17 articles tagged "Budget & Income"

  • Two pots sitting side-by-side on a stove.

    Retiree Diaries: A week with Vicki from Princeton, Texas

    Welcome to Renew’s Retiree Diaries, a new series in which we go behind the scenes with retirees from across the nation to see how they are spending their time and money throughout the course of a typical week. This month, we’re spending a week with Vicki H. of Princeton, Texas. What industry did you work …

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  • A lawnmower, water pail, sunhat, and other gardening tools.

    Retiree Diaries: A week with Barry from North Augusta, South Carolina

    Welcome to Renew’s Retiree Diaries, a new series in which we go behind the scenes with retirees from across the nation to see how they are spending their time and money throughout the course of a typical week. This month, we’re spending a week with Barry C. of North Augusta, South Carolina. What industry did …

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  • A Siberian Husky with a Costco hot dog in its mouth.

    Retiree Diaries: A week with Kathryn of Cumming, Georgia

    Welcome to Renew’s Retiree Diaries, a new series in which we go behind the scenes with retirees from across the nation to see how they are spending their time and money throughout the course of a typical week. This month, we’re spending a week with Kathryn S. of Cumming, Georgia.   What industry did you …

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  • An illustration of a house being downsized.

    5 tips for downsizing in retirement

    If you’re planning to retire within the next year or so, you’re probably eager to find opportunities for supplementing your soon-to-be-fixed income. Receiving that last regular paycheck is known to trigger the anxiety of even the most financially prepared retirees. Will you really be able to make the money you’ve saved last for the rest …

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  • Senior woman spending quality time with her grandchildren on a scenic walk.

    Family bonding on a budget

    While you were working, family time was likely relegated to weekends and holidays. Now that your calendar is finally free of team meetings and work conferences, you have more time to spend with your loved ones. As welcome and wonderful as this change to your life is, you might quickly realize just how costly it …

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  • An illustration of a dollar bill sprouting like a plant to illustrate the idea of generating income in retirement.

    How can I make money in retirement?

    If you’re starting to worry that you should have saved more money before retiring, you’re definitely not alone. In a 2014 survey by TIAA-CREF, 47% of people 55-64 years old said they regretted not saving a larger percentage of their paychecks throughout their career. Perhaps you feel that you’ll need to supplement your income in …

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  • An illustration of a briefcase with a dollar sign on top to illustrate the concept of pension plans.

    What are pension plans?

    Pension plans are a type of retirement account. They are primarily funded by an employer who puts a set amount of money aside for their employee upon retirement. According to the Pension Rights Center, about 31% of retirees are currently receiving pension plan benefits. The number of people who have access to a pension in …

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  • Tax documents and a calculator illustrate that tax considerations can change later in life.

    How are taxes different in retirement?

    Will your tax bill get some much needed time off when you retire? Unfortunately, the short answer is no. The IRS plans to continue working full time. Don’t worry; we’re here to walk you through some of the key tax considerations you should be aware of in retirement. Social security benefits Your paycheck was already …

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  • An illustration of a paper airplane.

    Part‑time work in retirement

    Retirement doesn’t have to mean inactivity. In fact, more retirees are working than ever before. While extra income is certainly an incentive for many, it’s not the only reason to keep working. In fact, workplace camaraderie and professional fulfillment are often cited by retirees as motivators for seeking employment. Additionally, some retirees return to the …

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  • A bar chart meant to illustrate the income stream made possible with annuities.

    What are annuities?

    As you begin to build your retirement strategy, you may be interested in investments that will allow you to build a steady and reliable flow of income. One of the many investment options worth looking into are annuities. An annuity is an insurance product that provides a future stream of income to someone while they’re …

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  • A price tag to illustrate the importance of building a budget in retirement.

    Building a budget in retirement

    If you’re like most Americans, you probably feel like you haven’t saved enough money for retirement. Making a budget can be the best method to ensure you don’t outlive your money.  While you may no longer have an income from a full-time job, managing your finances isn’t that much different in retirement. You should be …

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  • An illustration of two overlapping circles, each with an "S" inside to represent Social Security.

    Social Security: Explained

    Whether you’re planning your retirement or have already started the journey, beginning to collect social security benefits is a pivotal step. Throughout your career you’ve been contributing a chunk of your paycheck to this program, and now it’s about to pay off!   As a general rule, the longer you wait to begin collecting social …

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  • An illustration of a globe shaped like a test tube beaker.

    Why location matters in retirement

    Transitioning to a fixed income after leaving the workforce may have you thinking about how to maximize your retirement income and savings. There are lots of tips out there for saving money in small ways – senior discounts, coupons, travel deals – but what if you want to make a more significant change? In this …

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  • A piggy bank full of retirement savings.

    Do I have enough money to retire?

    At Renew, we know it can be scary to think about how much you’ve saved (or still need to save) for retirement. For years, you’ve heard the advice: save as much as possible now. Otherwise, you won’t be able to retire and… you’ll work the rest of your life. Deciding whether you have enough money …

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  • Outstretched hand with coins falling into it, signifying financial assistance in paying for Medicare.

    What if I need help paying for Medicare?

    Access to Medicare is an essential benefit for older individuals. While it is provided by the government, it does cost money. Most people are entitled to premium-free Part A due to their work history, but Medicare Part B and Part D both carry monthly premiums.  Fortunately, there are several programs designed to help qualifying individuals …

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  • The Medicare Part D donut hole.

    How much do drugs cost with Medicare?

    Understanding your drug costs on Medicare is an important part of getting the most out of your coverage. Drugs are typically one of the biggest costs people face while on Medicare. The average Medicare enrollee is on 5 prescriptions, and Medicare itself spends over $100 billion a year on pharmaceuticals. Even if you aren’t regularly …

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