For decades, public-sector retirees with state-backed pensions have faced reductions in their Social Security benefits due to the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions were designed to adjust Social Security payments for those receiving government pensions. But now, that’s all changed.

When imagining the perfect retirement, most people dream about travel, hobbies, or time spent with loved ones. That’s certainly more fun than planning for long-term care. However, according to the U.S. Department of Health and Human Services, roughly 56% of adults aged 65 and older will need some form of long-term care during their lifetime.

In This Article:

Everyone has their own unique retirement timeline, needs and strategies. But thanks to factors like Social Security, Medicare and IRS rules, just about everyone will face retirement planning milestones in approximately the same order and at the same stage in life. Here are the major milestones you’ll face in retirement and the ages at which you’ll face them.

Healthcare is bound to be one of your biggest expenses in retirement. As your needs increase with age, so do your costs, and if you’re not prepared, you could be left trying to figure out how to pay for it all.

Many people give donations at year-end to support their favorite charities–and to reap the tax benefits of doing so. But what many generous folks don’t realize is that, with some advance planning, there are efficiencies in charitable giving that can maximize both your gift and your tax deduction.

Long-term care (LTC)–sometimes called extended care–describes the care an individual needs if they can no longer perform basic daily routines (eating, bathing, dressing, etc.) on their own due to preexisting conditions, disabilities, or frailty.

While some people dream of an early retirement at age 60, and others are determined to work well into their 70s, the fact of the matter is that turning 65 is a watershed moment for most Americans. Regardless of when you retire, age 65 is the year when you are first eligible for Medicare. You’re also approaching what the government considers to be your “full retirement age,” that is, the age when you’re eligible to receive your full Social Security benefits.

For investors who make a savvy move and wind up with a sizeable capital gain, there can be few things that are more satisfying. Perhaps the only downside is the tax bill you may face from the gain. If the capital gain is unusually high, you may find that the costs associated with the gain are higher than you expected. A caller to our radio program recently found himself in that predicament and asked us the following question: