Category: Social Security
The range of possible retirement benefits from Social Security is huge. As of 2025, the average monthly Social Security retirement benefit is $1,976, reflecting a 2.5% Cost-of-Living Adjustment (COLA) from the previous year. But some people get less, based on their lifetime earning history and at what age they started taking their benefits. How does your benefit (or expected benefit) stack up against that average - are you getting more, or less?
Minimum - Average - and Maximum Benefits
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Published on February 19, 2025
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Category: Best Retirement Towns and States
February 13, 2025 -- Good news is coming to 8 states this year when it comes to income taxes. It is part of a trend to lower taxes, make themselves more competitive, and enjoy the surpluses many of them experienced from the Covid years. Others, though, are concerned that the lower taxes will result in the cutting of public services. Seven of the 8 states that lowered their rates are controlled by Republicans.
Most of the reductions were relatively minor, usually less than a half a percentage point. Two of the states have moved to a flat tax instead of income brackets.
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Published on February 12, 2025
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Category: Best Retirement Towns and States
Climate, Insurance, Costs Driving Trend
February 9, 2025 -- At least since the beginning of the 20th century, Florida has been a magnet for all kinds of people, particularly retirees. Covid boosted that trend, as working people escaped crowded cities to find sunshine and lower taxes. The era of Florida continuously adding new residents appears to have come to an end, however, according to two recent studies. Data from other sources come to the same conclusions. With 23 million people, it is still one of the fastest growing states in the Union.
Neutral net migration occurs when about the same number of people move to a state as move out. Florida has traditionally had very positive net migration, turning pastures into cities and developments as people flocked to the state. UHaul published a recent report showing that 50.4% of its recent Florida moves came into the state, while 49.6% moved out. Atlas Van Lines came to a similar conclusion: it reclassified Florida from an “inbound state” to one that shows a balance between inbound and outbound movers.
Not all of Florida affected
South Florida, with its more expensive housing, seems to have more folks fleeing the state than the northern part of the state. Younger people looking for better opportunities and lower cost housing are also driving emigration. Foreign buyers have also slowed down their purchases.
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Published on February 8, 2025
Comments 10
Category: Active adult communities
February 6, 2025 -- Condo and HOA Boards face a daunting list of challenges these days. Insurance, aging infrastructure, and new government regulations are just some of the issues. But just as difficult are the many tricky situations that arise when a group of people share spaces and common property.
Last week Topretirements attended a conference held by Becker, a law firm that has a specialty in community, condo, timeshares, and HOA law. The presenters covered explanations of the many complex new requirements that communities must follow. But the most interesting part of the meeting were the non-stop questions from members of the audience. It was abundantly clear that these boards are being put to the test by many difficult situations.Those attending were mostly HOA and condo board managers with a mix of Community Managers too. The questions gave a good picture of the tough challenges that condo and HOA board members have to deal with everyday.
Top 7 Condo and HOA Problems
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Published on February 5, 2025
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Category: Retirement Planning
Jan. 26, 2025 - This year more Americans will reach their 65th birthday than in any year in history - 4.2 million of them. Currently, about 10,000 individuals reach this age daily, a rate that is projected to continue through 2027, when the baby boom bulge slides into older age brackets. If you are having your birthday, or if you are getting close, here are 7 things you need to do now to secure your retirement.
1. Register for Medicare for health care coverageMedicare is a Health Insurance Program for people age 65 or older, some disabled
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Published on January 25, 2025
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Category: Travel
January 21, 2025 — A fortunate few well off and/or adventurous travelers might feel like there is nowhere else to go. Also, the places they enjoyed so much in the past, are now over run by cruise ships and package tours. Well if that is you, the NY Times list…
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Published on January 20, 2025
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Category: International Retirement
January 16, 205 -- One of the best choices for an expatriate retirement lies in a Central America. This country is warm year round, but has mountains to offer relief from the heat. There are fabulous beaches, national parks, small coastal towns, and at least one city with many attractions. The economy is stable, and so is the government. Plus the cost of living is probably less than where you live now. Note: for even more information, see our "Mini-Retirement Guide to Costa Rica".
The Switzerland of South America" - Costa Rica!
f you're considering where to spend your golden years, Costa Rica, with its "Pura Vida" lifestyle, might just be the perfect spot. This beautiful country with coastlines on the Atlantic and Pacific has stunning natural beauty, welcoming culture, and an excellent quality of life. This Central American gem has become a favorite for retirees from around the globe. Here are some reasons why Costa Rica is an outstanding retirement destination.
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Published on January 15, 2025
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Category: Estate Planning
January 14, 2025 - Green Burials are growing trend among very environmentally conscious people. The numbers are pretty small, but they are catching on. The idea is that your body is disposed of in a way that is friendly to the planet: no preservatives used in embalming, non-biodegradable materials, or burial methods that harm the environment.
The Veterans Administration is now making a green burial an option at certain of their cemeteries. In November 2024, VA’s National Cemetery Administration (NCA) officially opened Green Burial sections at the Pikes Peak National Cemetery in Colorado Springs, Colorado; the National Memorial Cemetery of Arizona in Phoenix, Arizona, and Florida National Cemetery in Bushnell, Florida. The number of green burial sites at each cemetery are 152, 155 and 222, respectively.
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Published on January 13, 2025
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Category: Active adult communities
January 10, 2025 -- In a sign of what is to come from Florida's strict new condo laws, an entire condo building in Fort Lauderdale is for sale. The condo owners can’t afford the millions it will cost to repair it.
Damage from saltwater to the building's foundation is only part of the problem faced by the condo owners. Residents at Springbrook Gardens in Fort Lauderdale were forced to evacuate last September after an engineer warned of an unsafe foundation. The roof also needs expensive work, and there have already been many special assessments. According to one owner, the condo is spending $1 million in engineer studies and to get the building up to code. Foundation restoration work is estimated to cost over $4 million. There are only 18 units in the 70 year old building, so even though there might be some loan assistance, the cost per unit would work out to be about $222,000, a pretty large number.
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Published on January 8, 2025
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Category: Active adult communities
January 8, 2025 - The votes are in for Topretirements' 25 most popular active communities for 2025. Not surprisingly, Florida and North Carolina had the most winners at 5 each. South Carolina and Virginia were hot too, garnering 3 spots each. Connecticut had 2 winners. Pine Village in Flagstaff, AZ was the only community in the west to make the top 25.
All of the 25 were active adult communities, and most were designated 55+ (although the owners in all are predominately over 55) . Two were mostly specialized: Indian River Colony Club (retired military) and Carefree Cove (LGBT). In what appears to be a trend, very few of the communities offered golf as an amenity.
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Published on January 7, 2025
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