Are you over age 65 living in a one-person household? If so, you have a lot of company. Per the US Census Bureau, there were 37.9 million one-person households in the U.S. in 2022. This represents 29% of all households (versus only 7.7% in 1940 and 13% in 1960), Of these one-person households, 41% were aged 65 and older.
So, a question we get a lot is, “Should I start Social Security at 62, at my full retirement age (which is 67 for those born after 1960 and a bit before if born before 1960) or should I wait until 70?" (70 is the latest one can wait to collect)
In May, our two young adult boys came home from college for the summer. Yes, they walked in and dumped their car load of stuff on the dinning room floor and guess what? Fifteen seconds later, they are heading out to meet up with their buddies or ensconced in an online game.
Putting your pet down is one of the hardest things you can do
Currently 401(k) participants age 50 and older can contribute an additional $7,500 on top of their regular $22,500 salary deferral. Kudos to you if you are already maxing out your contributions. However, starting in 2024, catch up contributions for participants earning more than $145,000 will have to be made to a Roth, or on an after-tax basis.
One key thing to remember is, that you must have purchased these shares in a non-retirement account. Tax losses cannot be realized in a retirement account such as an IRA, 401k etc.