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Retirement Roundup: What to Know About Taxes in Retirement

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A digest of timely information and insight about finance, investing, and retirement.

What to know about taxes in retirement | U.S. News & World Report

A growing number of financial professionals are advising clients on how to prepare for potentially significant tax hits, even after retirement. Retirees can mitigate their tax burdens in a number of ways, such as being strategic about IRA withdrawals, organizing assets into categories based on their tax implications, and considering the taxes associated with any Social Security benefits.

U.S. women far more likely than men to be poor in retirement, research shows | Reuters

Women in the United States are 80 percent more likely than men to fall into poverty once they retire because they earned less than men on the job, took time off for their families and tend to live longer, according to research from the Washington, D.C.-based National Institute on Retirement Security.

Baby boomers readying to retire have some work to do, study shows | The Motley Fool

Ameriprise Financial looked at how pre-retirees were planning to pay for their lifestyles once they gave up their paychecks, and how retirees were doing it. Ameriprise discovered that aside from a few similar concerns (health care expenses, fear of market volatility), the two sides were quite a distance apart in terms of retirement preparedness.

The graying of American debt | Liberty Street Economics

The U.S. population is aging and so are its debts. Debt balances of younger borrowers have declined modestly from 2003 to 2015. But debt held by borrowers between the ages of 50 and 80 increased by roughly 60 percent over the same time period.

The retirement revolution that failed: Why the 401(k) isn’t working | The Fiscal Times

Across the political spectrum, analysts warn that the growing population of retirees will overwhelm the Social Security program, and that something must be done to shore up its finances. We’re now in an era where 401(k)-style defined-contribution plans have become dominant, replacing defined-benefit pensions. And a new study shows that this change leaves Americans woefully unprepared for their non-working years, with resources too meager to uphold their standard of living.

Why you need friends in retirement | PlanSponsor

New research from the Stanford Center on Longevity says that social engagement promotes physical and mental health, while social isolation costs people both personal and medical problems. The study analyzes two main areas: meaningful relationships and social engagement. And while social engagement has gone down marginally in American since 1995, it has decreased significantly for baby boomers between 55 and 64 years old.

VolatilityA state of unpredictable activity in financial markets, during which prices can experience significant and/or unexpected swings in either direction.

Comments

  1. Michael C. Villano says:

    How would one get salary and contribution data for 1985-1986 to
    apply for Colorado income tax credit that shows up on our tax
    form? Long since retired and don’t have those figures.

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