Retirement

Key Takeaways: New retirement savings rules have been introduced that impact contribution limits, required minimum distributions, and retirement plans for small businesses. Contribution limits for Traditional and Roth IRAs have changed, with some increases and decreases depending on age and income. The age requirement for required minimum distributions has been raised, and new rules have…

Key Takeaway: When writing a retirement card for your boss, it is important to keep the message professional while also adding a personal touch. Personalizing your message with specific memories or anecdotes can help show your appreciation for their leadership and guidance. Avoid negative comments or bringing up any unresolved issues. Keep your message brief…

Key Takeaway: A TEFRA (Tax Equity and Fiscal Responsibility Act) retirement account is a type of retirement plan for employees of non-profit organizations and government entities. Withdrawals from TEFRA retirement accounts are taxed based on the individual’s tax bracket at the time of withdrawal, and early withdrawals may incur a penalty. TEFRA retirement accounts have…

Key Takeaway: After retiring from surgery, many surgeons choose to volunteer their skills and knowledge to help underserved communities and those in need. This kind of work offers a great opportunity for retired surgeons to stay active and involved in their profession while giving back to the community. Teaching is another popular option for retired…

Key Takeaway: Presidential retirement benefits are many: Former presidents receive a government pension, Secret Service protection, office and staff allowance, and health insurance. Calculating the retirement benefits depends on years of service and salary: The more years a president has served and the higher their salary, the more retirement benefits they will receive. Cost-of-living adjustments…

Key Takeaway: Express your love and gratitude to your husband for his hard work and dedication over the years. This is a special moment to show appreciation and honor his contributions to your family and community. Share fond memories of your time together, recounting happy experiences and accomplishments. This is a chance to celebrate his…

Key Takeaway: An individual retirement annuity, or IRA, is a retirement account that allows you to save for retirement with tax benefits. There are three main types of IRAs: fixed annuity, variable annuity, and indexed annuity, each with different features and benefits. The benefits of IRAs include tax benefits, guaranteed income, and accumulation, while drawbacks…

Key Takeaway: In Texas, a minimum of 10 years of marriage is required for a spouse to be eligible for retirement benefits. A spouse may be entitled to receive half of the other spouse’s retirement benefits if certain requirements are met, such as being married for at least 10 years and the retirement benefits being…

## Key takeaway: Joining a club or community group is a great way to meet new friends in retirement. You can find groups for almost any interest, from gardening to golfing, and there are often local retirement communities that offer regular social activities. Attending social events and gatherings is another effective way to make new…

Key Takeaway: NFL players retire at an average age of 35: According to statistics, the average retirement age for NFL players is 35 years old. This is relatively young compared to other professions. Factors affecting retirement age include performance, injuries, and financial stability: While some players choose to retire early due to injury, others retire…

Key Takeaways: Consolidating your retirement accounts can save you time, money, and hassle. By bringing all of your retirement accounts together, you can better manage your investments, reduce fees, and streamline your finances. Retirement account consolidation is especially beneficial for those who have multiple accounts from previous employers or have moved around frequently. It can…

Key Takeaway: Retirement has evolved significantly over time: In the past, retirement was not a common practice, and people often worked until they were physically unable to do so. The introduction of pension plans, including the Social Security Act of 1935, and private plans changed this, making retirement feasible for more people. The retirement age…