Tag: RetirementPlanning - Page 2

#RetirementPlanning

Willie Morales

Retiring soon? Here’s how to keep more from your home sale

Selling your longtime home to fund retirement can feel like a double-edged sword—especially when you see how much its value has grown. The great news is, if you’ve owned your place for decades, you might pay a lot less in taxes than you think thanks to long-term capital gains rates. For many retirees, the tax hit is lower than if you’d sold after just a few years. The trick is to balance your income sources and time your withdrawals. Anyone else navigating this? What strategies are you considering to minimize taxes as you downsize or cash out investments? #Business #MakeMoney #RetirementPlanning

Kathryn Olsen

Should You Ditch Life Insurance Near Retirement?

Ever wonder if you still need life insurance once your 401(k) hits $1 million? Meet Bob, who’s five years from retirement and questioning if those $150 monthly premiums are worth it now that his wife is set to inherit his nest egg. The catch: even with a big 401(k), taxes and unexpected expenses can eat into that cushion. Keeping life insurance could mean extra peace of mind for your spouse, especially if you still have debts or want to cover big costs like long-term care. Always crunch the numbers before making the call! #Business #MakeMoney #retirementplanning

Aaron Ballard

Is buying a home at 60 in Cleveland smart?

Owning a home in Cleveland sounds like the dream for Susan, who’s 60 and retiring in five years with about $6,000 a month. But with rising costs and the need to keep cash handy for health and surprises, locking up a big chunk of savings in a house could be risky. Local rents in University Heights and Shaker Heights are affordable, leaving more room in the budget for fun and emergencies. Would you choose the security of homeownership or the flexibility of renting as you head into retirement? Let’s hear your thoughts—what would bring you more peace of mind? #RealEstate #Cleveland #RetirementPlanning

davenportmeghan

Is buying a home at 60 in Cleveland wise?

Owning a home in your 60s sounds like the dream, but for folks like Susan in Cleveland, it’s a real balancing act. With retirement just five years away and a decent nest egg, she’s torn between the comfort of having her own place and the risk of tying up too much cash. Mortgage payments, taxes, and repairs could eat up a big chunk of her fixed income, especially as costs rise. Renting in affordable neighborhoods like University Heights or Shaker Heights might offer more flexibility and peace of mind. Would you prioritize stability or liquidity as you approach retirement? Let’s hear your thoughts! #RealEstate #Cleveland #RetirementPlanning

nkent

Retirement Withdrawals: Don’t Trip Up Here!

Ever spent hours dreaming about your perfect retirement number? Turns out, how you spend your savings is just as important as how you save it. Three common slip-ups: cashing out investments when the market’s down (ouch), sticking to the old 4% rule like it’s gospel, and ignoring taxes until they bite back. Keep a cash cushion, stay flexible, and spread out your tax bill so you don’t get walloped later. Your future self will thank you! #Business #MakeMoney #RetirementPlanning

cody79

Retiring Soon? Why Waiting Pays Off

Thinking about retiring in 2026? Heads up: Social Security’s full retirement age is bumping up to 67, so if you’re a boomer born in 1960, you’ll need to wait until 2027 for your full benefits. Plus, Medicare costs are rising, and Social Security checks might get smaller down the road. The upside? New tax breaks for seniors could help. Bottom line: Plan ahead, and consider working a bit longer to maximize your monthly payout. #Business #MakeMoney #RetirementPlanning

Emily Rogers

Should You Grab Social Security at 62?

Here’s the coffee break scoop: Dave Ramsey says grab your Social Security check the minute you hit 62—more years to spend and invest! But other money pros say, wait until 70 for bigger monthly payouts. The real-life twist? If you’re disciplined and love investing, early might work. But if you want a guaranteed bump (and maybe live long), waiting pays off. No one-size-fits-all—your health, savings, and spending habits matter most. So, which would you pick? #Business #MakeMoney #retirementplanning

megan01

Thinking of Moving for Lower Taxes? Read This!

Dreaming of retiring in a no-income-tax state like Florida or Texas? Before you pack your bags, know this: those states often make up for low income taxes with higher property taxes, sales taxes, or pricey home insurance. So, your cost of living might not drop as much as you expect. Always check the full picture before making a big move—sometimes the grass isn’t greener, just differently expensive! #RealEstate #RetirementPlanning #MoneyHacks

Matthew Jackson

Reverse Mortgage Rules: What Retirees Need to Know

Thinking about tapping your home’s value for extra cash? Heads up: reverse mortgage rules are getting a makeover in 2025. Lenders now want two appraisals (yep, double the paperwork and fees), stricter home standards, and more tech like drones. If your house needs repairs or you’re not a fan of paperwork, plan ahead. It’s all about keeping things safer for everyone, but it might cost you more time and money. Stay organized and budget for extra fees to keep your options open! #RealEstate #ReverseMortgage #RetirementPlanning

James Cook

Retirement Rule Shake-Up: What’s Changing?

Heads up, savers! Next year, the rules for retirement accounts like 401(k)s and IRAs are getting a makeover. The government wants to close tax loopholes and make things fairer, so high earners might lose some perks, while regular folks could see higher contribution limits. Plus, Roth accounts may become more accessible, but you might have to start taking money out of traditional accounts sooner. If you’re planning for retirement, now’s the time to double-check your strategy! #Business #MakeMoney #RetirementPlanning

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