The average age at which one buys an annuity is their early 60s, with the majority of annuities purchased by individuals between ages 55–70. According to Oxford Economics, the U.S. population aged 65 and up is expected to grow by more than 8.3 million from 2022 to 2027, and so the number of individuals buying …
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We’ve written about several of the increases that are happening in 2023 and thereafter, and it is important to keep them all in mind as you plan for your retirement. Since hitting a 40-year high of 9.1% in June, inflation has cooled somewhat. If that trend continues, the Cost of Living Adjustment in Social Security …
Even if you’re able to add up what you spend today, trying to determine what you will need when you retire is difficult because your spending is sure to change. While perhaps you won’t have a mortgage payment anymore, you may be asked to contribute to your grandchildren’s education, or perhaps you will want to …
With 2022 just beginning, we thought we’d share with you some of the changes to Social Security. The Social Security Administration has issued a 5.9% cost-of-living adjustment (known as a “COLA”) for 2022, the largest COLA in nearly 40 years. How much of a difference this will make in your life really depends on your …
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