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Try It NOWCategory: 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: 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: 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: 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: Family and Retirement
October 30, 2024 -- A reader wrote in with this unusual request for advice. It is a very common conundrum for retirees - should they move across the country to live near their adult children? Or, retire where they had planned to, and see the kids when they have the time. We thought it a good idea to put the question to the Topretirements audience to benefit from their collective wisdom, so here goes.
The couple, who are nearing retirement, live in the Northeast. Their only child, a son, married last year lives in the Midwest. He and his wife are looking forward to having children in the next few years. This past spring the son surprised his parents by asking them to consider moving to be near them, in fact sharing a house. The idea was that the parents would put up the money to build an in-law apartment or ADU (Accessory Dwelling Unit), where the parents would then live.
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Category: Bucket Lists
Oct. 29, 2024 -- Sal Hyer is a former municipal employee who retired in early 2024. One of the dreams he and his wife Lisa had was to go on a long adventure across the country. He wanted to take his pickup truck, but Lisa did not want to stay in hotels. Compromise being the soul of marriage, they bought a camper. They started in July and plan on finishing the trip early November in Ft Myers, then live in Vermont for the winter. Theirs is definitely the adventure of a lifetime, we can barely contain our jealousy.
Wrangler and Newmar Dutch Star in camp
I wanted to drive my pickup truck but my wife did not want hotels so we have an RV. I am having more fun than I thought driving the big reg. I already have 7,000 miles training and using it. The Rv is a Newmar Dutch Star class A diesel pusher, and we towed a Jeep Wrangler, which was key. It was purchased Feb 2023. It was my wife's idea to get it a year + early and it was a good one. Sal Hyer
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Category: Medicare
October 24, 2024 — If you think you might have a hearing problem (or more likely, if a family member says you do), you should get your hearing tested. Now that some models are available over the counter, hearing aids are becoming more affordable. One easy way to test your hearing and get an inexpensive hearing device is coming later this month from Apple. The AirPods 2 will provide an over-the-counter hearing aid for individuals with mild to moderate hearing loss, once a free software update slated for October 28 is installed.
The AirPods 2 are among the latest versions of Apple's popular earbuds. Not only do they work great (your editor loves his) for listening to books, music, podcasts, phone calls, etc., but later this month, they will also function as hearing aids.
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Category: Active adult communities
October 23, 2024 - Residents of Florida are concerned, rightly, about the hazards of extreme weather events like hurricanes, tornadoes, and floods. So it was interesting to see how two communities, designed to take whatever Mother Nature can dish out, and located in the center of the storm area, would fare after Hurricanes Helene and Milton. Babcock Ranch near Fort Myers, and Hunters Point on Anna Maria Island weathered both storms with almost no damage, flooding, or electrical outages.
Babcock Ranch residents sat out the 'canes in safety in a designated building for refuge, and were even joined by residents of nearby towns. There was tree damage but no loss of power in either community. Communities like these are proof that with proper planning and strong building codes, people can be safe and property protected, even in the face of the ever increasing risk of climate disasters.The New York Times recently reported on the Babcock Ranch success in its "A Climate Resistant Community Passed Its First Tests" article .
The Hunters Point Blog proudly touted how well that community did in the face of the two giant storms. The difference in outcomes for these communities vs. others in other nearby areas is telling. While lives were lost, power went down for days on end, public infrastructure destroyed, homes demolished and knocked off their foundations, there was no flooding, power losses, or injuries at Babcock Ranch and Hunters Point.
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Category: Financial and taxes in retirement
October 15, 2024 -- As if Florida condo owners didn't have enough to worry about. A deadly duo of hurricanes caused suffering and loss of human life. But Condo buildings 3 stories face other kinds of challenges, as December 31 deadlines for Florida's stringent new engineering inspections and reserve studies go into effect.
If condo and HOA boards aren't nervous about all this - they should be.
The original Building Safety Law (SB 4), and later clarified by SB 154, was a reaction to the tragic Surfside building collapse in Miami in 2021. It specifies 2 key requirements for condominium associations that will fundamentally those will affect their finances. The first is a Milestone Inspection Study, the second is the Structural Integrity Reserve Study. We will explain those in greater detail, later. But first, let's talk about how this will unfold in the real world.
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Category: Social Security
Oct. 11, 2025 - The Social Security Administration announced that the Cost of Living Adjustment (COLA) for recipients will be 2.5% in 2025. It is the smallest increase since the pandemic. Although doubtless recipients would have hoped for a bigger rise, the silver lining is it reflects the good news that inflation is slowing coming to heal. Recipients got a 3.2% boost in their benefits in 2024.
The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024.
Earnings Limits
The Social Security payroll tax will be assessed on the first $176,100 of income in 2025, up from $168,600 this year. After that level, Medicare taxes continue but not those for Social Security. Many experts (and VP Harris) suggest that SS taxes continue on all income above that level, or perhaps just above a figure like $400,000. The Social Security trust funds will be exhausted by 2035, at which time the only money available to pay benefits will come from taxes on existing workers.
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