Halloween is coming up very soon, and while things may seem spooky right now, your retirement doesn’t have to be! The more you understand about what it takes to retire, the more successful you can be. You’ve probably heard many overwhelming facts about retirement, but here are a few not-so-scary ones:
The topic of Social Security can be a stressful one with many people worrying whether they will have enough or when they should begin taking their benefit, but it actually covers more than just retirement benefits. Benefits are also made available to disabled workers and survivors of deceased workers, making up 14.5% and 12.3% respectively in total benefits paid.1 Seek guidance from the Social Security Administration to determine whether you’re eligible to receive Social Security!
One recent change made by the SECURE Act is the removal of the previous age restriction on Roth IRAs. While you could previously only contribute until age 70 ½, you can now contribute at any age.2 This is great news because it gives retirees more time to build their retirement savings. If you have a Roth IRA, we encourage you to learn more about recent changes to your account!
Another nice perk you can have even before you retire is an increased tax benefit once you reach age 65. The standard deduction for an individual increases by $1,300 and $2,600 for a couple.2 That’s a pretty sweet deal! No one wants to pay more than necessary in taxes, so you should definitely speak with a tax professional to create an efficient strategy for you!
With all that’s going on in the world, it’s nice to have some good news. The good news is that you CAN better achieve your retirement goals and you’re not alone. ARI is here to help you by providing useful insight through our financial educators. Start your retirement journey by registering for a complimentary course today.
Happy Halloween from American Retirement Institute!