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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.

In 2019, the average monthly social security benefit for retired workers was $1,471.¹ Whether this amount seems like a lot or a little will depend on your current income.

Since there is no exact timeline on how long we will live or what our future may hold, it’s understandable to have questions and concerns about the road ahead. 

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.

Passive income is money earned in a way that doesn’t require much active effort, traditionally through investments or stake in a business. Active income, on the other hand, requires trading your time and participation or service for income.

When it comes to preparing your taxes, the idea of tax credits and tax deductions can be music to any taxpayer’s ears. That’s because both are used to lower the amount of taxes someone owes to the government.

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

January Is National Financial Wellness Month

At 360Blue, we welcome Financial Wellness Month, a time to remind people to plan and update their financial strategy. 2021 was a difficult one for some of you and your financial picture now may look different than it did at the end of 2020.