Retirement Budgeting and Planning: Coupons and Resources for Managing Your Savings

FAQs About Retirement Planning and Spending

When is the right time to start collecting Social Security?

• When to Start Collecting Social Security Payments

What steps should my spouse and I take to prepare if we're a few years from retirement?

• Ten Ways to Prepare for Retirement

Where is the best place for you and your spouse to retire, and how much should income taxes influence that decision?

• How Relocating Could Affect Your Retirement Finances

Should you spend slightly less than your income or live up to your financial capacity?

• Understanding Post-Retirement Risk

Should you incorporate annuities into your investment portfolio?

• Where Do Annuities Fit in Your Investment Portfolio?

How can I determine the best IRA option for my spouse and I?

• Seven Types of IRAs: Find the Right Account for You

What should I know about required minimum distributions (RMDs)?

• Retirement Plans and Required Minimum Distributions

If I've lost a pension, how do I find it?

• Finding My Lost Pension

What should I know about estate taxes?

• Facts About the Federal Estate Tax

Which Medicare or Medicare Advantage plan is right for my spouse and I? Should I consider Medicare supplemental insurance?

• Medicare Advantage vs. Medicare Supplement (Medigap)

Is long-term care insurance a good choice for us?

• Short-Term vs. Long-Term Care Insurance

Retirement Planning and Budgeting

• A Basic Approach to Retirement Planning: This guide offers a detailed explanation of what retirement planning truly involves, covering essential steps and strategies to help individuals navigate the process of preparing for their financial future.
• Retirement Choices: Read this document to find a comprehensive framework outlining how Americans can prepare for and approach retirement, focusing on key decisions and lifestyle considerations that will shape their retirement years.

Social Security

• Eligibility for Social Security Benefits: For eligible individuals, the Social Security Administration provides and facilitates a range of benefits, including retirement, disability, Supplemental Security Income (SSI), Medicare, and other programs.
• Guide on Taking Social Security: Learn more about when is the right age to start receiving Social Security benefits, tax implications, and other factors to consider for a well-informed retirement plan.

Rollovers

• 401(k) Rollovers and Financial Literacy: This detailed guide covers essential information on 401(k) rollovers, helping individuals understand the process and its financial implications.
• Rolling Over Your Money Into an IRA: When you leave an employer, you can take your 401(k) with you by rolling it over into a new IRA.

Early Withdrawals

• Retirement Plans and Saving for College: Paying for college is one of the few allowable reasons to withdraw money from your retirement fund early, incurring no financial penalties.
• 72(t) SEPP: One Way to Withdraw Your Savings Early: Under IRS Rule 72(t), you can opt to receive periodic payments from your retirement fund before you reach retirement age without penalties. However, complying with the requirements of this rule can be tricky, and the penalty for not doing so can be significant.

IRS Guidance

• Federal Tax Laws: FindLaw discusses the aspects of the U.S. tax system that the IRS is responsible for.
• Tax Information for Annuitants: If you receive annuity payments, these tips can help make your life easier during tax season.

Individual Retirement Accounts (IRAs)

• Individual Retirement Accounts (IRAs): Take an in-depth look at the various types of IRAs, including traditional and Roth accounts, and explore how they can help secure your financial future.
• Navigating Inherited IRA RMD Rules: When a person dies with money left in their IRA and the beneficiary of the account isn't a person, handling how RMDs will work can get tricky.

Pensions

• How a Pension Plan Works: Learn about defined benefit and defined contribution pension plans, including how they are structured and funded and what they offer in terms of retirement income and long-term financial security.
• Survivors' Pension Rates: This page offers essential information for spouses and dependent children of deceased veterans, outlining eligibility for pension benefits and what to expect from this financial support program designed to provide stability during difficult times.

Annuities and Life Insurance

• Variable Annuities: Before you incorporate variable annuities into your investment strategy, gain a clear understanding of how they work.
• Understanding Life Insurance: Read about the basics of life insurance policies, including the types available today.

Medicare and Medicaid

• Medicare Basics: Learn about government-sponsored health benefits for retirees, including medical insurance and prescription drug plans.
• Medicaid: Elderly and low-income adults may be eligible for health coverage through Medicaid, a federal and state program that helps people cover medical costs.

Long-Term Care

• Long-Term Services and Supports for Older Americans: This federal government report examines the likelihood that someone will need long-term care and how the high cost of this care is managed.
• Understanding Long-Term Care: The National Institute on Aging outlines what long-term care is, who qualifies, and how you can plan for its cost.

Retirement Calculators, Coupons, and Financial Planning

Retirement Calculator

• Empower Retirement Planner

Savings Calculator

• Calculator.net Savings Calculator

Tax Calculator

• TurboTax Tax Calculator

Mortgage Calculator

• Mortgage Payment Calculator

Investment Calculator

• Investment Return and Growth Calculator

Insurance Calculator

• How Much Life Insurance Coverage Should You Have?

Loan Payment Calculator

• Calculate Your Loan Payments

Auto Loan Calculator

• LendingTree Payment Calculator

Credit Card and Debt Payoff Calculator

• Credit Card Payoff Calculator