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The Hidden Costs of Distracted Driving
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How to Clear Your Mind With Essential Oils
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How Common Phrases Found Their Voice
Craveable Carrot Cake
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The Birth of the Coffee Break
Thrive Amidst Social Security Adjustments
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Secure Your Future for Peak 65 Strategies for Dealing With Social Security Reductions
More people have reached 65 this year than ever before. And by 2030, 1 in 5 Americans will be at retirement age. This large influx of retirees will substantially impact many Americans, not just boomers and Gen Xers. When Social Security was first implemented, the average life expectancy was 20 years lower than it is now, and Social Security simply doesn’t have enough funding to cover the “silver tsunami” of baby boomers now retiring. The Social Security Administration estimates that the fund will pay 100% of benefits until 2033. Anything beyond 2033 is uncertain, as policymakers have yet to introduce a comprehensive plan. Moreover, the number of contributors to the program — younger workers — isn’t keeping up with the increasing numbers
of new Social Security beneficiaries. No matter how Congress proposes to shore up the system, it will have challenges. With this situation in mind, retirees need long-term financial strategies going forward. The best way to surmount these challenges is through clever investment. • Dividend Stocks Over Bonds: Dividend equities are more tenacious in the face of inflation than bonds, as some companies adjust their dividends to compensate for it.
• Make a Tax Plan: Tax breaks from 2017 expire in 2024 and 2025, so planning ahead is essential. These benefits may be extended but now is the best time to start saving. While retirees may face uncertain monthly payments from Social Security, it’s possible to supplement income through other avenues. Even in a volatile market, you can make wise investment choices to help weather Social Security issues. The best thing to do is speak with a professional about your retirement goals and options.
• Annuities: Annuities, generally
paid by life insurance companies, can bolster your income during the impending retirement crisis. There are many types of annuities, so it’s best to speak to a professional before investing.
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