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All United States citizens are subject to income tax from the federal government, even those who are retired. Living on a fixed income in retirement can be difficult, so it’s important to plan accordingly for how you will be taxed to get an accurate picture of your financial health. 

Here’s what you need to know about taxable income in retirement. 

This is it. You’re zeroing in on your retirement years. You’ve been planning this for decades, but are you really ready? If you’re five to 10 years away from retirement, it’s time to start getting specific about your plans after exiting your career. Here’s what you should be doing to prepare. 

When we’re young, we have so many lessons to learn—one of the most important being how to manage our money. If your kids are starting to enter the workforce, whether it’s a part-time job just for the summer or a full-time job after graduation, it’s essential they know how to practice healthy financial habits.

What would you do with your time if you weren’t working 40 hours every week? Everyone has a different idea of what they want retirement to look like, whether it involves traveling the world or staying comfortable at home.

Thinking about retirement can be overwhelming, especially when considering what life may be like living on a fixed income. One of the best ways to improve your financial health in retirement is to start planning early. Here are some things to consider when planning for retirement and how to stay on track with your goals during your working years. 

Money can be a point of contention for many couples. Between big expenses like taking vacations, buying a house, getting married or having children, relationships can be filled with tricky financial situations. Even trickier is if you and your partner have different views on financial matters—one of you is a spender and one is a saver.

Many older Americans rely on Medicare for their health care needs. But it’s not always easy to figure out what’s covered and how much it will cost. Medicare benefits change from year to year, and 2021 is bringing an increase in premiums for participants. The good news is, there are other ways to save on Medicare costs.

If you and your spouse are making plans to retire, you’re probably wondering whether it’s a good idea to retire at the same time.

Proper financial planning should always be a focus, but for those who are dealing with a physically ill spouse or loved one, it is crucial. There are several financial considerations that you will need to ponder, and naturally, these will not work with every situation, and chatting with a professional financial planner is one place to start.

Cash Flow

When John recently lost his wife Betty to cancer, their children were surprised to find out that neither John nor Betty had life insurance. As a result, the children ended up paying the cost of the funeral, and John, currently on a fixed income, is left contemplating whether he can afford to stay in the home they had lived in for over 25 years.