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Try It NOWCategory: Health and Wellness Issues
Nov. 2, 2024 — Aging experts from the Mayo Clinic think they have found a simple way to test for how well people are aging. First, you stand on both legs for 30 seconds, eyes open, then 30 more with them closed. Then you stand on your dominate foot for…
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Category: Travel
November 6, 2024 — Here’s a situation you’ve probably found yourself in more than once. You’ve just spent a lot of money on a dream trip, and along the way, the company urges you to buy travel insurance. You think: If I get sick, miss my plane, or face some…
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Category: International Retirement
November 13, 2024 — Perhaps the adventure—or maybe the lower cost of living—has made you dream of retiring abroad. Or, maybe the contentious nature of American politics has you considering a change of country. Regardless of your reasons, there are many appealing options for dual citizenship or permanent residency. This article explores some intriguing countries to consider for retirement, including links to mini-retirement guides for specific destinations where available. At the end we will outline the pros and cons of retiring abroad.
Dual Citizenship: A Top Option for Retirees
Dual citizenship is often the most attractive option for retirees moving abroad, as it provides more rights and fewer restrictions than residency permits. Many countries offer residency to foreigners, but they usually impose additional financial or in-country residency requirements.
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Category: Social Security
Update late December, 2024. This bill was passed by both houses of Congress and signed into law in early Jan. by President Joe Biden. See “Congress Passes End to WEP“. Bipartisan legislation that would repeal two provisions of Social Security easily passed in the House of Representatives. Current SS…
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Category: Financial and taxes in retirement
November 19, 2024 -- A number of people are in the fortunate position of having multiple accounts tohat could fund their retirements. They might have IRAs, 401(k)s, 403(b)s, Roths, and/or non-retirement savings and investments. But which one(s) should they tap first when they need money for retirement. Note: We are in no way an investment or financial experts, we are just laying out the issues and providinginformation for you to consider in your planning.
Complications affecting which account to withdraw from first
Before you even get to withdrawal strategies, there are other financial considerations that might apply to your decision. Among others, those include: when to apply for Social Security benefits, Roth conversions, and the state of your finances. In general we believe that in most cases it pays to wait until age 70 to start collecting Social Security, assuming you have enough to live on until then, and you and your spouse have an average life expectancy. But we could write a whole article on whether it is better to delay when you take Social Security by using your savings and investments, or let that money ride, and collect early.
Roth conversions, which allow you to tap retirement money tax free, are another complex subject, but often a worthwhile idea for people with big balances in their regular IRA and 401(k) accounts. These conversions need to thought through carefully, as you will pay taxes on any converted funds as they go in (but if you have low income or big losses you might be able to offset that).
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Category: Work and Volunteering
This article is courtesy of my brother-in-law Doug. He has some great points to share about his adventures as a voluntee.
November 28, 2024 - I retired from the Marine Corps in 2005, and then fully retired from Defense industry related jobs in 2020, after a 43 year career. I stayed quite busy for a couple years after my retirement, planning and building a house for my kids and grandkids. Even after that I was staying plenty busy with family, hobbies, sports and the like.
I knew that in my late 60’s and 70’s I would have the time, energy and desire to do some volunteer work; the question was what. I want to have a direct, personal impact on people or things that I care about, and I hoped to find opportunities that I was well qualified, or even uniquely qualified to do.
Finding My Volunteer Mission - Paralyzed by So Many Choices
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Category: Social Security
November 31, 2024 — We would love to get your vote on what will happen on this issue. The Social Security Retirement Trust Funds are expected to run out in 2033. When that happens it is estimated that only about 79% of benefits can be paid. Congress has been dithering…
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