Your retirement plan can stay on track when you avoid these big mistakes.
The usual response from people is they’ll rent or sell the second home if it becomes a burden. Unfortunately, there’s no guarantee that when you need the money the home can be rented or sold at the price you need.It used to be routine to be debt-free in retirement. More recently, many financial advisers have urged people to maintain debt, especially at the recent low interest rates, in retirement. The data show that more people 65 and older are carrying debt than in the past.
Some people take on debt to pay for medical expenses. The potential can be minimized by choosing Medicare coverage that minimizes unplanned out-of-pocket medical expenses. Insurance increases your regular expenses but puts a ceiling on most out-of-pocket costs.A significant percentage of retirees leave successful careers but want to continue working and producing by starting new businesses.
Because of the way the tax tables are constructed, after one spouse passes away federal income taxes will increase even when income declines.
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