Free Republic

The financial landscape for many Americans is far from secure, as recent studies shed light on the alarming state of savings at life’s end. According to a report from the National Bureau of Economic Research, a significant portion of Americans – 46% to be exact – exit life with a sobering financial snapshot: $10,000 or less in their savings accounts. This revelation strikes at the heart of the retirement crisis narrative, contrasting the security of pension plans and Social Security benefits with the harsh truth of inadequate personal savings. The study followed seniors from 1993 to 2008, revealing a complex...

In an episode of “The Sopranos”, a popular television series which started airing in the 1990s, a gangster tells Tony, from the titular family, that he wants to retire. “What are you, a hockey player?” Tony snaps back. Non-fictional non-criminals who are considering an end to their working lives need not worry about broken fingers or other bodily harm. But they must still contend with other potentially painful losses: of income, purpose or, most poignantly, relevance. Some simply won’t quit. Giorgio Armani refuses to relinquish his role as chief executive of his fashion house at the age of 89. Being...

Florida earned its reputation as the retirement capital of the US.. A fixed income in retirement can go a lot further in some states than others .. ... To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees, if you have the resources to. You should also consider factors like the quality of the state's healthcare system and the abundance of activities that you enjoy.' Colorado, which ranked second for the best state to retire in 2024, offers similarly taxpayer-friendly conditions, with no estate...

Move over, AARP. A conservative competitor that rejects the AARP’s liberal political agenda for seniors has 2.2 million members and growing.For decades now, AARP, which once stood for the American Association of Retired Persons and has been subsequently rebranded as just a set of initials that stand for nothing, has been one of the most influential lobby groups in Washington, D.C. Though AARP was supposed to represent a large and politically diverse cross-section of older Americans, its transformation into an overtly partisan Democrat organization is hard to deny. Recently, AARP lobbied heavily for the Biden administration’s disastrous and ironically named...

If you have read my articles for a while, you would know I am a big fan of studies that give a perspective of where the average American stands financially. Now, let me be clear: I wouldn’t use these as a basis for a financial plan by any stretch of the imagination. These studies don’t mean people are in a good or bad financial situation. Plus, they include a large contingent that lives below or at the poverty line.However, why I like these studies is twofold. First, finances are still taboo to talk about. Thus, most people have no sense...

By Javier Simon Sponsored by Credible - which is majority owned by Fox Corporation. Credible is solely responsible for the services it provides.Although the Great Recession impacted the savings of American workers across generations, it delivered a major hit to the retirement savings of the youngest Baby Boomers, according to a study by the Center for Retirement Research (CRR) at Boston College. Boomers born in the early 1960s at the end of that generational wave had saved an average of about $280,000 for retirement when they reached their 50s. That’s nearly $50,000 less than their older counterparts born in the...

While Social Security is set to increase by 3.2 percent in 2024, many seniors are worried about how the limited inflation adjustment will keep them afloat. In a new report from Atticus, a majority of seniors voiced dissatisfaction with the cost-of-living adjustment (COLA) for 2024. In total, 62 percent of the 400 Americans over the age of 62 in the survey said they were unhappy with the payment bump. "About that 3.2 percent COLA increase for 2024, well, it sounds good on paper, but, honestly, it's not quite cutting it for seniors," Christopher Hensley, financial adviser and the president of...

As you sit there mulling a retirement in the South, approximately 1,000 people are already on their way to Florida today with all their household belongings. Should you join them?Like many baby boomers approaching retirement age and hunting for a warmer climate to call home in their golden years, my wife and I scouted cities and towns in Florida for a possible landing pad — so I had some skin in the game (we decided on elsewhere).But Florida isn’t all about the beaches, Disney World and the massive retirement community known as The Villages. I interviewed experts and residents for...

The average American 65 years of age and up earns an annual pre-tax income of $60,359, and that same group spends $57,818 yearly, or $4,818 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. Watch for these four categories of spending that eat into monthly expenses. 1. Housing...

Ask anyone in Massachusetts: the best place to live out your last few years on Earth is Worcester. Or Springfield. This week, U.S. News & World Report released its ranking of Best Places to Retire, and the only two to crack the top 100 in Massachusetts were Worcester and Springfield. Keep in mind this is a list that ranked Harrisburg, PA, No. 1, and put Flint, Mich., ahead of cities surrounded by natural beauty, culture and attractions like Boise and Las Vegas. This year’s list is based on the evaluation of the nation’s 150 most populated metropolitan areas based on...

U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2024 Best Places To Retire in the United States rankings. This year’s list evaluated the country’s 150 most populous metropolitan areas based on how well they meet Americans' expectations for retirement, with measures including affordability, health care, desirability, retiree taxes, job market and overall happiness. The results are three new places in the top five. Pennsylvania dominated the top five in this year’s list and secured seven placements in the overall top 10. Harrisburg rose one spot to take the No. 1 rank due...

So I recently retired from the air force and I'm just looking to keep busy and keep my brain learning. I created a mobile game that you can try on itcho.io. I'll soon be releasing it on the app stores (iphone and android). I'd love your feedback on what you think. Is the music for each mode appropriate? Is it fun? Are the modes distinct and interesting enough to try each one? You can try the game here: https://schlista.itch.io/kabocha

IBM is set to shake up its retirement benefits in 2024 much to the alarm of at least some staff. The IT giant on Wednesday informed its US workers that starting on January 1, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).

Another member of the U.S. House of Representatives is declining to run in 2024. Rep. Earl Blumenauer (D-Ore.) will step down at the end of his term after representing Oregon in the House for 29 years, he announced on Oct. 30. "Simply said, it is time to continue my life’s mission without the burden of day-to-day politics," Mr. Blumenauer, 75, said in a statement. He said the choice to step down was difficult but that he will keep "championing livable communities starting right here in Portland and being a resource and a partner for the next generation.” Mr. Blumenauer has...

A father of three recently revealed to his eldest daughter that he and their mother planned to retire early and spend all their money during retirement—now she and her sister are furious. Here’s what the dad had to say. The man and his wife are in their mid-40s, both successful in their respective careers and earning an annual combined income of approximately $300,000. “We’ve both worked hard to get where we are in our careers and thankfully, that means we’re able to provide a good life for our kids. We aren’t rich, and we don’t live beyond our means,” the...

A retired Australian couple became the stars of the sea as they spent nearly 500 days cruising around the world after booking 51 back-to-back cruises. Marty and Jess Ansen took off on their first cruise on June 16, 2022, after a long two years of strict COVID-19 lockdowns in Australia. They have yet to stop, booking a total of 51 trips so far. The great-grandparents have stayed on board Princess Cruises’ 2,000-passenger Coral Princess for more than 450 days — longer than most of the crew, including the captains — and expect to stay onboard the ship for two years....

Kix will play their final show this month — and according to vocalist Steve Whiteman, not a moment too soon. The Maryland rockers are set to end a 45-year career with a Sept. 17 hometown gig at the Merriweather Post Pavilion in Columbia. "I don't want to go out sucking — I want to go out being pretty good," Whiteman said on a recent episode of SiriusXM's Trunk Nation With Eddie Trunk (via Blabbermouth). "But age takes its toll," he added, citing drummer Jimmy Chalfant's 2021 heart attack and subsequent onstage collapse last November as contributing factors. The vocalist also...

While choosing to retire in Florida isn’t the best choice for everyone, relocating to the Sunshine State comes with its share of benefits. Of course, some people move to Florida for the warm weather and plentiful beaches, but that’s not all the state has to offer. Florida happens to be one of the most tax-friendly states for retirees, and plenty of out-of-state retirees are taking notice. For example, Kiplinger previously reported on migration data showing that Florida gained residents from high-tax states. (Between 2020 and 2021, more than 84,000 new Florida residents came from New York alone.) 10 Most Tax-Friendly...

Milton Friedman once observed, “If the government ran the Sahara, in five years there would be a shortage of sand.” He was right. The government has run Social Security for more than 80 years, and now there is a shortage of security. At this point, the experts believe that someone who is 79 years old today is likely to outlive the system’s ability to pay scheduled benefits. The solution, according to the White House fact sheet on the 2024 Budget Proposal, is: do nothing, and the Republicans cheered. That leaves a rapidly growing problem to third parties.Social Security presents a...

On Friday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” New York State Comptroller Thomas DiNapoli (D) discussed the state’s projected $36 billion budget shortfall over three years and stated that taxpayers leaving the state is part of the issue along with the fact that the economy is slowing down. DiNapoli stated, “I think there are a couple of factors happening: There’s no doubt the economy certainly is slowing and we are feeling the effects in the current year collections of the slowdown, as far as financial services, Wall Street’s a very important part of the economy in...