U.S. Inflation Jumped 8.5 Percent in Past Year, Highest Since 1981

Steep rises in energy, housing, food WASHINGTON — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people...

A Recession Survival Guide for Retirees

Economic downturns are inevitable. Here’s how to protect your retirement nest egg Sooner or later, the economy will fall into a recession, because that’s the nature of the economy: Busts follow booms. For many retirees, the biggest challenge is the investment...

Tax Breaks After 50 You Can’t Afford to Miss

IRS tax code offers perks to taxpayers of a certain age If you’re 50 or older, there is one benefit to reaching this milestone that you may be overlooking: tax breaks aimed right at you. Now you can contribute more to your Roth or traditional individual retirement...

Social Security Resource Center

Social Security retirement benefits are primarily based on two factors: your average income over your working life and your age when you claim them. You get to decide when to start collecting benefits, within an eight-year window from age 62 to age 70. The longer you...

3 Steps to Help You Get out of Debt

How to get control of what you owe For Gail and Tony Dean, the crisis came as they approached 50. Living in South Florida, they decided to move north, near Orlando, where they bought land and began to build their dream home. Then the debts piled up. The couple — she...

What Happens to Your Debts After You Die?

5 things loved ones will have to do to settle your accounts How many times have you told your loved ones that you don’t want to be a burden, and saddle them with a financial mess at the end of your life? It’s a common sentiment. Despite their good intentions, however,...

How Much Can You Contribute to a 401(k) Retirement Account in 2022?

The answer: $1,000 more than you could in 2021 A 401(k) plan is a great way to increase your retirement savings. Your employer will deduct your pretax contributions from your paycheck, and your savings will be tax-deferred until you take withdrawals during retirement....

How Long Do You Have to Keep Tax Records?

For many financial documents, just 3 years — for others, practically forever You may be starting at a heap of paperwork when you finish filing your 2021 federal taxes, which are due April 18. Your first urge may be to sweep them all into a paper bag and put the bag...

How the Fed’s Rate Hikes Will Affect Your Finances

You’ll get better savings rates but higher borrowing costs this year The Federal Reserve is raising borrowing costs to cool the hottest inflation readings in 40 years. The Fed on Wednesday hiked its key short-term fed funds rate to a range of 0.75 to 1 percent,...

How to Live Your Best Life: The Overlooked Habits of Happy Aging

There are probably thousands of articles published every day on how and why to eat well and exercise. And yes, these are critical endeavors for healthy aging. But, they don’t cover everything you need to do to live your best life for as long as possible. What might be...

Fixed index annuities: potential plus protection

Fixed index annuities can help you accumulate money for retirement and provide guaranteed income after you retire. A fixed index annuity may be a good choice if you want the opportunity to earn indexed interest, but don’t want to risk losing money in the market. What...

Facts About Life Insurance: Must-Know Statistics in 2022

Purchasing life insurance is a big deal. If you want to be sure your family is covered if something happens to you, choosing the right policy is imperative. Whether you’re looking for the average policy cost or more in-depth knowledge, such as the largest life...

What Every Retirement Saver Needs to Know About 2022

Changes in contribution limits, taxes, Social Security benefits, Medicare premiums and more We all get sentimental from time to time, but unless you hit the lottery or found true love, you probably won’t be looking back on 2021 all too fondly. The COVID-19...

2022: The Year Consumers Discover Annuities

What You Need to Know The government is confusing. Stock market gains are high, for now. The Secure Act is turning employer-sponsored retirement plans into income-planning educators. Have you ever experienced the solution to a problem being in plain sight, only to...

How to Retire Like a Millionaire with $500,000

As volatility creeps back into the marketplace the need for the guarantees that only annuities provide is only going to increase. Retire with $500,000 but Spend Like a Millionaire Inflation (CPI) went up 7 percent in 2021, the highest annual inflation increase since...

Social Security retirement age stops changing in 2022: What to know

New full retirement age is 67 for anyone born after 1960 There is good and bad news for older Americans: The Social Security full retirement age increased again in 2022 for some individuals – but it marks the last year that the age will change. The full retirement age...

22 Uses for Annuities in 2022

As we head toward 2022 and see more Americans reaching their mid- to late 60s, it is a great time to revisit how annuity products can be used to meet consumer financial challenges. In anticipation of the new year, here are 22 ideas on how consumers can use annuity...

Expenses You Can Eliminate in Retirement

Eliminating these expenses means substantial savings in retirement. Lower your expenses. Many retirees are tempted to spend more money on leisure activities in retirement. Health care costs also tend to increase as people age. But there are many costs that decline in...