Key Takeaways: Retirement age in 1961 was determined by the Social Security Act of 1935 and its amendments, which set the age of full retirement at 65 for those born in 1937 or earlier. Those born between 1938 and 1959 had a gradually increasing full retirement age, ranging from 65 and two months to 66…
Key Takeaway: Assess your retirement goals and needs: Before investing for retirement, it’s important to identify your desired retirement lifestyle and the estimated expenses associated with it. You should also consider any potential sources of retirement income, such as Social Security benefits and pensions. Implement a diversified investment portfolio: To maximize your retirement savings and…
Key Takeaway: Sentimental gifts show thoughtfulness and appreciation for Mom’s years of hard work. Consider personalized photo albums, custom jewelry, or keepsake boxes. Travel gifts allow Mom to explore new destinations and pursue her interests. Consider a weekend getaway, a travel book or guide, or a travel voucher. Hobbies and interests gifts cater to Mom’s…
Key Takeaway: Eligibility requirements: To qualify for Air National Guard retirement pay, you must meet age, service, and disability requirements. The amount of retirement pay is calculated based on your years of service and rank at retirement. Application process: Submit required documentation, such as military and civilian service records, to your Air National Guard retirement…
Key Takeaway: Surviving a recession in retirement requires creating a budget that accounts for reduced income and increased expenses. This can involve downsizing and cutting back on discretionary spending in order to maintain financial stability. Alternative sources of income, such as part-time work or rental properties, can help supplement retirement funds during a recession. It’s…
Key Takeaway: The maximum Railroad Retirement Benefit varies based on a number of factors including age, length of service, and earnings throughout a career. As of 2021, the maximum benefit for a worker who began receiving benefits at full retirement age (currently age 67) is $3,148 per month. To be eligible for the Railroad Retirement…
Key Takeaway: A Locked-In Retirement Account (LIRA) is a type of retirement savings account where funds are locked-in and cannot be withdrawn until retirement age, typically between 55 to 65 years old. Benefits of a LIRA include tax deferral, which allows your funds to grow tax-free until withdrawal, and creditor protection, which shields your savings…
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…