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How intergenerational living reduces loneliness and enhances well-being in retirement
Intergenerational living is on the rise, and some say it could be the key to aging gracefully. According to census data, the number of people living with multiple generations quadrupled between 1971 and 2021, to 59.7 million. For many of them, the intergenerational arrangement saves money and improves their quality of life. Some experts also hope it will cure the loneliness that tends to plague older folks. Why are intergenerational…
How pre-retirees can plan ahead for the long-term care reality
The U.S. population is aging. By 2034, all baby boomers will be older than 70 and older adults will outnumber children for the first time in U.S. history, according to Census data. With age comes a greater risk for chronic diseases and conditions—yet most adults are not facing this reality head-on. People tend to worry about how a market downturn would affect their retirement savings. But considering that 70% of…
What the evolution of wealth management means for Generation X and retirement
A recent financial literacy study from Investopedia shows Generation X (or Gen X) is invested in—and concerned about—retirement. Currently between 44 and 59 years old in 2024, Gen Xers recognize that it’s time to get serious about retirement savings. The study showed the top 3 worries for Gen Xers are retirement (21%), followed by saving money (13%) and digital currency (13%). The recent climate of inflation, rising cost of living…
To lower your tax bill, avoid these 9 common tax-planning mistakes
If you think your tax bill is too high, you’re not alone. Two-thirds of Americans feel like they spend too much on federal taxes—and that’s before tacking on property or state taxes. What if you could avoid some of the pains of tax season? From tax-deferred investing to charitable deductions and income deferrals, Americans have a wealth of options to lower their tax burdens. Whether you’re not getting the most…
Higher 2024 retirement plan contribution limits allow for more long-term savings
Saving enough each year for retirement is the most important thing you can do towards becoming retirement ready, alongside investing consistent with your life stage. Not everyone needs to save the full amount allowed to be saved into retirement accounts, but some should, and most people need to increase their savings, to get on track. Pay yourself first by saving an appropriate amount into your retirement account, and avoid being…
Mastering longevity: Financial planning strategies for your health and your wealth
The so-called “sandwich generation” is squished between their aging parents and adult children, like a piece of lettuce. That’s how some are now referring to Gen Xers (born roughly between 1965 and 1980). Between work demands, running a home, and responsibilities to both your parents and your children, midlife is often a time of “peak busyness”. The upside of this stressful time is, it often serves as motivation. The weight…