Columbus, OH

SmartAsset

For many people, early retirement means 62. This is the age they can start withdrawing money from their retirement accounts and receive Social Security. For example, let's assume an individual with $425,000 in a Roth IRA, a $1,000 monthly pension, and expect $1,600 in Social Security. Is it going to be enough? As often in […] The post I’m 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now? appeared first on SmartReads by SmartAsset.

I'm 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now?

The Motley Fool

A savings account can do you a world of good -- but it's not the perfect spot for all your money. Learn when to consider other financial accounts, too.

How Much Money Is Too Much for a Savings Account?

Does your IRA balance beat the average? Read on to find out -- and see how to get your retirement savings into the best possible shape.

If Your IRA Has This Much Money, You're Ahead of the Game

Retirement could easily cost hundreds of thousands of dollars. There are some simple strategies to help increase your savings. Here's how to tell whether you're on track for retirement. Retirement is becoming incredibly expensive, especially as costs like housing and healthcare continue to soar. The average 65-year-old couple can expect...

Here's How Much You Should Have Invested for Retirement at Age 60

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A Dime Saved

Are you making any retirement mistakes? We all want to retire comfortably, but many don’t know how to reach that goal. Different people offer different advice, and it’s difficult to determine the best ways to approach retirement savings.

3 Retirement Mistakes To Avoid

FinanceBuzz

From debt-free living to stress-free spending, see if you exhibit these 10 signs of financial well-being after 75.

10 Signs You’re Doing Well Financially When You’re Over 75

CBS News

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  In the face of inflation and elevated borrowing costs, certificates of deposit (CD) accounts have been a smart way for savers to grow their funds — and protect them in a volatile economic climate. This was especially beneficial as inflation hit a decades-high in June 2022 and, later, when the Federal Reserve raised the federal funds rate to its highest level in 22 years. Since those events occurred, however, the economy has improved.Inflation is now approaching the Fed's target...

Is a $5,000 CD deposit still worth it?

The IRS has issued final regulations on inherited IRAs under the SECURE Act. The rules require most non-spouse beneficiaries to deplete inherited retirement accounts within ten years and take annual Required Minimum Distributions (RMDs). This marks a significant change from the previous lifetime “stretch” withdrawal option. The 10-year...

IRS issues new RMD rules for IRAs

Business Insider

Some baby boomers are proactively passing down wealth, but a wealth manager says they should make sure their finances can pass a stress test first.

Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test

The IRS requires seniors to start taking distributions from tax-deferred retirement accounts starting the year after they turn 73. If you plan in advance and think long term, a couple strategies can lead to lower RMDs now and in the future. If you're still working, you may get some relief...

3 Ways to Reduce or Avoid Required Minimum Distributions (RMDs) in 2024 That Everyone Should Know

Primis Bank is offering a remarkable fee-free checking account that pays 6.00% APY. That outdoes even the best CDs and high-yield savings accounts, which currently max out at 5.50%. Primis' 6.00% Novus Checking rate is available to new customers who set up a monthly direct deposit of at least $1,200.

This Checking Account Pays 6.00%—And It’s Guaranteed for 6 Months

GOBankingRates

Retirement is a time when many people look for ways to downsize or cut costs on things they don't feel like they need anymore. While this can often work out, it's possible to take this too far and...

5 Reasons Retirees Regret Selling Their Cars in Retirement

Looking for the best ways to get free money from the government? Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The…

17 Ways To Get Free Money From the Government

Reaching retirement is the ultimate goal for many American workers. After years of the daily grind, the idea of giving up your nine-to-five in exchange for relaxing golf games, afternoon book clubs, and early dinners sounds phenomenal. While retirement can be an incredible time of life, it also brings its...

17 Things Americans Should Never, Ever Do During Retirement

Many financial experts say that households should have an emergency fund worth six months of expenses in a cash account, which would require $33,110.68 on average, according to an analysis by Investopedia. Data from the Federal Reserve shows that 73% of households that have checking and/or savings accounts don't have...

Your Household Should Have at Least $33,000 in an Emergency Fund

Think a CD is a good place for your nest egg? Read on to see why you might be selling yourself short.

Forget CDs: Your Retirement Savings Need to Go Here

As you get older, there are so many documents to keep track of. Official government documents, IDs, bank statements, bills, and other important notices can pile up fast. Check Out: 3 Things To Do This...

10 Financial Documents You Should Never Get Rid Of — and How It Could Cost You If You Do

I started receiving Social Security benefits early at age 62. Back then, full retirement age was 65. At what age will I not be penalized for additional income?. If you’re still working while receiving Social Security benefits, your earnings can affect the amount you receive in benefits up until your full retirement age (FRA). That age is based on when you were born, because it’s been increased over the years as life expectancy and funding for the program have changed.

Dear Penny: I Started Getting Social Security Early. When Will I Get Full Benefits?

Washington, DC

Carole Cole, 70, loves her retirement freedom and financial stability. She went to Virginia for a mojito recently.

A 70-year-old 'cool old lady' is living it up in retirement because of her 'good government job'  — and all the senior discounts she's found

Though the Federal Reserve has held interest rates steady for a year, it appears ready to start cutting rates next month. Since CDs offer an extended rate promise, banks and credit unions tend to lower their rates on new CDs as soon as they feel confident the Fed will cut rates—without waiting for an official Fed announcement.

Will a Looming Fed Rate Cut Push Savings and CD Rates Lower in August?

NewsBreak

You're More Likely To Run Out of Money in Retirement If You Don't Have One of These

People who don’t have a defined contribution plan, like a 401(k), are more likely to run out of money in retirement than those who do. More...

You're More Likely To Run Out of Money in Retirement If You Don't Have One of These

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