Author: Money Mechanics

Key Takeaways Comfort in retirement depends on factors like your lifestyle, the cost of living, and how long you’ll need your money to last. The age at which you retire impacts how long your savings need to last and how much income you’ll need each year. With the right planning and flexibility, $2 million can become a strong foundation for a retirement that supports both your needs and goals. For many Americans planning their retirement, hitting the $2 million mark in savings can feel like a major milestone. It’s significantly more than the average retiree has. But is it truly…

Sunset over Vieste on Italy’s Adriatic coast in Puglia, one of the best places to retire in Italy for an affordable lifestyle.getty Looking for the best places to retire? Why not consider Italy. A new report from International Living highlights seven regions in Italy where retirees can live at surprisingly affordable prices. In fact, you can live well in many parts of the country for an average cost of living as low as $1,000 a month for a single person or as low as $1,500 for a couple. That’s a striking contrast to the U.S., where the average household aged…

The One Big Beautiful Bill (OBBB) has been making the rounds in the news, and one part in particular has caught retirees’ attention — so‑called “tax‑free Social Security.”Before you plan how to spend those tax savings, let’s clear something up: This is not making Social Security tax‑free. What it does is create a special tax deduction for certain retirees starting in 2025. (However, there is a separate bill in Congress now, called the You Earned It, You Keep It Act, that could end taxes on Social Security as soon as next year.)The special deduction in the OBBB is a nice…

Ted Lasso, the fictional soccer coach, won over his team’s players, fans and management with his infectious optimism and knack for seeing the good in people.One of his mantras — “Be curious, not judgmental” — doesn’t just make for feel-good TV; it’s a mindset that can be surprisingly powerful in retirement planning.When it comes to your financial future, most advice focuses on numbers: how much you’ve saved, your withdrawal rate, how long you might live. But there’s evidence that how you feel about the future may matter just as much — if not more. From just $107.88 $24.99 for Kiplinger…

Question: I’m 63 with an aging house that needs repairs, but I might eventually want to move to a retirement community. Is it worth making those fixes?Answer: There can be benefits to staying in the home you know and love in retirement — the familiarity of the neighborhood, the ability to stick to an established routine, and the quirks of your house that you’ve mastered by now, like that one closet door that always sticks.But dealing with an aging home can become increasingly difficult as you age. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed…

Key Takeaways The number of visitors to Las Vegas fell by 11% in June, and was down 7% through the first six months of this year. Over a whole year, 7% would be the largest decline in more than 50 years, bigger than the drop felt during the Great Recession. Experts have pointed to several reasons for the drop, from a lackluster U.S. economy to a decline in international travel and changing habits among generations. Las Vegas, one of America’s most popular tourist destinations, is showing signs of a downturn. Data released at the end of July showed that visitor…

As autumn paints the landscape with hues of amber, crimson, and gold, there’s no better way to immerse yourself in the season’s beauty than aboard a scenic train journey. Whether you’re up for a day trip or a multi-day adventure, we’ve got you covered.Of course, you can’t just hop aboard any train route and expect to see picturesque fall foliage. You need to find the right trip. Fortunately, there are plenty of options available to appeal to both seasoned travelers and those who tend to stay close to home.Check out this curated selection of fall foliage trips on Amtrak and…

key takeaways Rising costs make traditional milestones like homes, kids, and cars harder for middle-income families to reach.Geography now defines middle-class life as much as income does.Shrinking middle class numbers reveal deeper shifts in how Americans define stability.Budgeting realistically, diversifying income, and controlling lifestyle inflation are keys to financial stability today. If starting a family, buying a house, or just thinking about purchasing a car feels impossible—you’re definitely not alone. What used to define “middle class” feels further out of reach for Millennials and Gen Z than ever before. Rising costs, stagnant wages, and where you live all play huge…

Median Bank Account Balances by Age Under 35 35-44 45-54 55-64 65-74 75 or older 2013 $2,800 $4,840 $5,090 $6,360 $8,910 $8,910 2016 $3,150 $4,690 $5,010 $6,620 $9,870 $12,330 2019 $3,760 $5,460 $7,420 $6,520 $9,270 $10,780 2022 $5,400 $7,500 $8,700 $8,000 $13,400 $10,000 Source: The Federal Reserve’s “Survey of Consumer Finances” (2022), median transaction account balances by age group. Transaction accounts include checking, savings, money market, and brokerage cash accounts, and prepaid debit cards. In addition to what’s in bank accounts, the median saver under age 35 has these assets: With the $5,400 in the bank, these amounts total $39,200.…

KEY TAKEAWAYS If you live in Arkansas, Indiana, Mississippi, North Carolina, or Wisconsin, you may have to pay state income taxes on federal student loan forgiveness you received.Federal student loan forgiveness is exempt from federal income tax under the American Rescue Plan Act (ARPA).However, some states decided to tax forgiveness as income at the state level. If you were among federal student loan borrowers who received forgiveness in 2024, you may be on the hook to pay state income tax if you live in certain states. In 2024, then-President Joe Biden forgave billions of dollars in student loans for borrowers…