Retirement

Women can experience more challenges saving for retirement than men, and unfortunately, COVID-19 has added even more challenges.

2020 has been a year unlike any during our lifetimes with the COVID-19 pandemic and a poor economy. Many have been impacted with lay-offs and job losses and realize they were unprepared financially.

The Social Security Administration has again approved a cost-of-living adjustment (COLA) for Social Security benefits starting in January 2021. The increase of 1.3 percent will increase $20 per month for the average American worker and is calculated based on the year-over-year inflation rate.

As you get older, the question of when to collect Social Security retirement benefits will likely come to mind, particularly true if you plan to retire early. In a perfect world, there would be one age that would be ideal. However, your unique circumstances and goals will dictate the best time for you to take Social Security retirement benefits. Let’s dive deeper into all the factors you should consider before making your decision.

Understanding the Basics.

As 2020 comes to an end, more and more Americans are contemplating their decision to retire. Others are tapping their retirement savings, while some save more due to the economic fallout and impacts of COVID-19.

If you are not contributing to your health savings account (HSA), you miss out on a great way to save for health care expenses now and during retirement. HSAs allow you to save money tax-free through payroll deduction. Like traditional investments, some HSAs provide fund choices to increase accumulations With health care costs continuing to grow year over year, saving into an HSA plan makes sense. Benefits of HSAs include: