Volunteering In Retirement
Submitted by Blue Chip Financial on April 2nd, 2024For many, retirement includes contributing their time and talents to an organization in need.
For many, retirement includes contributing their time and talents to an organization in need.
When it comes to retirement, women may face unique obstacles that can make saving for retirement more challenging. Given that women typically live longer than men, retirement money for women may need to stretch even further.
We are in the midst of an unprecedented transfer of wealth, with trillions of dollars being moved from one generation to the next. This transfer challenges many commonly held notions as new values and interests become more prominent. In short, the economy is changing, and while some of these new practices might raise an eyebrow or two, not all of these ideas are without merit.
For someone from the boomer generation, it might be easy to become upset with or confused by millennials' differing points of view. However, taking note of the differences between the two generations can foster better communication and understanding.
Preparing for retirement can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. One study estimates that 66% of caregivers are women. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 43% less to their retirement accounts than men.1,2
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for 2024.
Keep in mind that this update is for informational purposes only, please consult with an accounting or tax professional before making any changes to your 2024 tax strategy.
The stores are decorated, the lights are strung, and the holiday events have started. Even though everything is shiny and cozy, it’s hard to ignore that tiny feeling that the holidays seem to feel more expensive each year. But you’re not alone; holidays are a financially stressful time for many.
While following a solid tax planning strategy throughout the year is integral to your overall financial plan, some special considerations may maximize your refund or reduce overall tax liability.
Let’s look at some of the tax-saving strategies you could be taking advantage of.
There was a time when old retirement planning models like “the 70 percent rule” were more common. This rule stated that a retiree only needed 70% of their pre-retirement income to live comfortably in retirement. These “rules” may have worked for some retirees several decades ago but can be dangerously flawed in today’s new normal retirement.
The reality is that the cost of retirement has increased significantly, to the point where some retirees may need to save above their pre-retirement income and make it last for up to 30 years. Planning for lifetime income in today’s environment generally focuses more on today’s realities instead of outdated formulas and methods.
Do you know how you feel about things, even before you know what they are? When you meet someone new, is your opinion of them formed from the first impression? Or when you hear a good argument against your current opinions, is your mind open or closed?
If you want to make charitable donations before the end of the year, you’re not alone. According to Giving USA, an estimated $484 billion was given to charity in the U.S. in 2021, a 4% increase from 2020.
Regardless of the causes you support, there are a few questions to keep in mind before opening your wallet.