Trying to skate by on a single Social Security check is a challenge no matter where you live. The average retirement check as of July 2023 was $1,790.56 a month, according to the Social Security.
Income taxes don't go away just because you started collecting Social Security retirement benefits. You still might get stuck with a federal income tax bill on your benefits if you earn certain types.
The ideal way to reach retirement age is debt-free, with no mortgage and a large nest egg saved up. In reality, most retirees carry some debt, don't have nearly enough retirement savings, and.
It's no secret that retirement planning has taken a backseat for many Americans lately. Rising rates coupled with inflation and now the resumption of student loan payments have taken a toll on.
If you're a boomer in or near retirement, your nest egg and Social Security might not be enough to finance your lifestyle and provide generational wealth to hand down. If you want to ensure you don't.