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Try It NOWCategory: Social Security
August 6, 2024 — In case you haven’t been paying attention, a real crisis is brewing for Social Security. According to its Trustees, its reserves will be exhausted by 2035 (just 11 years away), at which time the only money available will be from taxes paid by current workers. Only…
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Category: Financial and taxes in retirement
August 6, 2024 -- The New York Times reported on a phenomenon that is literally uprooting retirees and others in Florida and elsewhere. In "Skyrocketing Insurance Is Clobbering Consumers" the Times reported on the crippling escalations in homeowner insurance that are forcing many homeowners out of their homes.
An unhappy situation!
When someone retires one of their most important moves is to calculate a retirement budget. To do that they balance how much money have they saved plus their income from all sources against expected expenses. Let's say that a retired couple figures they can swing a move to Florida or Arizona. Everything looks good when they retire. But after a few years one of their big budget items, home insurance, has doubled (FL insurance rates are up 40% in the last 5 years, higher in some areas). Instead of paying $3000 a year in premiums a few years ago, they might be on the hook for double what they originally budgeted for. Mortgages typically require flood and other types of homeowners insurance, so it is not optional. For anyone with a tight budget, the increases could be catastrophic.
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Category: Travel
August 15 , 2024 — One of the most common things that retirees say they want to do is travel, now that they have the time, and maybe the money, to do it. Couples usually spend a lot of time deciding where and when to go. For example, they might want to take their most adventurous tours early in retirement, when they have fewer physical problems. But another issue that needs to be decided is whether to plan the trip by yourself, use a travel agent, or go on some type of group tour. In the hope of making your travel experiences better, this article will explore all these options, with the pluses and minuses for both.
Tour Group
This is by far the easiest option. You decide on where you are going and your budget, then you pick the tour operator that matches your needs. Nowadays there are tours for every interest and level of activity - from theatre tours of London, river cruises, national parks, to the base camps of Mount Everest. Choosing a company that you have used before, or which comes highly recommended by someone whose judgement you trust, is a good way to go. College alumni tours are a great idea. They tend to include more interesting sights and destinations, a chance to travel with people you have something in common with, and the expertise of a college professor to explain what you are seeing.
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Category: Social Security
August 15, 2024 -- Thanks to everyone who voted in last week's poll on the best way to fix Social Security. The good news is that you seem willing to make some sacrifices to make it happen, not just throw the burden onto someone else. Even if very few people in government are willing to suggest possible solutions (promising to save it without the way to do it is not a solution), you are! To take the poll and see the many interesting Comments it provoked, see "How to Fix SS Poll".
Poll Results
The #1 thing that the 170+ people who took our poll want is to expand the earned income that is taxable for Social Security. In 2024 that limit is $168,600. Over 51% of you voted to increase that so taxes are paid on all earnings over $400,000. That option would mean people earning from $168,600 to $400,000 would not pay more FICA taxes, but people over that would pay it on everything they earn. Although presumably not too many members of the Topretirements voters would be affected, the vote does reflect a common opinion, one that would provide a substantial amount (but not all) of the funds needed to avoid benefit cuts expected in 2035.
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Category: Best Retirement Towns and States
August 27, 2024 -- Florida is definitely one of the most popular states for retirement - and for people of all ages. It was the second fastest growing state in 2023, and had the highest rate of net immigration (more people moving in than out) in the nation in 2022. The influx of retirees is one of the biggest reasons for this growth. Yet the Sunshine State is a lot more than just Disney World and beautiful beaches. This article will explore some of the essential things you need to know before you pull up stakes and move there. Some of these items might be positive for you, others not so much.
13 Things to know about retiring in FloridaIt’s hot and humid in The summertime. Living in Florida year round means hunkering down in the air conditioning for most of the summer. Powerful hurricanes and storms hit the State frequently, sometimes with mandatory evacuations.
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Category: Medicare
August 28, 2024 -- People enrolled in Medicare Part D and Medicare Advantage are getting some really good news, and some not so bad news. The biggest changes will go into effect in 2025. They were made possible by the Inflation Reduction Act of 2023, which passed without any Republican votes.
Here is the good news for Medicare recipients:
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Category: Financial and taxes in retirement
Sept. 1, 2024 --You could write a best seller on the ingenious ways criminals use to steal money from people, especially those over 60. These crooks capitalize on a sense of trust to drain senior retirement accounts with ploys like asking for help on stamping out corruption, or rescuing a relative or friend in trouble.
Folks 60 and over are often targeted by cybercriminals because they are such a rich source of funds. Among all age groups in 2023, people over 60 lost more than $3.4 billion from scams, according to the F.B.I.
Per the New York Times, retired attorney Barry Heitin lost almost all of his retirement savings, $740,000, to an incredibly complicated scheme. Criminals persuaded him that he was helping out with an important government investigation, so he spent months and many hours draining his accounts, where the money vanished into the black hole of the Internet. What's more, he owed the IRS taxes on his "withdrawals".
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