The Motley Fool

MARCH 19, 2024

When it comes to claiming Social Security, you get choices. You're allowed to file for benefits once you turn 62, but you won't get your full monthly benefit based on your personal income history until full retirement age, or FRA. Because of that, I was convinced that claiming Social Security at age 62 was a mistake.

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The Motley Fool

MAY 10, 2024

Image source: Getty Images If retirement is on the horizon, you might already be planning, strategizing, and dreaming about everything you're going to do once you no longer have to report to a job. Boring topic, I know -- but absolutely essential once you're on a fixed income.

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The Motley Fool

FEBRUARY 12, 2024

Few resources can help get you as financially prepared for retirement as retirement accounts. Saving money for retirement while simultaneously getting tax breaks is a 2-for-1 benefit that can work wonders for retirees. If you're 50 or older, you can add an extra $1,000 catch-up contribution , bringing it to $8,000.

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The Motley Fool

MARCH 10, 2024

Once you turn 62, you can sign up to receive benefits at any time. But you won't get your full monthly benefit (the one you're entitled to based on your personal income history) until full retirement age (FRA) arrives. I used to think that 70 was the optimal time to claim Social Security because of this provision. Here's why.

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The Motley Fool

FEBRUARY 10, 2024

There's a good chance that looking forward to retirement, when you won't have to punch a clock, give a PowerPoint presentation, teach a class, answer customer service calls, insert catheters, or plaster over drywall. have socked away for retirement, per the 2023 Retirement Confidence Survey. Image source: Getty Images.

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The Motley Fool

MARCH 18, 2024

The information is often slightly outdated when it becomes available, but it still provides useful insights. million retired workers claimed Social Security in 2022. However, delaying Social Security until age 70 can increase the payout dramatically. However, we can simplify the scenario by assuming everyone was born in 1960.

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The Motley Fool

APRIL 20, 2024

The secret to building wealth for retirement is a simple truth --some may even call it a "hack." Building wealth happens when you invest your money and let compounding work in your favor. Here is the best way to compound your retirement nest egg. I don't want to mislead you, so I'll say this upfront: Stocks can be volatile.

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The Motley Fool

NOVEMBER 30, 2023

Preparing for retirement usually means answering a lot of questions. How much will I need saved? What kind of lifestyle am I hoping to enjoy? There are plenty of factors that vary from person to person, but one of the most pressing for many people is when they're going to claim Social Security benefits. 2024 is $1,907).

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The Motley Fool

JANUARY 6, 2024

Many Americans who are approaching retirement age understand the financial advantages of waiting to claim Social Security. The only way to achieve the maximum retirement benefit is to hold off until age 70. Before filing for retirement benefits, though, you'll want to see if you're eligible for disability benefits.

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The Motley Fool

JANUARY 14, 2024

A recent Social Security survey from MassMutual found that nearly 3 in 10 adults nearing retirement incorrectly disagreed with the following statement: "If I have a spouse, he or she can receive benefits from my record even if he or she has no individual earnings." Age Spousal Social Security Benefit 62 32.5% 63 35% 64 37.5%

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The Motley Fool

AUGUST 28, 2023

Like most people, I'll get Social Security benefits when I retire. But Social Security isn't playing a central role in my retirement planning. I'm not spending much time thinking about when I'll claim benefits or even factoring in the income I'm likely to get from my retirement checks.

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The Motley Fool

FEBRUARY 11, 2024

Social Security is the largest retirement plan in the United States, providing important retirement income for workers, spouses, survivors, disabled individuals, and in some cases, children. A spousal benefit can be as much as half of the higher-earner's full retirement benefit. But that isn't entirely accurate.

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The Motley Fool

DECEMBER 5, 2023

A 401(k) plan is something not every retirement saver has access to. And that's OK, because people who don't have the option to save in a 401(k) can instead build a nest egg in an IRA instead. However, you may be in a position where you have the option to save for retirement in both an IRA and a 401(k) in the coming year.

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The Motley Fool

AUGUST 6, 2023

A lot of people I know are already looking forward to retirement despite only being in their late 30s to late 40s. And if I'm being honest, I don't really spend a ton of time thinking about retirement. But one aspect of retirement that I have thought a lot about is work. I don't enjoy financial stress.

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The Motley Fool

APRIL 27, 2024

One of the most challenging aspects of saving for retirement is trying to figure out how much money to sock away. And since it's pretty much impossible to predict how long your retirement will last, it can be really tough to narrow down your ideal number. million to retire without financial worry.

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The Motley Fool

APRIL 19, 2024

When I first started writing about retirement planning, it was a little hard for me to imagine myself in that stage of life. For a while, when I did think about my personal retirement, I imagined myself ending my career at 65. For this and other reasons, it tends to be a pretty popular age to retire.

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The Motley Fool

MAY 8, 2024

Retirement planning is a unique journey for everyone. There are several different strategies, accounts, and rules that each person follows based on their situation. However, I don't think it's a stretch to say that people want to make more money and pay fewer taxes on that wealth. I mean, who likes paying taxes?

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The Motley Fool

JANUARY 7, 2024

When should I file for Social Security retirement benefits? Here's what I think is the best argument for claiming Social Security at 65. That could be a good compromise solution for anyone eager to retire but leery of shrinking the size of their benefit checks too much. Image source: Getty Images.

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The Motley Fool

MAY 17, 2024

This generation has been hit hard by COVID-19, rising interest rates, and high housing costs, and often feels gloomy about their future prospects to save enough money to retire. The best budgeting apps can help you easily track your spending, see where your money goes, and make better-informed decisions about how to spend and save.

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The Motley Fool

JANUARY 15, 2024

When it comes to retirement accounts, the 401(k) is far and away the most popular option. Since it became active in January 1980, the 401(k) has helped millions of Americans build a retirement nest egg designed to sustain them in their golden years. There's no denying that a 401(k) is an effective way to save for retirement.

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The Motley Fool

AUGUST 19, 2023

While 10 years may seem like a long way down the road, it's also the home stretch if that's when you plan to retire. And like any significant life event, the transition is smoother when you're prepared. Try to pay off auto loans, credit cards, and other liabilities as much as you can before the big day arrives.

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The Motley Fool

FEBRUARY 8, 2024

Society's notion of retirement is often one of relaxation and pursuing our passions after decades in the workforce. Even a small amount of debt can be stressful for those who weren't able to save much throughout their careers. But here are five things seniors can try to maintain their financial security when retiring with debt.

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The Motley Fool

DECEMBER 16, 2023

When you're working and contributing to a retirement plan, you're supposed to invest your savings so your money can grow into a larger sum over time. And once you're retired, it's best to largely keep your nest egg invested in various assets. That way, your money can continue growing, even as you're taking withdrawals.

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The Motley Fool

AUGUST 29, 2023

Image source: Getty Images When I set financial goals, there is always one that is at the top of my list: Saving for retirement. Social Security alone won't cut it The biggest reason why I'm focused on saving for retirement is because I know I need money saved to be able to support myself.

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The Motley Fool

DECEMBER 31, 2023

For most retired Americans, their Social Security benefit represents an indispensable source of income. Considering how vital Social Security is to the financial well-being of our nation's aging workforce, it's ideal to get as much out of America's top retirement program as possible. Meanwhile, waiting all the way until age 70 (i.e.,

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The Motley Fool

MARCH 31, 2024

There are plenty of people I know who are starting to count down the months until they're able to retire -- even though they're only in their 40s. I, on the other hand, am sort of dreading retirement. I like the idea of working less than I do now. But I do maintain an emergency fund for unplanned expenses.

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The Motley Fool

NOVEMBER 26, 2023

Are you beating the average Social Security retired worker benefit for your age group? Average Social Security retirement benefits by age The Social Security Administration (SSA) publishes detailed data that slices and dices Social Security benefits payments in lots of ways. Read on to find out. Image source: Getty Images.

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The Motley Fool

OCTOBER 13, 2023

Image source: Getty Images When it comes to retirement planning, there are many different factors people try to plan for, including how much to save, how long retirement will last, and what things you want to do in retirement. That can be an excellent strategy for stretching your Social Security income.

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The Motley Fool

DECEMBER 24, 2023

Social Security provides income to more than 67 million older Americans, survivors, and disabled workers and their families, with about three-fourths of recipients being retired workers. As of November 2023, the average retired worker receives $1,845 per month, or $22,140 per year, from Social Security. Image source: Getty Images.

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The Motley Fool

FEBRUARY 3, 2024

For a majority of retired Americans, Social Security represents an indispensable source of income. Because of how important Social Security benefits are for current retirees, it's fair to assume that future generations will lean on America's top retirement program to make ends meet as well. It's responsible for pulling more than 21.7

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The Motley Fool

DECEMBER 1, 2023

It's the earliest age you can sign up to start getting your money. For you, collecting that money at age 62 could mean getting to travel at an age when your health is still strong. And if full retirement age for you is 67, then filing at age 62 will mean accepting a 30% hit to your benefits -- for life. So who's right?

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The Motley Fool

DECEMBER 11, 2023

As 2023 winds down, now can be a good time to turn your attention to one of the most important pieces of retirement planning for many people: your 401(k) plan. Since it's a hands-off account, it can sometimes get lost in the background of our everyday lives throughout the year. Use the end of the year to change this.

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The Motley Fool

FEBRUARY 20, 2024

I have a number of friends who have already begun to count down to retirement. I, on the other hand, feel very differently about work and retirement. Because I've chosen a career I really love, I don't feel compelled to rush into retirement as quickly as possible. Image source: Getty Images.

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The Motley Fool

JULY 27, 2023

Planning for retirement probably isn't top of mind for most people in their early 20s. But that doesn't stop the majority of Gen Z from thinking they'll be financially ready to retire when the time comes. What's more, they expect they'll be ready to retire at an earlier age than older generations. Chart by author.

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The Motley Fool

AUGUST 16, 2023

Moving abroad can yield huge savings for retirees on everything from housing expenses to food costs. Perhaps that's why a growing number of Americans are choosing to retire outside the U.S. If you're considering an overseas move in retirement, you may wonder: Can I still get Social Security if I retire in another country?

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The Motley Fool

JANUARY 31, 2024

Let's take a closer look at that strategy -- and some amazingly straightforward ways to do it. Founders and CEOs of big companies often have much of their net worth tied up in company stock, and when the company's market value grows, so does the value of shareholders' holdings. Image source: Getty Images. Why stocks?

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The Motley Fool

JULY 19, 2023

If you work with a financial advisor, you've no doubt been presented with a long-term plan that tells you how much you'll need to save for retirement. If you don't have a financial advisor, it can be a bit daunting to understand how much savings you'll need for retirement. Here are a few that are simple but effective.

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