Medicare—the federal health insurance program created in 1965—is available to those 65 and older regardless of income, medical history, or health status. Over 15% of the U.S. population relies upon this system for health security and as Baby Boomers turn 65, enrollment is expected to reach 64 million by 2020 and 80 million by 3030, according to AARP.
As you approach retirement, it’s natural to compare your own financial circumstances to the average retirement savings. Seeing how your finances stand in comparison to others in your age group can give you an idea of whether you’re set up for success, or whether you need to start ramping up your savings plan.
As you near retirement, you may feel anxious about leaving the workforce and relying on your ongoing retirement Income streams and savings to fund your basic necessities and lifestyle. Especially anxiety-inducing is the advice around what you should have saved for retirement: traditionally $1 million to $1.5 million. According to Gallup.com, 46% of retired Americans report they will not have enough money for retirement.
Many Americans have the life-long goal of a comfortable retirement, but don’t know how much it costs to retire or how much they should have saved by the time they leave the workforce. We’re committed to helping seniors live The GoodLife in Retirement, so click on a link below to read about these topics related to planning for your future.
Although you may no longer earn a traditional paycheck during retirement, you’re more than likely subject to income tax on the money that does come through the door. Failing to budget for state and federal retirement income taxes can cause headaches and stress, so it’s important that retirees learn about their financial obligations prior to owing penalties and late fees.
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Understanding Monthly Retirement Income Needs As you prepare for retirement, you may wonder if your savings are on track to maintain your quality of life while being...
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