Key Takeaway: Factors affecting house affordability in retirement include income, debt, credit score, and current expenses. It is important to have a clear understanding of these factors when deciding on housing options. Social Security, pension plans, and retirement savings accounts can all be sources of income in retirement. It is important to consider all of…
Key Takeaways: The Taxpayer Relief Act of 1997 established two major types of retirement accounts: Traditional IRA and Roth IRA. Traditional IRA allows individuals to make tax-deductible contributions, while Roth IRA contributions are made after-tax. Both accounts offer tax-free growth, but withdrawals from Traditional IRA are taxed as income, while withdrawals from Roth IRA are…
Key Takeaway: Fleet Reserve and Retirement are two different options for military personnel who have completed their service. Fleet Reserve allows individuals to maintain their military status and receive certain benefits, while Retirement offers full military retirement benefits. Qualifications for Fleet Reserve and Retirement differ. Fleet Reserve is available to those who have completed at…
Key Takeaway: Institutional retirement refers to retirement plans offered by organizations and entities, such as corporations, governments, and non-profit organizations, to their employees or members as part of their compensation package. These plans are designed to help individuals save money for their retirement and reduce their reliance on government-provided retirement benefits. There are two main…
Key Takeaways: USPS retirement eligibility criteria require employees to have completed at least 5 years of creditable service and earned at least 1 year of creditable civilian service. USPS annuity calculation is determined based on an employee’s years of creditable service, high-three average salary, and retirement system (FERS or CSRS). USPS employees have two options…
Key Takeaways: Retirement expenses can be classified into four major categories: basic living expenses, healthcare expenses, leisure expenses, and travel expenses. It is important to plan for each of these categories based on individual needs and preferences. Basic living expenses include housing, food, utilities, and other essentials. It is important to factor in potential inflation…
Key Takeaway: The 13th Check in Retirement Mississippi is a unique benefit that provides extra income to eligible retired public employees. It is designed to help retirees keep up with the rising cost of living and supplement their retirement income. To be eligible for the 13th check, retired public employees must meet certain criteria such…
Key Takeaway: Distributions from a retirement plan refer to the money that is withdrawn from the plan after retirement or a certain age limit is reached. The money can be taken as one-time lump sum withdrawals or as periodic payments. There are two main types of retirement plans – defined benefit plan and defined contribution…
Key Takeaway: Young adults today face unique challenges in retirement planning: The increased life expectancy and longer retirement period, uncertainty around social security and pensions, and debt and financial challenges unique to this generation make retirement planning significantly different from previous generations. Saving early and regularly is crucial: Starting to save early and sticking to…
Key Takeaway: Retirement age for females varies depending on factors such as country of residence, occupation, and personal circumstances. In the United States, the full retirement age for females is currently 66 years and 2 months, but this may change in the future. Factors that determine retirement age include health, financial readiness, and social and…
Key Takeaway: Real estate can be an important component of retirement planning: Investing a portion of retirement funds in real estate can provide a steady stream of income and help build long-term wealth. Factors to consider when determining how much of retirement funds to invest in real estate include age, income, risk tolerance, and investment…
Key Takeaway: SARSEP Retirement Plan is a type of retirement plan that allows employers and employees to contribute pre-tax dollars towards retirement savings. This plan has been phased out since 1996 and replaced with the SIMPLE IRA plan and 401(k) plans. Employers benefit from a SARSEP Retirement Plan by being able to deduct their contributions…