Budgeting in Retirement

How to Increase the Loan Amount on a Reverse Mortgage
How to Increase the Loan Amount on a Reverse Mortgage

A reverse mortgage allows you to borrow against the equity in your home. The principal limit is the maximum amount that you can receive from the reverse mortgage. This amount is determined at closing, and you are entitled to elect the payment option for how the funds will be ...

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More in Budgeting in Retirement

Do Senior Citizens Pay Income Tax on Pensions?
Do Senior Citizens Pay Income Tax on Pensions?

While retirement is supposed to be your golden years, don’t tell that to the tax man. The Internal Revenue Service doesn’t let you hang up your tax obligations when you stop working, and in some ...Read More

Pension Survivors Benefits Effect on Social Security Benefits
Pension Survivors Benefits Effect on Social Security Benefits

Social Security survivors benefits are designed to lessen the impact on a family when a breadwinner dies. Some retirement and pension plans also offer survivors benefits for the same reason. ...Read More

How Does a Joint and Survivor Annuity Work?
How Does a Joint and Survivor Annuity Work?

An annuity provides a regular monthly payment for retirees, usually for life. Buy an annuity from a life insurance company. To provide for a spouse, consider a joint and survivor annuity, which pays ...Read More

Are Military Retirements Exempt from Taxes?
Are Military Retirements Exempt from Taxes?

Under most circumstances, military retirees are responsible for paying federal income tax. The IRS taxes military retirement pay as a pension. Since military pay is taxed as a pension, the IRS can ...Read More

What Payroll Deductions Are There From a Retirement Check?
What Payroll Deductions Are There From a Retirement Check?

During your working life, you are accustomed to payroll deductions being taken from your paycheck, and how that affects the amount that you actually have available to spend. With a retirement check, ...Read More

Deducting Moving Expenses After Retirement
Deducting Moving Expenses After Retirement

When you are employed and move to a new location to start a new job, the IRS may allow you to deduct expenses related to your move if you meet certain conditions. This particular tax rule is of no ...Read More

Retirement Pay Garnishment
Retirement Pay Garnishment

Garnishment is a legal tool available to creditors to satisfy a judgment against a debtor. A portion of the debtor's income is taken until the judgment is completely repaid. Garnishment procedures ...Read More

What Are the Average Medical Expenses for Retired Individuals?
What Are the Average Medical Expenses for Retired Individuals?

Brace yourself: Your medical care over the course of your retirement will cost you and your spouse about $220,000. So says Fidelity Investments, which published the widely reported figure in 2013. ...Read More

What Is a Straight Life Retirement Annuity?
What Is a Straight Life Retirement Annuity?

When it comes time to retire, your pension plan choices may include a variety of annuity options. The straight life annuity choice will probably grab your attention because it provides the highest ...Read More

Realistic Retirement Budgeting
Realistic Retirement Budgeting

Planning for retirement is one time when a crystal ball would come in handy. If only you could see ahead to know exactly how much you’d need to live the good life in your retirement years. Unless you ...Read More

Monthly Income Needed to Retire
Monthly Income Needed to Retire

Every retiree wants to be certain that his retirement funds outlast him. This means managing such variables as the amount of retirement savings, how the money is invested, when the retiree makes ...Read More

How To Roll Over TSP Into a Roth IRA
How To Roll Over TSP Into a Roth IRA

You can move money from your Thrift Savings Plan to your Roth IRA through a TSP transfer or a TSP rollover. A TSP Roth conversion from a traditional TSP account to a Roth IRA must be included in your ...Read More

Can Both Spouses Get Social Security Retirement Checks?
Can Both Spouses Get Social Security Retirement Checks?

Spouses can most definitely collect Social Security retirement benefits at the same time…sometimes even if they’re now divorced. They can even collect on each other’s work records if one spouse’s ...Read More

How to Invest Conservatively for Retirement
How to Invest Conservatively for Retirement

Investing the money you saved for retirement is important, but choosing the right investments is critical to preserving your funds. Many retirees rebalance their investment portfolios to focus more ...Read More