As an Amazon Associate we earn from qualifying purchases.

New: Community Explorer. Discover Your Perfect Community Quickly Based on Lifestyle, Amenities, and Unit Type.  

Try It NOW

Countdown to Retirement by Decade!

Category: Financial and taxes in retirement

September 12, 2023 -- Even if you are in your 30's you have probably started the countdown to retirement. Probably with a mix of dread (will I be ready?) and anticipation (can't wait to be free!). No matter what your current age, we've set up a retirement countdown in 10 year periods to help with that. The idea is that by doing the preparation in stages you will be building a solid base, one that will result in an effortless blast off when that retirement finally comes. In our experience the happiest retirees are the ones who planned for it. R (Retirement) Minus 30. With 30 or more years before retirement you are lucky to

more...

Published on September 12, 2023
Comments 3

My Company Offered Me a Buyout – Should I Take It?

Category: Financial and taxes in retirement

August 31, 2023 -- One of the more common predicaments in the retirement world comes when an organization offers a retirement buyout package to a long standing employee. Many times Topretirements has been asked for advice on this topic, which usually came from someone whose employer is a government entity (state, university, local police department). Honestly, it is a very tough decision to make, with a number of factors to consider. Ultimately each individual has to make their own decision based on that totality of factors, ideally mixed with input from professional advisors and family members.

more...

Published on August 30, 2023
Comments 7

Aretha Franklin Estate Shows Perils of Not Having a Buttoned Up Will

Category: Estate Planning

July 20, 2023 -- Just about everyone knows that not having a will is a really bad idea. But still, about 60% of Americans either don't have one or have no estate planning. But almost as bad as not having a formal will is having more than one, or not having it designed by a professional and signed in the presence of witnesses. That is the case in the Aretha Franklin estate case, which was decided by a jury last week. Franklin's estate was reportedly worth $80 million when she died in 2018. But last week its value was estimated to be about $6 million (plus song royalties, etc.). Where did all that money go - it went to expenses, taxes, and lawyers trying to figure out how the estate should be settled among her 4 sons.

more...

Published on July 19, 2023
Comments 3

Almost Half of Younger People Want to Retire by 60

Category: Financial and taxes in retirement

June 14, 2023 - A study on retirement by the World Economic Forum found considerable unease about retirement issues in various age groups. Health and income issues were prevalent among its Pulse Poll respondents. The report was focused on how individuals, companies, and government will respond to longevity and people living longer lives.Here are some of the key findings in the Understanding Longevity Study Many people, especially women, are worried about having enough money in retirement. Some 55% of women are willing to admit they don’t understand their financial situation. Health concerns are a big concern as people age. Many are worried they will have to become caregivers. Men are more likely to be looking forward more to retirement than women. The "bank of mom and dad" is flipping - in more cases younger people might have to support their parents - instead of the other way around. (Interesting, another study we came across found that many baby boomers are blithely spending money, while younger folks are having to pinch pennies)

more...

Published on June 15, 2023
Comments 3

Can Florida’s Condo Market Survive These Threats?

Category: Best Retirement Towns and States

May 31, 2023 — Condo boards in Florida are reeling from a one-two punch. Quotes for insurance renewals are literally through the roof, and that is if the condo association can get coverage at all. Year to year rate hikes of 50% are common. The Jade Winds condo complex in…

more...

Published on May 30, 2023
Comments 16

Which States Tax Social Security Benefits?

Category: Financial and taxes in retirement

Updated Feb. 2025 — (March 30, 2023) — It might come as an unpleasant surprise to many people that Social Security benefits can be taxed on both the federal and the state level. But which states tax social security income? While there is no escaping the federal tax if your…

more...

Published on March 29, 2023
Comments 1

National Slam the Scam Day – March 9

Category: Financial and taxes in retirement

March 5, 2022 -- How many people do you know who have been scammed? Chances are, there are a lot more than you know about, including many friends or relatives who are too embarrassed to talk about it. Scammers are counting on you being uninformed of their deceptive tactics so that you will fall prey to their ruses. Don’t let it happen. The Social Security Administration, invoked maliciously by so many criminals, wants you to join them on National Slam the Scam Day, March 9, 2023. Their aim is to help raise awareness and prevent scammers from succeeding in crimes against innocent victims.  National Slam the Scam Day was created in 2020 to combat Social Security-related scams. Last year, it expanded to include other government imposter scams as reported losses from consumers climbed to more than $446 million in 2021. According to the Federal Trade Commission, reported losses for 2022 are nearly $509 million. And unreported losses are so much more. Beware a government agency telling you about a problem.

more...

Published on March 4, 2023
Comments 6

15 Ways To Prevent Identity Theft

Category: Financial and taxes in retirement

February 15, 2023 — In 2021 the Federal Trade Commission received 1.5 million reports of identity theft. And guess who is usually the #1 target for scammers – right, retired people. A combination of carelessness, trust, declining faculties, and increasing deviousness from criminals is raising this crime to new levels.

more...

Published on February 15, 2023
Comments 9

10 Myths That Could Sink Your Retirement

Category: Financial and taxes in retirement

January 28, 2023-- Myths, misunderstandings, and just plain faulty thinking occur in retirement, just like they do in every other phase of life. This "10 Myths That Could Sink Your Retirement" article explains that, unlike earlier stages in our careers, where there might be a second chance at recovery, a mistake in your retirement can be serious. That's why it is key to avoid these common retirement myths and mistakes. Many, but not all of them have to do with money. We welcome other people's insights on the best and worst decisions they made in retirement - please add them to the Comments section below. Top 10 Retirement Myths and Mistakes Assuming you will work 'til you drop. Asked when they think they will retire, most people say between 65 and 67 - and many much later, if ever. But in the actual world, a Gallup poll said the average retirement age is closer to 61. The reasons for this vary greatly, but common ones are being laid off unexpectedly, or getting injured or sick and unable to work. The ramifications of retiring earlier than expected are serious, because it usually means that expected retirement savings do not materialize.

more...

Published on January 28, 2023
Comments 12

New Rules Push Back RMD Start, Reduce Penalties

Category: Financial and taxes in retirement

January 20, 2023 -- The end of the year presented several gifts to well off folks with substantial IRA, 401(k), or 403(b) balances. The biggest is that, thanks to the Secure 2.0 Act of 2022, the new age for taking Required Minimum Distributions (RMDs) from those accounts now begins at age 73, up from 72. That change started on Jan. 1, 2023; beginning on Jan. 1, 2033, the age goes up to 75. People who were already required to take those distributions must continue to make them. The Act also provided a big benefit to people who fail to take their RMDs on time. Previously the penalty was an onerous 50% of the required distribution. Now that is reduced to 25%, and 10% if corrected in a "timely manner". Catch up contributions for people over 50 and 60 also were increased, and there were other provisions to encourage employers to help employees save more for retirement.

more...

Published on January 19, 2023
Comments 2

Blog Categories

Showcase Active Adult Communities

Skip to content