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3 weeks ago | 
money.usnews.com | Kathleen Peddicord |Katy Marquardt |Tracy Stewart
Key Takeaways Despite its high cost of living, Singapore's high quality of life and low crime rate make it a desirable destination for U.S. retirees. Singapore has one of the best health care systems in the world, with universal health coverage and advanced technology in its hospitals and clinics. Singapore's public transportation system is excellent, allowing retirees to live a car-free lifestyle.
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1 month ago | 
money.usnews.com | Kate Stalter |Katy Marquardt |Tracy Stewart
Question: International investments haven't seemed worth it in the past. However, recent swings in the market have given me reason to reconsider. Is it wise to include foreign investments in my retirement portfolio, especially since they've historically underperformed compared to U.S. stocks? Answer: For years, financial advisors have urged retirement savers to include international stocks in their allocations. The idea is to help smooth returns in retirement.
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1 month ago | 
money.usnews.com | Rachel Hartman |Katy Marquardt |Tracy Stewart
Key Takeaways Participating in hobbies and volunteer work can help retirees meet others and engage in their communities. Joining a support network could lead to shared experiences and a sense of belonging. Community events provide an opportunity to meet other people and make connections. Retirement is often seen as a time for relaxation, but it can lead to isolation without active social engagement.
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1 month ago | 
money.usnews.com | Maryalene Laponsie |Katy Marquardt |Tracy Stewart
Key Takeaways President Donald Trump says he has no plans to touch Social Security, but the Department of Government Efficiency has been reviewing Social Security Administration data. Elon Musk, the public face of DOGE, has stated his belief that money savings can be found in the Social Security system. Social Security benefits are set by law, but DOGE may be able to restructure the agency’s workforce and office network without congressional approval.
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1 month ago | 
money.usnews.com | Kate Stalter |Katy Marquardt |Tracy Stewart
Key Takeaways More than three million retirees should see increased Social Security benefits in April following the repeal of WEP and GPO. Financial advisors recommend steps such as prioritizing emergency savings and paying down debt. Retirees with a sound financial plan may consider using the money to bolster retirement savings. Those receiving increased benefits should consider the tax implications of additional income.
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1 month ago | 
money.usnews.com | Kate Stalter |Susannah Snider |Tracy Stewart
Key Takeaways Cuts to the Social Security Administration workforce may cause delays for retirees claiming benefits. Office closures may limit in-person assistance nationwide. Routine matters such as disability claims and appeals may take longer to process. The Social Security Administration plans to lay off 7,000 workers, bringing its workforce headcount to about 50,000, according to a recent news release.
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1 month ago | 
money.usnews.com | Kathleen Peddicord |Katy Marquardt |Tracy Stewart
Key Takeaways The United States uses a citizenship-based taxation system, so U.S. citizens will always have to file U.S. income tax returns, regardless of where they live. Different approaches to taxation and tax treaties with the U.S. can make favorable tax environments for retirees. It’s important to weigh the lifestyle benefits and tax policies of every country you’re considering for retirement. Different countries have different approaches to taxation.
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1 month ago | 
money.usnews.com | Rachel Hartman |Katy Marquardt |Tracy Stewart
Key Takeaways If you have retirement income from multiple sources such as pensions, account distributions or side jobs, you may have to pay taxes on part of your Social Security benefits. How your Social Security benefits are taxed depends on your combined income and filing status. Income thresholds determine whether your benefits will be taxed at 0%, 50% or 85%. You can withhold federal taxes from your Social Security benefits for tax planning.
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2 months ago | 
money.usnews.com | Kate Stalter |Katy Marquardt |Tracy Stewart
Key Takeaways Rothification shifts retirement savings from pretax to after-tax accounts. The federal government could collect as much as $1 trillion earlier through Rothification, according to some estimates. Congress may use Rothification to address the federal deficit. Future tax laws could reduce Roth accounts' tax-free benefits. High earners lose pretax deductions with mandatory Roth contributions.
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2 months ago | 
money.usnews.com | Rachel Hartman |Katy Marquardt |Tracy Stewart
Key Takeaways If you’re 50 or older, you may be eligible for additional tax breaks related to your investments, income, property, charity gifts and living situation. Those over 50 can contribute more to retirement accounts such as 401(k)s and IRAs, leading to a higher tax deduction. Once you reach 65, you could have a higher standard deduction and tax-filing threshold. As a senior, you can receive free tax help if you have questions or need assistance filing your taxes.
