner™ and make a living educating others about things like investing , retirement planning, and managing their credit. I've openly discussed this many times, but I completely destroyed my credit in college due to some financial stupidity on my part.

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How Much Could You Save on Taxes by Maxing Out Your IRA in 2024?

The Motley Fool

JANUARY 21, 2024

Image source: Getty Images Contributing to an IRA is a great way to save for retirement. You can open an IRA with any brokerage firm , so even if you don't have access to an employer-sponsored retirement plan, you can still use this account. You save the 12% tax you'd otherwise have paid on those contributions, or $600.

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Where Will Walt Disney Stock Be in 3 Years?

The Motley Fool

FEBRUARY 1, 2024

It remains to be seen who Iger's replacement might be, and his last attempt to retire peacefully brought in the chaotic leadership of Bob Chapek. He should have ample scope to complete his most pressing plans before handing off the CEO baton again. Follow these guiding stars, and the long-term financial results will follow.

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Making the Switch to Paying Yourself

Integrity Financial Planning

NOVEMBER 15, 2022

When thinking about retirement, not only does your daily routine change but your financial routine does too. Your retirement goals were focused on building wealth, but now, your goal is to spend it efficiently. The backbone of your retirement, instead of income, is your savings and overall net worth.

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Going to College in Retirement: Your Future Awaits!

Integrity Financial Planning

SEPTEMBER 28, 2023

Retirement can be a significant turning point, bringing a drastic lifestyle change that can be challenging for many. The desire to pursue higher education post-retirement has various reasons – completing a delayed degree, learning new skills, or even supplementing their income with a new profession after graduation.

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How Much Did SBF's Parents Know?

The Motley Fool

OCTOBER 4, 2023

It's completely free and we guarantee you'll learn something new every day. In one note to SBF following a multimillion-dollar payment, his father wrote , "We are so touched by this gift.Mom is announcing retirement, which she would not have done otherwise." 110 years in prison.

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The Autoworkers' Strike Through an Investor's Lens

The Motley Fool

SEPTEMBER 28, 2023

Plus, Motley Fool personal finance expert Robert Brokamp and host Alison Southwick talk about planning dream vacations before retirement and why you shouldn't wait. To get started investing, check out our quick-start guide to investing in stocks. Ricky Mulvey: Do you have a dream trip planned for retirement?

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Net Unrealized Appreciation (NUA):Maximizing Retirement Savings

Fortune Financial

FEBRUARY 4, 2024

With our deep expertise and qualifications in NUA strategies, our experts are adept at navigating the complexities of tax-efficient retirement planning. Explore the Fortune Financial advantage in transforming how you manage your retirement assets and bringing you closer to achieving your financial dreams.

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Healthcare Costs After Retirement — Securing Your Parents’ Future

Fortune Financial

AUGUST 8, 2023

Healthcare Costs After Retirement — Securing Your Parents’ Future Retirement is a long-awaited phase of life where individuals can enjoy the fruits of their labor and enjoy well-deserved rest. With medical expenses on the rise, planning for healthcare during retirement becomes crucial to ensure a secure future.

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Healthcare Costs After Retirement — Securing Your Parents’ Future

Fortune Financial

AUGUST 8, 2023

Healthcare Costs After Retirement — Securing Your Parents’ Future Retirement is a long-awaited phase of life where individuals can enjoy the fruits of their labor and enjoy well-deserved rest. With medical expenses on the rise, planning for healthcare during retirement becomes crucial to ensure a secure future.

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Employee Benefits Optimization for a Positive Workplace Culture

Fortune Financial

JANUARY 11, 2024

Based on the 2022 Workplace Wellness Survey , published in the Employee Benefit Research Institute (EBRI) journal, younger employees prioritize professional development opportunities, while older employees value retirement planning more. Retirement benefits are a key component of a benefits package that attracts and retains top talent.

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Investing for Retirement; Finding a Mint Replacement; Closing Credit Cards

The Motley Fool

DECEMBER 31, 2023

Motley Fool host Alison Southwick and personal finance expert Robert Brokamp open the listener mailbag and answer a question about saving in a portfolio of only stocks for retirement. To get started investing, check out our quick-start guide to investing in stocks. My retirement savings are almost completely in stocks.

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The Best Reason to Take Social Security Long Before Age 70

The Best Reason to Take Social Security Long Before Age 70

Trending Sources

86% of Older Americans Credit Working With a Financial Advisor to Being Retirement Ready

1 Excellent Retirement Savings Account You'll Wish You Had Opened Sooner

Are You 1 of the 4.1 Million Americans Turning 65 This Year? 5 Retirement Tips You Need to Know

Forget the 4% Rule: Here's What You Should Really Be Looking at During Retirement

What Are Your Options if You Haven't Saved Enough When You Retire?

Americans Think They'll Need $1.46 Million to Retire Comfortably. Are They Right?

Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

Before You Choose a Social Security Filing Age, There's Another Age You Need to Know About

3 Ways You Can Make the Most of Medicare As a New Enrollee

3 Reasons to Seriously Consider Using a Living Trust to Pass Inheritance to Your Family

Younger Workers Are Rethinking Traditional Retirement. Should You?

4 Things to Do Now to Help Get the Maximum Possible Social Security Benefit Later

3 Reasons to Seriously Consider Using a Living Trust to Pass an Inheritance to Your Family

This Is the Best Age to Claim Social Security Benefits for Couples, According to a Recent Study

3 Little-Known Drawbacks of Retiring Abroad

Here's How to Calculate Exactly How Much Spousal Social Security Benefit You Stand to Receive

1 Ridiculously Simple Retirement Savings Hack You'll Wish You'd Known Sooner

3 Reasons to Come Out of Retirement This Year -- And 2 Reasons Not to

There Are Lots of Social Security Figures to Know, But This May Be the Most Important

Do You Need a Professional's Help to Save for Retirement?

2 High-Yield Dividend Stocks That Could Climb 29% and 24% in 2024, According to Wall Street.

Surprise: Artificial Intelligence (AI) Might Already Be Used to Allocate Your Retirement Savings

This Lesser-Known IRA Option Lets You Invest in Gold -- but Is It Really a Good Choice for Your Retirement?

Is Snowflake Stock a Buy Now?

Revocable or Irrevocable: Which Trust Should You Trust With Your Money?

46% of Workers Don't Know What Investments Are in Their 401(k)s. That's a Problem.

Here's What Happens When Seniors Don't Get Life Insurance

Want the Max $4,873 Social Security Benefit in 2024? Here's the Salary You Need

4 Free Tax-Filing Resources for Military Members and Their Families

5 Surprising Ways Your Employer Controls Your 401(k)

3 Lessons Learned From Failed Attempts at Credit Repair

How Much Could You Save on Taxes by Maxing Out Your IRA in 2024?

Where Will Walt Disney Stock Be in 3 Years?

Making the Switch to Paying Yourself

Going to College in Retirement: Your Future Awaits!

How Much Did SBF's Parents Know?

The Autoworkers' Strike Through an Investor's Lens

Net Unrealized Appreciation (NUA):Maximizing Retirement Savings

Healthcare Costs After Retirement — Securing Your Parents’ Future

Healthcare Costs After Retirement — Securing Your Parents’ Future

Employee Benefits Optimization for a Positive Workplace Culture

Investing for Retirement; Finding a Mint Replacement; Closing Credit Cards

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