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Yahoo
12 hours ago
- Business
- Yahoo
Social Security: 4 Steps To Take Now If You Want To Retire Before Age 67
If you're a younger worker, or know someone who is, early retirement may be part of the plan. After all, lots of workers now want to retire at 40, 50 or 60. Check Out: Read More: As you're probably aware, when it comes to Social Security, the full retirement age is 67 for those born in 1960 or later. As noted by AARP, the changes in age requirements come from legislation signed by President Ronald Reagan. When it comes to waiting, age can make a big difference in how much you'll qualify for when it comes to Social Security. If you want to retire before you reach 67, here's a look at some steps to take now. According to Ramsey Solutions, one of the first things you need to do is to determine your goals for early retirement. Those goals will help guide your plan and financial strategy. In addition, you can create a mock retirement budget. This will give you a better idea of how much money you'll need each month to make the early retirement dream a reality. Learn More: Healthcare and taxes are two areas you specifically need to consider as you plan for early retirement. You want to determine how you're going to pay for health care after you leave full-time work. In addition, per Fidelity, you should also look into withdrawal strategies to help reduce the effects of taxes on your finances in retirement. In this case, 'get to work' means figure out how you're going to achieve your retirement goals and then taking action. According to Ramsey Solutions, you need to figure out ways to get out of debt and invest consistently. You may consider investing in a bridge account and real estate to help fill in the gap between early retirement and when you're able to start taking out money from retirement accounts without penalty. A brokerage account is an example of a bridge option to help with that gap. You don't need to do all of this by yourself. You may find it helpful to meet regularly with a financial advisor. This professional can help you make decisions that'll take you in the direction of your goals for early retirement. You may also find it helpful to look at online resources and apps designed for personal finance. More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on Social Security: 4 Steps To Take Now If You Want To Retire Before Age 67 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
14 hours ago
- Health
- USA Today
The caregiving crisis is real. USA TODAY wants to hear from you about how to solve it.
The caregiving crisis is real. USA TODAY wants to hear from you about how to solve it. Caregivers are in crisis. In the U.S., more than 1 in 5 adults are caregivers for an adult or a child with special needs, according to a 2020 report by AARP and the National Alliance for Caregiving. That's about 53 million Americans, which grew over five years from 43.5 million caregivers. Candace Dellacona was a caregiver for her father and uncle while raising three kids. People in the sandwich generation like her have access to a lot of information about resources, she said, but not necessarily access to those resources. "It's so universal," she said of caregiving. "But yet, not, right? Because we all have different economic abilities, social abilities, time abilities, personalities.' That's why USA TODAY is launching The Cost of Care, a series of stories featuring caregivers from across the country. Many caregivers are unpaid, need to step away from work for caregiving duties and experience stress, depression and burnout. By sharing these stories and asking readers to share their own experiences and ideas on how to address the caregiving crisis, USA TODAY hopes to facilitate a conversation about care that leads to solutions. More: Chronic illness can be hard on marriage. Studies show it's worse when the wife is sick. Americans spend $648 billion annually on care, according to a recent report from The Holding Co., a company designing products, brands and experiences for the care economy. That includes infant and child care, nursing homes and hospice, retirement centers, home-based care and other resources for caregivers and the ones they support. Many caregivers find they need to leave the workforce to devote themselves to full-time caregiving. A new study from Edward Jones, a financial services firm, surveyed more than 3,000 adults and found half of those caregivers cut back on personal spending because of their caregiving responsibilities. Many stepped away from their jobs, reduced work hours or took on debt in the meantime. That's not to mention the mental and emotional strain of caring for a sick or aging loved one. Most survey respondents said caregiving left them feeling stressed and burned out, and two-thirds said they find it hard to prioritize their own health while caregiving. David Cook, 68, cared for his wife for nearly a decade before she died in December. He retired early to care for her and the stress of caregiving impacted his sleep and led to him losing 40 pounds in about a month. 'If anyone had ever told me that I'd be a caregiver and doing some of the things I had to do, I'd say, 'No way, I'm not capable of it,'" Cook said. Cook is the first caregiver being featured in USA TODAY's The Cost of Care. His story is set to publish the second week of June. Other caregivers are encouraged to be part of the conversation by responding to the survey below. Responses to the survey may be used in future USA TODAY articles, but names will not be published unless USA TODAY gets explicit permission from the respondent. Madeline Mitchell's role covering women and the caregiving economy at USA TODAY is supported by a partnership with Pivotal Ventures and Journalism Funding Partners. Funders do not provide editorial input. Reach Madeline at memitchell@ and @maddiemitch_ on X.
Yahoo
a day ago
- Health
- Yahoo
Shapiro announces PA's designation as an age-friendly state by AARP
May 30—WILKES-BARRE — Gov. Josh Shapiro this week announced that Pennsylvania has officially been designated as an "Age-Friendly State" by AARP, marking a major milestone in his administration's work to make the Commonwealth a place where older Pennsylvanians can live and age with dignity, independence and support. The governor made the announcement at the White Rose Senior Center in York, where he was joined by Pennsylvania Department of Aging Secretary Jason Kavulich, local officials, community leaders and partners from AARP and the United Way. "My administration is fighting for Pennsylvanians every day, and that includes investing in and building a Commonwealth that cares for and supports older adults," Shapiro said. "Our seniors have earned the right to age with dignity and respect, and, under my administration, we created a 10-year master plan that brings together 29 state agencies to deliver real results for our seniors — from expanding access to home care and transportation to cutting their taxes through the Property Tax/Rent Rebate program to increasing transparency and accountability of the local organizations that provide protective services." Pennsylvania's designation comes at a pivotal moment. By 2030, one in three Pennsylvanians will be over the age of 60, with the Commonwealth's older adult population expected to reach 3.8 million — outnumbering every other age group. The Age-Friendly designation, awarded by AARP in partnership with the World Health Organization, recognizes states and communities committed to being great places to grow up and grow older. Pennsylvania is now one of just 13 states nationwide — and the only new state this year — to receive this distinction. "Pennsylvania's aging population provides us with an opportunity — not a challenge — to build better communities for all generations," Kavulich said. "The Aging Our Way, PA plan reflects our commitment to making sure older adults have the services, respect, and support they deserve. Thanks to Governor Shapiro's leadership, we're working across agencies and with community partners to make every town, city, and neighborhood more age-friendly." Walsh to host grant seminars Rep. Jamie Walsh, R-Ross Township, this week announced he will host two grant seminars for municipalities and organizations to learn how to apply for funding to help continue their service to communities in the 117th Legislative District. The seminars will be held on Thursday, June 12. —The first will be from 10 a.m. to noon at the Back Mountain Regional E.M.A. Building, 3593 State Route 118, Dallas. —The second will be from 2-4 p.m. at the Sugarloaf Township Municipal Building, 858 Main St., Sugarloaf Township. "Grants play a significant role in facilitating projects that shape our communities for current and future residents," Walsh said. "I am glad to provide this opportunity for my constituents to learn more about the process of locating and applying for grants." Attendees will hear from Paul Macknosky, regional director with the Pennsylvania Department of Community and Economic Development, as well as Tyler Day, community and economic development manager with Northeastern Pennsylvania Alliance. Registrations are required. Contact Walsh's Dallas office at 570-675-6000 or his Sugarloaf Township office at 570-359-2138 for information and to reserve a seat. PSP reports Memorial Day weekend data As part of an ongoing mission to strengthen roadway safety across the Commonwealth, the Pennsylvania State Police this week released the results of its Memorial Day weekend enforcement detail. During the four days between May 23-26, PSP investigated 756 crashes that resulted in 140 injuries and five fatalities. Intoxicated driving was a factor in 57 of those crashes — two of which were fatal. Troopers arrested 519 motorists for driving under the influence of alcohol or drugs, and they issued 27,139 citations, including: —7,033 for speeding —977 for failing to wear a seat belt —166 for not securing children in safety seats. These statistics cover only those incidents investigated by the State Police and do not include incidents to which other law enforcement agencies responded. State launches resource to support unpaid caregivers Kavulich this week launched the PA CareKit — a resource to support caregivers including spouses, adult children, and grandparents raising grandchildren — that provides training, connection to respite services, and personalized tools to help informal caregivers address their unique situations. The PA CareKit offers an array of person-centered support like personalized and tailored resource guides, and resources for families to evaluate and select professional caregivers. The development of the PA CareKit started in August 2024 and took nine months to complete. It is the result of year one of implementing Aging Our Way, PA — a 10-year plan to improve the infrastructure of aging services. "When designing the plan, caregivers indicated they needed more tools and resources to maintain the level of care for their loved ones to remain in their homes and communities," Kavulich said. "The PA CareKit is an innovative tool that will help make the caregiving process easier for both the person providing the care and their loved one." In 2023, Shapiro directed PDA to produce Aging Our Way, PA, and his 2025-26 budget proposal includes a $3 million investment for year two implementation of the plan. During this time-frame, the Department will focus on modernizing and strengthening the PA Link, which serves as Pennsylvania's Aging and Disability Resource Center network, designed to streamline access to long-term services and supports. The PA Link facilitates collaboration among Pennsylvania's 52 Area Agencies on Aging (AAAs), Centers for Independent Living, and other community-based organizations to ensure seamless service delivery across the Commonwealth. Pennsylvania is the fifth oldest state in the nation by population. With this growing population, the Commonwealth will need more caregivers to support older adults so they can remain in their homes and communities while aging with the dignity and respect they deserve. Print materials from the PA CareKit will be available for free at community libraries, the AAAs and Senior Community Centers across the Commonwealth. The Department of Aging's Caregiver Support Program also provides supports to caregivers — including those who care for older adults, grandparents raising grandchildren, and older caregivers of adults living with a disability — with the purpose of alleviating stress and promoting well-being to help sustain a healthy ongoing caregiving relationship. Learn about other services and supports that PDA provides by visiting the Department's website. Reach Bill O'Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.
Yahoo
a day ago
- Business
- Yahoo
I Asked ChatGPT How Much Money I'll Need To Retire in 15 Years
Under typical circumstances, it is recommended that you consult with a financial advisor when it comes to planning your retirement. There are lots of considerations, such as how much your Social Security monthly payment will be and what your 401(k) and IRA accounts will have in them by the time you decide to clock out of the workforce. Learn More: Try This: These days, though, more people are taking an alternative route to tracking what you'll need in terms of money to retire: artificial intelligence. AARP found that you can use AI as a financial planner to an extent, though it should not have the final say. With all that in mind, be advised that you should still work with a professional person on planning your retirement, but just as an experiment, GOBankingRates asked ChatGPT how much money it would take to retire in 15 years. The general question — 'How much money will I need to retire in 15 years?' — prompted ChatGPT to request specific key information, including current age, desired retirement age and expected annual expenses in today's dollars for retirement. It also requested some calculations, such as life expectancy minus retirement age to determine the years in retirement, and the expected inflation rate. Additionally, ChatGPT needed the expected investment return before and during retirement, plus other sources of earnings during retirement, like Social Security or pension payments. Lastly, it looked at current retirement savings and annual contributions made up to the age of retirement. Find Out: With no other prompting, ChatGPT drew an example of a 50-year-old who is looking to retire by age 65 with $60,000 in yearly retirement expenses based on 2025 dollars. If that person lived another 25 years to the age of 90, ChatGPT predicted there would be an average inflation rate of 2.5% per year. The expected investment return before retirement was 6% and 4% during retirement. With a Social Security benefit payment of $25,000 annually starting at age 67 and annual contributions made to a retirement account, the total amount ChatGPT approximated that person would need at $300,000 in current savings. To determine the rough estimate, ChatGPT suggested that someone needed about 25 times their expected annual spending in retirement, based on the 4% rule. Therefore, it stated that if a retiree needed $60,000 per year in today's dollars, and adjusted for 2.5% inflation over 15 years, they would need a nest egg of around $2.15 million in retirement. From there, ChatGPT suggested a retiree would deduct Social Security — which it said would amount to around $625,000 if using the 4% rule to offset some cost of living expenses, as well as 'existing savings growth and future contributions.' It also indicated that while $2.15 million is the estimated amount of money you'd need to retire in 15 years, there are other factors at play, such as growth from current investments, which would vary from person to person based on their individual portfolio. ChatGPT is notoriously bad at math, so you would definitely want to double check any numbers it offered you. It's also important to note that it may not always have up-to-date information or take into account the nuances of a changing economy or unexpected expenses, like healthcare. While ChatGPT's advice isn't a bad start, it's important to also do your own research — and talking to that human financial advisor isn't a bad idea. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on I Asked ChatGPT How Much Money I'll Need To Retire in 15 Years Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
When will I get my Social Security check in June? 2025 payment schedule for Floridians
Social Security checks will go out a little earlier this month than in May, and people getting Supplemental Security Income (SSI) checks won't see one at all in June. Social Security typically pays benefits on Wednesdays, with the first wave of payments going out the second Wednesday of the month and the rest of the payments on the subsequent Wednesdays. In May, the second Wednesday was May 14, the latest date that payments can go out. This month, it'll be closer to normal, according to Social Security Administration's calendar. People who get Supplemental Security Income checks won't get a check in the month of June at all, but they received two checks in May, due to quirks of the calendar. Social Security in Florida: How dependent is Florida on Social Security? Study ranks state, how much people make The Social Security Administration's yearly distribution schedules for 2025 and 2026 are available online so that you can check the calendar for budgeting purposes. Regular Social Security retirement benefits for the month of June will be sent out on the SSA's usual schedule: Wednesday, June 11: If you were born between the first and 10th of the month Wednesday, June 18: If you were born between the 11th and 20th of the month Wednesday, June 25: If you were born between the 21st and 31st of the month About 7.4 million Americans who are disabled or have limited resources get SSI checks, which go out on the first business day of each month. But the first day of June this year falls on a weekend, so they received two checks in May instead. As of April 2025, 543,098 Floridians received SSI payments according to data from the Social Security Administration. Of those, 241,868 were 65 years old or older and 382,925 were visually impaired or disabled. Supplemental Security Income is a benefit payment for those with limited income or resources aged 65 or older, who are blind, or have a qualifying disability. Children with a qualifying disability can also get SSI, according to the SSA's website. Adults who earn more than $2,019 from work monthly typically do not qualify for SSI. Here's a look at the payment schedule for the rest of 2025: Thursday, May 1, 2025 (Check for May 2025) Friday, May 30, 2025 (Check for June 2025) Tuesday, July 1, 2025 (Check for July 2025) Friday, Aug. 1, 2025 (Check for August 2025) Friday, Aug. 30, 2025 (Check for September 2025) Wednesday, Oct. 1, 2025 (Check for October 2025) Friday, Oct. 31, 2025 (Check for November 2025) Monday, Dec. 1, 2025 (Check for December 2025) Wednesday, Dec. 31, 2025 (Check for January 2026) Florida had more than 5 million people claiming Social Security benefits as of December 2023, according to the AARP. That included more than 3.9 million retirees, over 478,000 disabled workers, more than 401,000 spouses or survivors and nearly 240,000 children. Nearly one in five Florida retirees, family members, veterans and others receive Social Security benefits, according to the AARP. This article originally appeared on Fort Myers News-Press: Social Security payments: Schedule for June, SSI calendar for 2025
