Key Takeaway: The military retirement system is subject to change in 2023, with the implementation of the Blended Retirement System. This new system will offer a combination of traditional pension payments and a 401(k)-style plan, allowing for greater flexibility. Retirement pay will be calculated based on the service member’s length of service and high-3 year…

Key Takeaway: Consider your budget: When selecting a retirement gift for your boss, it is important to consider your budget and choose a gift that is appropriate based on your financial constraints. Personalize the gift: A personalized retirement gift such as a customized photo book or caricature can make a memorable and thoughtful gift that…

Key Takeaway: A 424 k retirement account is a type of employer-sponsored retirement plan available to certain employees of non-profit organizations, such as hospitals and educational institutions. To be eligible for a 424 k retirement account, employees must meet specific requirements, such as working a certain number of hours per year or having a certain…

Key Takeaway: Retirement planning is crucial: It is important to plan for retirement as early as possible to ensure financial stability and security during the golden years. Saving for retirement is key: Setting retirement goals, creating a retirement budget, and investing for retirement are crucial components of retirement planning. Consistent saving and investing can help…

Key Takeaway: There is a special rule about earnings in the first year of retirement: Individuals who retire mid-year can earn up to a certain limit without having their Social Security benefits reduced. The limit is based on how many months of the year they were not receiving benefits. There are income limitations on retirement…

Key Takeaway: Choosing the best retirement account depends on various factors, including your age, income, tax bracket, employer benefits, investment options, and withdrawal rules. Consider these factors before making a decision. For those in a lower tax bracket, a Roth IRA may be the best option as contributions are made with after-tax dollars, resulting in…

Key Takeaway: Retired athletes often experience weight gain due to decreased physical activity, changes in eating habits, a shift in metabolism, and psychological factors. These factors can contribute to various health consequences, such as cardiovascular diseases, musculoskeletal problems, and metabolic disorders. Preventing and managing weight gain in retired athletes involves modifying diet, increasing physical activity,…

Key Takeaways: Retirement and resignation are two different ways of leaving a job, with retirement being a planned exit due to reaching a certain age or milestone, while resignation is a voluntary decision to leave the job for personal or professional reasons. The main differences between retirement and resignation include the reason for leaving, eligibility…

Key Takeaway: It is never too early (or late) to start saving for retirement, but the amount you need to save depends on several factors such as your current age, retirement goals, life expectancy, and expected expenditures. Recommended retirement savings by age vary: By age 30, it is recommended to have saved the equivalent of…

Key Takeaway: Retirement funds are a crucial aspect of financial planning for retirement. Calculating retirement fund needs requires considering expenses in retirement and estimating retirement fund amounts necessary to cover those expenses. Factors such as lifestyle expenses, healthcare costs, and investment returns can impact how long $350,000 will last in retirement. To increase retirement fund…

Key Takeaways: There are several retirement savings options in Canada, including RRSPs, TFSAs, and RPPs. It’s important to understand the tax implications and contribution limits of each option in order to maximize savings. Maximizing retirement savings requires budgeting for retirement, investing wisely, and taking advantage of employer matching programs. Consistently reviewing and adjusting your retirement…

Key Takeaway: Life expectancy increase: As people are living longer, retirees will need slightly more income in each year of their retirement to support their longer lifespan. Inflation rates rise: With inflation rates increasing over time, retirees may need more income to maintain their standard of living and cover their financial needs. Health care costs…