No man should be on an island. Tom Hanks proved this. Surrounding yourself with a team of mentors, coaches, friends, or advisors can help you find the best version of yourself either during your working years or in retirement.
Travel in retirement can be immensely rewarding. While you do not have to see the world to find fulfillment in retirement, traveling beyond your home into different communities and cultures can provide you with rich experiences to learn, expand relationships, renew, and reach new horizons.
Paying down your mortgage as you approach or reach retirement may provide peace of mind and financial benefits. Or, it could potentially cost you tens of thousands of dollars if you accelerate the payments. What is the best approach of carrying a mortgage in retirement for your situation?
Like learning curling, deciding the optimal claiming age for Social Security may seem easy from afar. Once you get into the details, it can indeed be more complicated – and consequential.
Knowing when to claim Social Security is a critical decision for retirement. Before you make that decision, it is important to understand the fundamentals of how Social Security retirement benefits are calculated and the nuances around the basic rules.
The Inflation Reduction Act of 2022 included a few tax-related provisions that may impact your situation. The extension of the more favorable premium tax credits will apply for those retiring before age 65. There are credits available for those looking to purchase elective vehicles or make energy-related improvements to their home. Finally, those spending a considerable amount on prescriptions under Medicare may obtain some relief through this legislation.
In a bear market, our first reaction might be to make a change in our financial portfolio. However, if your assets are invested properly, you should be able to survive the down turn without much overall loss.
Helping an aging parent requires taking a proactive but caring approach. It is important to have open communication with other key family members and to become more involved in your parents’ lives without “babying” them in their elder years.
