Key Takeaway: Retirement savings should not be invested in liquid assets as they do not offer enough returns to cover long-term needs like healthcare and living expenses after retirement. The market volatility of liquid assets, such as savings accounts and CDs, rule out the possibility of earning inflation-beating returns. Alternative investment options, such as bonds,…
Key Takeaway: Consider personal preferences, career history, and hobbies and interests when choosing a retirement gift for a coworker. This shows that you value and appreciate their individuality and uniqueness. Travel-related gifts, relaxation and wellness gifts, and personalized gifts are great options for retirement gifts for a coworker. These gifts show that you want them…
Key Takeaway: Downsizing to a smaller, more affordable home or renting out space in your existing home can help you achieve cheap living in retirement while also freeing up equity. Frugal living tips including cutting back on unnecessary expenses and using coupons can help retirees stay within their budget while still enjoying life’s pleasures. Income…
Key Takeaway: Phased retirement reduces costs: By allowing employees to gradually reduce their hours and responsibilities, firms can save on salary and benefits costs without losing valuable knowledge and experience. Phased retirement retains knowledge and experience: Firms can retain valuable employees who may otherwise retire by offering phased retirement, allowing for a smoother transition and…
Key Takeaway: Life insurance can be a valuable tool in retirement planning. It can provide a tax-advantaged way to accumulate cash value and generate income in retirement. When choosing a life insurance policy for retirement planning, it’s important to consider factors such as cost, coverage and benefits, cash value accumulation, and age and health. A…
Key Takeaway: Retirement accounts for employers of government and non-profit organizations are designed to help employees save for retirement and manage their finances. These accounts offer tax advantages, employer match, and retirement readiness benefits to employees. The most common types of retirement accounts for employers in government and non-profit organizations are 401(k) plans, 403(b) plans,…
Key Takeaway: The minimum Social Security retirement benefit amount is determined by a complex formula based on an individual’s lifetime earnings, with a minimum floor of $886 per month. Factors that can affect the minimum benefit amount include early retirement, low lifetime earnings, and periods of time with no earnings. To apply for Social Security…
Key Takeaways: Understanding factors that affect taxes in retirement is crucial: Factors such as age, income, types of retirement accounts, and geographic location can all play a significant role in how much retirees will owe in taxes. Steps to estimate taxes in retirement involve reviewing expected sources of retirement income, understanding tax brackets and rates,…
Key Takeaway: Choosing the right materials is essential to making a great retirement card. Consider the type of paper and decorative materials to use, based on the recipient’s preferences and the occasion. When designing a retirement card, select a theme that reflects the recipient’s interests and personality. Craft a heartfelt message that conveys your appreciation…
Key Takeaway: The retirement age in Ireland 2013 is 66 years old for both men and women, with plans to increase to 67 in 2021 and 68 in 2028. The Retirement and Transition Payment Scheme provides income support for those between retirement age and pension age who are no longer working. The Social Welfare and…
Key Takeaway: Relying solely on saving money for retirement is not enough: There are limitations to saving money for retirement as it does not take into account inflation and unforeseen circumstances that could deplete an individual’s savings. Exploring alternative ways to prepare for retirement is crucial: Investing in assets that generate income, building passive income…
Key Takeaway: A flexible retirement annuity is an investment vehicle that provides individuals with flexibility in payout options and control over their investments, making it an attractive option for those seeking more control over their retirement funds. Tax benefits are one of the key benefits of a flexible retirement annuity, allowing individuals to take advantage…