The United States Postal Service (USPS) is likely in big financial trouble. As legislators debate how to address the problem, it is important to note that the USPS is funded by sales of postage, products and services — not taxes.
By the year 2035, Americans 65 and older are expected to outnumber those under 18 for the first time in our country’s history. In just 10 years, people over 60 will make up the largest consumer market segment and hold a majority of the wealth. In a culture that tends to glorify youth and doesn’t know how to handle the problems older Americans face, this will mean some major changes. Here’s how America’s gaining population will shape the future. Less Negativity Towards Aging, More Celebrating As America’s consumers' age, advertisers and marketers will have to [...]
If you’re just trying to get through the present, you’re not alone. But, that doesn’t mean you can forget to look to the future and prepare for challenges you could face. There are indications that we could see higher taxes in the future, more market volatility, and continuing low interest rates. Here are three trends to keep an eye on when planning for retirement. A Large National Debt New data from the Congressional Budget Office shows that the national debt is expected to be greater than the size of America’s economy[1]. This hasn’t happened since [...]
Our culture is very youth-focused, but we all instinctively feel reverence for people who have experienced much and gained wisdom from their long years. A positive attitude towards aging can go a long way towards finding happiness in retirement by giving us something to look forward to. Here are some wise words about aging. "How old would you be if you didn't know how old you were?" -Satchel Paige Satchel Paige played professional baseball in the Negro Leagues for years before being allowed to play in the Major League at age 42. He was the [...]
Most people assume that their tax burden will dramatically decrease in retirement once they stop receiving a paycheck, but this isn’t always true. A high tax bill is one retirement risk to be aware of and to try and mitigate. We may be experiencing relatively low taxes right now, but a change in leadership in Washington and a growing national debt could change that. Let’s look at 3 reasons why your tax burden could increase in retirement. Required Minimum Distributions Distributions from traditional retirement accounts such as IRAs, 401(k)s, 403(b), 457, and thrift savings plans [...]
They say there are people who watch things happen, people who make things happen, and people who say, “what happened?” You certainly don’t want to be the last kind, and it's not so great to be the first kind, either. But distractions can get in the way, and the best of us procrastinate. COVID-19 may have canceled some of your plans, but it doesn’t mean you should forget about your long-term goals. If you want to be the kind of person who makes things happen, consider these tips to motivate yourself instead of procrastinating. Divide [...]
Estate planning is an important part of retirement planning for many reasons: You've worked hard for your money and want to see it passed down in the most efficient way possible for your loved one’s benefit. Unfortunately, costly mistakes are all too easy to make. Without careful planning and discussion, you could end up passing on a larger tax burden and leaving heirs uncertain about what to do. It’s important to discuss how you plan to transfer your wealth with your trusted financial professional and your loved ones when preparing the next generation to inherit [...]
If your nest isn’t as full as it once was, or you have more time on your hands in retirement, consider decluttering. Even if downsizing in the near future isn’t part of your desired retirement lifestyle, having less clutter in your living space and better organizing the remaining stuff can help make a world of difference. If you’ve accumulated more possessions than you need over the years, consider these strategies for decluttering your home. The Kitchen It’s easy for the kitchen to get cluttered with things that don’t belong there, like a book someone was reading at [...]
You have so much to celebrate and look forward to as you near and enter retirement: Retirement means the end of a long career, but the beginning of something new, and the “what” is up to you. The way you finish the race can impact the rest of your retirement, whether you’re approaching retirement or have recently retired. Meeting your goals when crossing the retirement finish line means having a comprehensive plan in place that covers these four key areas of retirement planning. Meeting Savings Goals Saving enough for retirement can be difficult while sending [...]
You might think that the more recent an event, the easier it would be to remember it. And you might think that things that happened to you a long time ago would be harder to recall, but the human brain and memory are actually more complex. There is what psychologists call a “reminiscence bump,” which is the tendency for older adults to more easily recall events from their adolescence and early adulthood. And it turns out, reliving parts of this time in life can actually affect the aging process. Is it possible for nostalgia to [...]
