In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.1 As the Baby Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way.
For those between the ages of 62 and 70, you have the opportunity to begin claiming your Social Security benefits, whether you were planning to or not. This “safety net” of sorts could be an appealing opportunity to replace the income you may have lost due to an unexpected event, but this is a decision that shouldn’t be taken lightly.
When it comes to making a decision surrounding where you will spend your retirement, the options are seemingly endless. Whether you enjoy the coast or have imagined relaxing in the mountains with only the concern of which hike to conquer that day, deciding where and how to spend your retirement years should be exciting.
Losing a job is tough, especially when it's by no fault of your own. In the event that you find yourself unexpectedly without a stream of income, you may be eligible to receive unemployment benefits. The application process, criteria and benefit amount will vary state-by-state, but this benefit is designed to help out-of-work individuals cover basic expenses.
Preparing for retirement just got a little more financial wiggle room. The Internal Revenue Service (IRS) announced new contribution limits for 2022.
Staying put for 2022 are traditional Individual Retirement Accounts (IRAs), with the limit remaining at $6,000. The catch-up contribution for traditional IRAs remains $1,000 as well.1