More Money, More Opportunities
U.S. citizens living in Russia can still receive full Social Security benefits, with payment options including mail or direct deposit. However, benefits may be affected in other countries, and Medicare coverage does not extend outside the U.S. The Social Security Administration periodically verifies eligibility through questionnaires.
The article addresses the concern of many Americans having less than $25,000 saved for retirement. It offers six actionable strategies to boost retirement savings, emphasizing that they can be started quickly. These include investing in companies like Amazon and Google through apps like Stash (with a $5 bonus), securing life insurance with Bestow, investing in real estate with Fundrise (starting with $10), earning free stock with Robinhood (up to $200), getting paid to watch
Retirement brings new financial considerations, particularly concerning taxes. Income from sources like Social Security, 401(k) distributions, pensions, and savings accounts can all be taxable. Social Security benefits may be taxed depending on your “combined income,” with 50% or 85% potentially subject to taxation. Traditional retirement accounts are taxed upon withdrawal at your ordinary income rate, while Roth accounts offer potential tax-free income if certain rules are followed. Other income sources like annuities, pensions
A reader concerned about his wife’s lack of retirement savings is advised not to try to “convince” her, but instead to understand her perspective. The advice emphasizes open, non-judgmental communication about each partner’s relationship with money, including their histories, fears, and expectations for the future. Once understanding is established, the couple can collaboratively plan for retirement, potentially seeking guidance from a financial planner to explore strategies for late-stage saving and maximizing resources like Social Security and assets.
A reader wrote to “Dear Penny” seeking advice after requesting their adult child allow them to move in to avoid needing care from strangers as they age. The advice suggests framing the request as a discussion rather than a demand and acknowledging the significant commitment it represents for the children, who may have their own families and concerns about future care needs. The author emphasizes open communication, considering the children’s perspectives, and being prepared for the possibility that the arrangement isn’t feasible, exploring alternative options like nearby apartments
