What retirees need to know about qualified charitable distributions

What retirees need to know about qualified charitable distributions

David Jakle | Image Source | Getty Images If you’re retired and giving to charity this holiday season, experts say there’s a way to trim your 2022 tax bill while supporting your favorite cause. Despite economic uncertainty, the majority of American adults plan to donate similar amounts this year as they did last year, a … Read more

New Medicare enrollment rules ending coverage gaps take effect in 2023

New Medicare enrollment rules ending coverage gaps take effect in 2023

Marcos Elihu Castillo Ramirez | iStock | Getty Images For some individuals, signing up for Medicare hasn’t translated into coverage starting right away. That’s poised to change: Beginning next year, current months-long delays in certain Medicare enrollment situations will be eliminated. Additionally, would-be beneficiaries who missed signing up when they were supposed to due to … Read more

This 52-year-old retiree left the U.S. for Portugal—a look at his typical day: ‘It’s pretty affordable’

This 52-year-old retiree left the U.S. for Portugal—a look at his typical day: ‘It’s pretty affordable’

In 2011, at 41 years old, I retired early from my legal career. My wife Noki left her nursing job a few years later, and we enjoyed a peaceful retirement in Washington, D.C. But in 2015, a family vacation to Lisbon, Portugal changed everything. We immediately fell in love with the city and decided to … Read more

As Supplemental Security Income turns 50, here’s how it may change

As Supplemental Security Income turns 50, here’s how it may change

Fg Trade | E+ | Getty Images A key federal program providing benefits to elderly, blind and disabled people — Supplemental Security Income — is turning 50 years old. The program, which currently serves nearly 8 million beneficiaries, was created by legislation signed by President Richard Nixon on Oct. 30, 1972. But even as Supplemental … Read more

Americans say they will need $1.25 million to retire comfortably

Americans say they will need .25 million to retire comfortably

Mstudioimages | E+ | Getty Images Americans now expect they will need $1.25 million to retire comfortably, according to a new study from Northwestern Mutual. That figure represents a 20% increase from the $1.05 million respondents cited last year. That’s not necessarily good news for individuals who have seen their retirement savings decline in the … Read more

55% of working Americans feel they are behind on retirement savings

55% of working Americans feel they are behind on retirement savings

Nicoletaionescu | Istock | Getty Images As it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new … Read more

Super tax concessions are costing the government billions. Should they be wound back?

Super tax concessions are costing the government billions. Should they be wound back?

Nigel and Lyn Rickman have a comfortable retirement, living on a small farm in regional Queensland. They earn about $65,000 a year in their self-managed super fund.  It is income they do not pay any tax on, something they think is unfair and should change. “The present system is favouring us and those above us greatly,” said … Read more

Social Security benefits to go up by more than $140 per month in 2023

Social Security benefits to go up by more than 0 per month in 2023

Xavierarnau | E+ | Getty Images Social Security benefits will go up by more than $140 per month on average in 2023, as a record 8.7% cost-of-living adjustment kicks in. Exactly how much of an increase the approximately 70 million Americans who rely on the program for income will see will vary. More than 65 … Read more

What 8.7% Social Security COLA for 2023 means for taxes on benefits

What 8.7% Social Security COLA for 2023 means for taxes on benefits

Halfpoint | Istock | Getty Images Retirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. But two factors — the size of Medicare Part B premiums and taxes on benefits — may offset just how much bigger those … Read more

Social Security may offer largest cost-of-living adjustment in 40 years

Social Security may offer largest cost-of-living adjustment in 40 years

Sollina Images | Tetra Images | Getty Images Retirees who are confronting higher prices due to record high inflation may get some welcome news this week when the Social Security Administration announces the cost-of-living adjustment for 2023. The bump to benefits is slated to be announced Thursday along with new consumer price index data for … Read more