We all have to figure out how to move into the future, whatever that may bring. If you have been planning to retire, this could be a very stressful time.
This year, COVID-19 decimated the economy, and research shows 21 percent of people anticipate the crisis will deliver a severe blow to their retirement blueprint.
Boomers and those who receive Social Security could be concerned about receiving their monthly checks given the economic downturn due to the coronavirus.
Even before the current pandemic, many folks were worried that they were unable to afford to retire and might have to keep working later in life
If you want to know what age to retire, you should figure out when you want to retire, and try and figure out how much time you have and how much you must save.
Since the coronavirus hit, 54 percent of adults surveyed in the United States say they’d like to continue working in retirement.
Making a last-minute contribution to an IRA may help you reduce your 2019 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had low to moderate income and meet eligibility requirements, you may also be able to claim the Savers Credit for 2019 based on your contributions to a traditional or Roth IRA. Claiming this nonrefundable tax credit may help you reduce your tax bill and give you an incentive to save for retirement. For more information, visit irs.gov
According to the SSA and the IRS, the monthly Social Security payments will continue as normal but there will be one change.
With all this attention on packing up your work-life early and jumping into a pre-age-65 retirement, let’s take a closer look at some of the facts, and some tips to get you there.
Full retirement is the age you can receive 100 percent of your benefits. It used to be 65 but there has been some talk about raising the Social Security retirement age.
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