You have been working for decades and finally, you can envision handing in your formal resignation that begins the initial process towards retirement. Depending on the actual date, you may want to consider creating a formal strategy at least 24 to 36 months beforehand. In 2025, Baby Boomers ages range from late 70s to early 60s. Therefore, if you are anticipating retirement in the next three years, here are four financial changes baby boomers approaching retirement should make in 2025. Review Your Comp ...

Financial Challenges in Retirement - Social Security may not provide sufficient income, covering only about 40% of pre-retirement wages for average earners, with potential benefit cuts looming in about a decade [4][5] - Most seniors require approximately double that amount to meet expenses and maintain a comfortable lifestyle [5] - Rising healthcare costs are a significant concern, with Medicare expenses increasing and healthcare costs outpacing inflation, necessitating dedicated savings for medical expenses [7][8] - Stock market volatility poses risks for retirees who may need to withdraw from their portfolios, making it crucial to have a cash reserve for at least two years' worth of living expenses [9][10] - A balanced investment strategy, including a mix of stocks and stable assets, is recommended to mitigate risks associated with market fluctuations [11][12]

Whether it’s real estate or the stock market, the common retirement strategy is to buy early and let the value of your home or your investments grow over the long term. But what if your home’s value, or that of your shares, has increased so much you’re afraid of a massive tax penalty if you cash in? Picture someone like Shane. He and his wife have lived in their home near Dallas for 35 years and paid it off. In that time, it has increased in value by $300,000. Must Read They’d like to sell their home ...

Much of retirement planning is focused on the so-called “magic number”: how much you need to have saved to live comfortably and confidently without employment income. Today, most Americans believe that magic number is $1.26 million, according to a 2025 NorthWestern Mutual survey (1). Must Read Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Dave Ramsey warns nearly 50% of Americans are making 1 big Soc ...

EARNINGS PREVIEW: Palantir, Robinhood Among Leaders Set To Report You love your adult kids. But do you adore them enough to give them financial help that puts your own retirement in jeopardy? No doubt, times are tough financially for the younger generation. Housing costs are high. Student loans crimp cash flow. And inflation means many necessities cost more. The result: many adult kids are turning to the "Bank of Mom & Dad" for help. Banking On The Parents Many parents are shelling out big bucks each month ...

Losing a spouse is emotionally devastating — and for many widows and widowers, it can also bring unexpected financial hardship. One key reason is the “widow’s tax penalty,” a little-known tax consequence that can increase your tax burden and reduce income after a spouse’s death. Here’s how this penalty can significantly impact your retirement finances. Must Read What is the ‘widow’s tax penalty’? The widow’s tax penalty refers to the potential increase in tax liability that occurs when a surviving spo ...