For 2022, Social Security will receive a 5.9% increase.
Before adjourning in late December, Congress enacted a $1.4 trillion year-end spending bill that keeps the federal government running through Sept. 30, 2020. President Trump signed the legislation. Tucked away inside this spending legislation is the Setting Every Community Up for Retirement Enhancement (SECURE) Act which includes significant changes to individual retirement arrangements (IRAs) and retirement plans including the Thrift Savings Plan (TSP).
When you’re planning for retirement, you want to make certain that your money lasts as long as possible (preferably as long as you do!). What’s one of the things that can derail an otherwise great retirement plan? Taxes.
Can you afford to retire? In this video I will explain exactly what the 4% rule is. The 4% rule is also commonly known as the safe withdrawal rate.
Saving too little for retirement is a major fear of most Americans, and studies have shown that more Americans fear insufficient retirement savings than fear death.
You’ll receive bigger monthly checks if you wait longer to start collecting them, but that shouldn’t be the sole factor in your retirement-timing decision.
You’ve spent a lifetime paying into Social Security, but there’s no guarantee that you’ll get out of it what you’ve put in.