From MarketWatch Retirement:
The clock is ticking too fast for Social Security and Medicare funding to keep up. The nonpartisan Congressional Budget Office (CBO) says spending for both Social Security and Medicare is growing much faster than the rate of federal tax revenues which support them.
For a better retirement, you should work longer—but is that realistic? Financial advisers and retirement coaches often have two words for people in their 50s and 60s concerned about retirement: Work longer. The problem is this advice is unrealistic.
Will you regret that Roth IRA conversion when you get a huge tax bill? Some people balk at paying now to convert IRA funds to Roth, even if that avoids future taxes on growth.
Also on MarketWatch:
Long live Social Security: chief actuary says Bernie Sanders’s plan would keep program alive another 75 years
Social Security’s cost-of-living adjustment will fall short again, retirees fear
Boomerang kids aren’t a burden—and they may be good for your retirement
Here come the 5% CDs
Older homeowners are more likely to be denied a mortgage
Do you know about these changes to Medicare? Here are 7 key updates for 2023.
You want to help your adult kids in tough times, but that can give you financial woes of your own
7 tax tips for seniors to make the most of your deductions
More in retirement news:
Here’s how much you need to save every month to earn $30,000 per year in interest for retirement (CNBC)
As Social Security’s full retirement age moves to 67, some experts say it should not go higher (CNBC)
Ways to Avoid the Penalty on Early Retirement Withdrawals (Kiplinger)
The 8 Best Places to To Stash Your Retirement Savings (Entrepreneur)
5 Reasons You’ll Need To Change Your Retirement Plan (Yahoo Finance)
SECURE 2.0 Act Encourages Employers to Expand Retirement Coverage (Bloomberg)
Research and Insight:
Pre-Retirees Less Confident Their Retirement Income Will Last to Age 90 (PlanSponsor)
The Best and Worst States to Retire (TheStreet)
Federal Judge Strikes Down DOL Rollover Advice Guidance (PlanSponsor)
Some Couples Could Need as Much as $383,000 in Savings for Health Care Costs During Their Retirement Years: EBRI (TheStreet)
For More Certainty in Your Retirement Portfolio, Consider Annuities (New York Times)
To share with your family, friends and clients:
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Credit: marketwatch.com