Retirement

FROM THE ARTICLE: Is It Time to Retire These Retirement 'Rules'?Why the conventional wisdom on saving, spending and Social Security isn’t always right. By Martha C. White and Penelope Wang, AARP. *** There is 1 Comment on the AARP website. Stop by to add yours. *** Published March 17, 2025. Planning for and living in retirement requires some daunting financial decisions. How do you create a steady stream of income? What’s the best way to split your portfolio between stocks and bonds? When should you start collecting Social Security?Facing these complex choices, you may be tempted to rely on long-established rules of thumb, such as the 4 percent rule for retirement withdrawals or the 80 percent rule for replacing work income. Follow them, the conventional wisdom goes, and you put yourself in the best position to not outlive your money. USE THE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/money/retirement/retiring-these-retirement-rules/

The RMD's laws needs to be change NOW Here is my proposal to congress:1.- Start RMD at 80-year-old for all2.- It should be 1% taking out for all the money (tax deferred money)3.- Eliminate the 10-year clause for the person who get the money and 1 and 2 above should apply Why senior citizens are penalizing by the RMD system. ir seems that they want us to be bankrupt and die with no money. THE LAW NEEDS TO BE REVISE NOW!!!

FROM THE ARTICLE: Retiring Abroad? Make Plans for Handling Your Money.What older expats need to know about banking, taxes and more. By Jon Marcus, AARP. Reviewed by Sophia Titley and Lief Simon, Live and Invest Overseas. Published January 31, 2025. Like many people nearing retirement, Lisa Hughes is thinking about moving somewhere new. But her prospects are a little unconventional.The 65-year-old widow is interested in retiring to Portugal, a popular destination for older Americans. But she’s also considering Romania, or possibly Albania, and has contacted expat groups in several countries. https://www.aarp.org/money/retirement/retiring-abroad-money-plans/

Attention, Fellow AARP members:I want to bring to light and important issue regarding the possibility of the income tax being replaced by a national sales tax system, which could have a significant implication on our financial well-being, particularly for retirees or near retirees.Many of us have diligently saved for our future, often paying substantial income tax on our earning's over the years. However, under a sales tax system, we could face additional taxation when we spend our already taxed savings. This means every item we purchase with our hard-earned money could be subject to a new layer of taxation effectively taxing us twice.Consider the following points: Roth IRA which have been touted as tax free will be taxed. Selling personal property or items will be taxed again when you spend the cash. And if FICA is included, we pay FICA again. It crucial that we understand this and make our voices heard for our own sake.      

I keep search I no and they say it is at AARP but cannot find it.

This article in the November 2024 Bulletin by Richard Eisenberg should mention MaxiFi.  It is a wonderful tool to plan withdrawals from pre-tax and post-tax retirement accounts and other financial accounts (along with other information the user provides to plan for a uniform lifestyle until a distant future date.  It is VERY effective and planning such transfers, including Roth conversions.  IT does not require any information about actual account numbers to be shared; all information is in the user's control.  I strongly recommend it.  It should be included in the list of tools retirees and about-to-retire members should use. 

H.R. 82 the Social Security Fairness Act of 2021 has 298 cosponsors now and enough to pass the floor of the House of Representatives.  We have 42 United States Senators as Cosponsors for the Senate version, S.1302.  It has been many years and a hard fight, but we are coming down to the home stretch in the House.  Please call your congressional member to ask him/her to add their name if they haven't already.  To find your representative, just go to U.S. House of Representatives (house.gov) site from google. Then click the tab that says REPRESENTATIVES and then look below to click on the letter of your state or the other tab for the Representative's last name.  I prefer the state because I like to call other states because, in a way, ALL federally elected officials vote for or against bills that end up directly affecting ALL of us.  So, by extension, they are all our representatives, and you just might have family in the state of the representative who has n

I have a few statements from my father, who has passed, that date back to September of 2000.  There was nothing in his file regarding where this money went or that the account was closed.  I am trying to retrace the chain of events and wondered if anyone can point me in the right direction

I live in Cape Cod, Massachusetts, and I moved here about a dozen years ago. I love my friends, my church, my doctors (I am a cancer survivor, and we have a great health care system in the Bay State). The problem is, I don't have enough to retire here, because there is simply no affordable senior housing except subsidized housing that is tiny, depressing and few and far between with an incredibly long waiting list. With my ex-husband's social security that I would collect after I retire, it looks like I would have too much income to qualify for one of them anyway. I live in a small apartment as it is, and have no family here. My sisters live in Florida, but they are constantly complaining about how the Republican government (I guess this is the case with the majority of Southern states) is making life harder and harder for the poor and elderly. I worry that I wouldn't be able to find the quality of medical care I have in Massachusetts, and if the Republican Congress does away

Hello. I live in Vermont and after long Covid delays (shutdowns, crazy interest rates), I really do not want to be here all of winter 2024-2025. This is a one-time transition, though I may do it seasonally in the future to visit someplace warmer so long as my state of residence, and health coverage, does not change. I consider this as an experiment for the future. I see this upcoming winter as dead time that could be used in finding new doctors and setting up my new home to return to Vermont in early March. Vaguely aware about not being gone longer than 182 or 183 days or I will get hammered with nonresident property tax rates.  My long-term goal has been to move to an even Bluer state for health benefits. Higher income limits will put me into QMB so I can get health care again. I just checked my old email and today makes 50 weeks of torture from Medicaid Unwind. Medical care has been paused since late May, except for my optimistic therapist who thinks she will get three

 For many folks, their home is their only investment or a majority of it  - for many,  they think about the equity that it gains as a form of retirement financing - be that selling it for a hefty profit, holding it as a rental and thus creating a monthly income flow, or to even borrow against it in the form of a Home Equity line of some sort, including a reverse mortgage. In our generation, we often bought one home and then sold it to buy or build another and then repeated the process.  Each time, we sold the 1st home at a good to even GREAT added value to help help pay for the next.  We were encouraged to do this by our tax laws -  Our local governments also encouraged it because the more the assessed value, the more they can get from property taxes so for sure they want higher value housing to real this reward for all their citizens. Equity is built by sales - whether the sales are of new homes or existing one - as long as there is no adve

My late 70's friend and her Aspergers husband are sinking deeper into marital and financial trouble.  They have 3 houses in far-apart states.  She does all the work to take care of the properties, personal finances and all of their stuff. They need to sell at least one of their houses.  He can't/won't help her because its too frustrating for him to deal with her lack of organization and ability to finish projects. Plus it is physically painful for him to deal with strangers.  She is a very capable person but she no longer has her fastball and the projects are piling up around her.  She can't keep up and is falling further behind. The husband has expressed that he can no longer live with the situation. He is contemplating his mortality and all the things had hoped for in his later life.  She is overwhelmed with what to do to get her/their lives back on track.  They are both hurt and aren't sure what the future holds. They need an organization that

FROM THE ARTICLE - SEE ARTICLE FOR MORE!!! 6 Reasons Savers Are Skittish About Annuities. Shifting assets into an annuity can provide a reliable income stream in retirement, but concerns remain about complexity and cost. By Nicole Ridgway, AARP. Published July 31, 2024. Are annuities catching on? The numbers seem to say so. Sales of these insurance products, primarily designed to convert assets into a guaranteed income stream, have increased for 15 consecutive quarters and reached a record $215 billion in the first six months of 2024, up 19 percent from the same period last year, according to LIMRA, a trade association that conducts research for insurance and financial services companies. https://www.aarp.org/retirement/planning-for-retirement/info-2024/annuity-concerns-problems.html

          It is reported about 10,000 baby boomers retire daily.Some of them want stay home where they are.Some want to move to other place to enjoy their retirement.Do you want retire and stay where you are?Or do you want move to a community where you can make friends and share commen interests? 

Organizations That Grant Wishes to Seniors and the Terminally Ill++++ The Dream Foundationhttps://www.dreamfoundation.org/Grants wishes to people 18 and older in the US who have a serious, life-limiting diagnosis. To be eligible, you must be referred by a medical professional.++++++++++++++ Wish of a Lifetimehttps://wishofalifetime.org/Grants life-changing wishes to older adults. You can nominate an older adult for a wish.++++++++++++++ Fill Your Bucket List Foundationhttps://www.fillyourbucketlistfoundation.org/Grants wishes to adults with cancer so they can make memories with loved ones.++++++++++++++ Stella's Wish Foundationhttps://www.stellaswish.org/Grants wishes to adults with life-threatening cancers across the US.++++++++++++++ Senior Wisheshttps://www.seniorwishes.org/Grants meaningful wishes to deserving seniors to honor their contributions and improve their quality of life.++++++++++++++

  I inherited my husband's IRA retirement upon his death.  I am liable for Federal taxes if I transfer this to   my  IIRA retirement?  

Note: If you don't read the entire post, take a look at the attached links to google drive that illustrates two scenarios. 1) $750K initial investment (now) in a fixed index annuity with an income rider providing a guaranteed minimum payment of $84369 starting in 7 years. 2) Investment of $750K now earning 5% interest annually and withdraws of $84369 starting in 7 years. Notice how #2 runs out by the time I am 83 (7 yrs shy of end of plan). I need to earn >6% in the #2 scenario to make it to the end. This is just an illustration using 25% of the portfolio for the annuity. Now read on for more detail. Appreciate any comments. https://drive.google.com/file/d/1bFFmDIuY2Y7CKYJVf-H46rFNHR2EOIPe/view?usp=sharinghttps://drive.google.com/file/d/1yZiZrR60pw34rRDQJYRf6dZbNP-U1hgI/view?usp=sharing  Most of us are not fortunate enough nowadays for have a pension, and social security will not cover all of our expenses. Creating more guaranteed income (which a fixed index annuity c

5 Reasons to Retire in Florida … and 4 Reasons to Think Twice. Come for the sunshine, low taxes and endless golf, but be prepared for hurricanes, roof rats and tourist hordes. By Bob Niedt. Published November 28, 2023. https://www.aarp.org/retirement/planning-for-retirement/info-2023/retiring-in-florida.html 

FROM ARTICLE - SEE ARTICLE FOR MORE! Medicare and Social Security Are Critical to a Secure Retirement, Say Americans 50+. By Rebecca Perron, AARP Research & Teresa A. Keenan, AARP Research. Published May 06, 2024. The importance of Social Security and Medicare to Americans age 50-plus cannot be overstated, according to the first annual AARP survey that explores feelings about these programs.Key Findings Nearly all Americans age 50-plus say Social Security and Medicare are important for financial security in retirement, including 90% who say Social Security is very important and 84% who say Medicare is very important. Though they see these programs as important, Americans age 50-plus express skepticism over the future of Social Security and Medicare. Nearly 9 in 10 are worried that Social Security (87%) and Medicare (88%) will not be able to provide at least the same level of benefits in *** USE LINK AT BOTTOM OF THIS POST TO READ THIS ARTICLE ***

I  was fortunate to have a pension and took a lump sum after over 20 years. It was a contributory pension that allowed me to contribute 1.5% of my salary monthly for a higher pension.I'd like to calculate the performance as if it was an investment. I have each monthly investment amount, which is not consistent due to my salary changing. I also have the final lump sum amount. Is there a spreadsheet template that would allow me to put each individual amount (around 312) and the final amount to get a performance metric?

ANYONE MOVED BACK TO THEIR "HOMETOWN" TO RETIRE OR LEFT FLORIDA OR WANT TO MOVE TO FLORIDA?  🤔  WELL, I AM LIVING IN "BOTH" FLORIDA AND VIRGINIA WHILE I "VERY SLOWLY" MOVE BACK TO FLORIDA. RETIRED!  😎 FROM THE ARTICLE - SEE ARTICLE FOR MORE. Is the Rust Belt Right for Your Affordable Retirement? Older industrial cities tout low-cost housing, revitalized downtowns to draw back retirees with local roots. By Michael Anft, AARP. Published March 13, 2024. When a couple of financial adviser Ryan Carney’s clients grew tired of retirement living in Florida last year, they picked up stakes and returned to their old hometown, the Sunshine State’s polar opposite: Buffalo, New York. Low living costs, well-established health care facilities, a downtown makeover and proximity to Niagara Falls have helped make the Rust Belt city on Lake Erie more attractive to retirees like them, despite its lake-effect snowstorms and subzero temperatures. https://w

In 2006 I converted a 401k via a 72T mechanism that put the proceeds into a variable annuity (VA). I have been drawing a monthly benefit from that account to date. I was recently advised that I have the opportunity to convert the variable annuity to a life annuity by relinquishing the balance in the account. If I do this I will receive a monthly benefit equal to or greater than the one I am currently receiving. If I don't convert and the account goes to zero due to withdrawls and/or market conditions then the account ceases and I get nothing. There is no choice ofcourse and I will be conerting to the life annuity. However, I have two concerns/questions relating to RMD: 1 - The Variable Annuity (VA) has been accepted as satisfying the RMD which I started in 2023 (the year I became 73). If I convert to the Life Annuity (LA) will that also satisfy the RMD (the amount will be sufficient). The RMD during the VA was based on the fact that the account was originally a deferred retirement

AARP has represented and helped senior citizens in many different categories over the years.  AARP has assisted in major role in Washington to help persuading our politicians to continue helping our American senior citizens.  But there is one area I don't think AARP has considered nor the politicians in Washington DC .  As my wife and I have reached the age of 65, it has become extremely burdensome to carry her student loan payments.  Yes, my wife cumulate the student loans later in life and she went back to school and graduated with her degree in 1997, but still carries the student loan payments of over, $400 a month.   With Washington giving away money to help young folks with children and stimulus money benefits in lump sums to millions of Americans help them through the hard times of this pandemic, there is still a need to help senior citizens that are carrying the student loans into the retirement years.  Theref

I know oldsters beyond my age got essentially a free ride, but I am at the leading edge of people who have massive student debt with little chance of paying this off. When will AARP take note and begin working for relief?

401(k) hardship withdrawals are on the rise, but NEW employer emergency savings accounts could help stem tide. By Tamara E. Holmes. Published February 28, 2024. https://www.aarp.org/retirement/planning-for-retirement/info-2024/retirement-plan-emergency-expenses.html