How To Save For Retirement When You’re In Your 50s

the estimated global population of 8.045 billion, the population growth in both Asian giants has been slowing, at a much faster pace in China than in India.

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4. Create a health savings account around to find the best features for you, like low fees or low minimum balance requirements.

Another important step to take is preparing to cover unexpected medical costs. Large medical bills can quickly deplete a lifetime of savings.

5. Make the most of Social Security dia’s population at 1,428.6 million or 1.4286 billion against 1.4257 billion for China.

Social Security benefit. By having the higher earner wait to claim their benefits, you’ll have a bigger pot to pull from in retirement.

Another important consideration when deciding when to take Social Security is your tax situation. Kovar says from a tax standpoint, it’s the best source of income we have outside of Roth IRAs.

The United States is a distant third, with an estimated population of 340 million, the data showed. The data reflects information available as of Feb. 2023, the report said.

Population experts using previous data from the U.N. have projected India would go past China this month. But the latest report from the global body did not specify a date for when the change would take place.

U.N. population officials have said it was not possible to specify a date due to “uncertainty” about the data coming out of India and China, especially since India’s last census was conducted in 2011 and the next one due in 2021 has been delayed due to the pandemic.

Although India and China will account for more than one-third of

Last year, China’s population fell for the first time in six decades, a historic turn that is expected to mark the start of a long period of decline in its citizen numbers with profound implications for its economy and the world.

India’s annual population growth has averaged 1.2% since 2011, compared with 1.7% in the 10 years previously, according to government data.

“The Indian survey findings suggest that population anxieties have seeped into large portions of the general public,” Andrea Wojnar, Representative for UNFPA India, said in a statement.

“Yet, population numbers should not trigger anxiety or create alarm. Instead, they should be seen as a symbol of progress, development, and aspirations if individual rights and choices are being upheld,” she said. (Courtesy: https://www.nbcnews.com/)

A couple in their mid-60s will need $315,000 to cover health care costs in retirement, according to a 2022 Fidelity Investments estimate. Then there’s the stratospheric cost of extended care at nursing homes.

A report from Genworth Financial says the median annual cost of a semi-private room in a nursing home was $93,600 in 2021.

With that in mind, retirement planning must include some consideration of future medical costs.

One option is long-term health insurance, which pays for extended medical care, including such things as nursing and assisted living. If you qualify, you should also consider opening a health savings account.

This will reduce your taxable income. Your savings, which can be invested, will grow tax-free and once you turn 65, you can make withdrawals without paying any penalties or taxes (savings are only taxed if you use the money to pay for anything besides qualified medical expenses). Before choosing an account, you will want to shop

The earliest you can start taking Social Security is technically age 62. But at 50, it doesn’t hurt to start thinking about your plan for collecting benefits. You can use Bankrate’s Social Security calculator to estimate your benefits.

Experts say most people take Social Security too early. That’s a mistake. Delaying retirement doesn’t just give you the potential to earn more. It also affects the size of your monthly benefit checks.

Elijah Kovar, co-founder of Great Waters Financial in Minneapolis, says that by drawing Social Security at 70 instead of age 62, your monthly benefit amount rises by about 76 percent.

Waiting to collect Social Security, Kovar says, is also a good idea if you’re married and you earn more money.

If one spouse outlives the other, the surviving spouse keeps the larger

Maximizing your Social Security benefit also comes down to implementing strategies that will lower the amount of income that’s subject to taxation, like donating assets to charity.

6. Generate income beyond investing

Your investments are likely a stream of income you plan to use in retirement.

Besides your portfolio and retirement savings, however, you should think of other ways to increase your earnings, like getting a side hustle.

A 2022 Bankrate survey found that 31 percent of Americans earn extra income on the side.

Freelancing or serving as a consultant can provide additional earnings if you’re behind when it comes to saving for retirement.

And it’s less risky than alternative routes like buying an annuity. (Courtesy: https://www.bankrate. com/)