Tausi Insider

Photo : DavideAngelini ( Shutterstock ) The promise of early retirement is so seductive, any YouTuber claiming they achieved it is going to draw me in. If you’re at all interested in the prospect of early retirement, we highly recommend you first read up on the basics of FIRE (financial independence, retire early). In short: The FIRE movement boils down to taking advantage of the value of compound interest from investing early in your 20s. Naturally, the movement has some critics, largely claiming that FIRE promotes unrealistic projections of wealth for anyone who doesn’t already have some substantial wealth in the first place. To be frank, after watching all these early retirement videos, I would label myself a critic of FIRE. The ability to put significant distance between your income and your spending is too big a privilege to be truly relatable. I’d wager that more Americans are too worried about retiring ever to even imagine retiring early.   Still, I went down this perso...

More retirement-age Canadians are still paying off a mortgage, and financial advisers say rising interest rates will make it even more challenging for Canadians to pay off their home before they retire. The number of people older than 65 with an outstanding mortgage in their residence increased from 1.2 million to 1.5 million between 2016 and 2021 according to Statistics Canada, although the agency noted they don’t measure whether others residing in the home are contributing to mortgage payments. However, the number of seniors living alone with a mortgage also grew, from roughly 181,000 to 220,000 in the same time frame. Canada Mortgage and Housing Corp. data also showed an increase in the share of people aged 65 and older with a mortgage. People in that age group accounted for 10 per cent of mortgages in 2017, and 13 per cent of mortgages in 2022. The age group also accounts for 9 per cent of the country’s outstanding mortgage balance, compared with 7 per cent in 2017. Furthermore, ...

Photo : NDAB Creativity ( Shutterstock ) Whether you love the single life or can’t wait to be coupled up, one thing is sure: It’s expensive to be single. We’ve previously covered   personal finance tips to take advantage of while you’re single , but the costs of being alone are rarely a result of personal failure. Instead, our economy privileges partnership—specifically marriage, but also in the simple fact that it pays to have a second income. Here are all the ways that being single ends up costing more than being married, and what you can do to save money as a single person. Our economy is not designed to help single people From first- date drinks and takeout for one to no one to help split streaming subscription costs , there are plenty of small-scale expenses that come with being single. But the real penalties of living single are much larger. Writing for The Atlantic in 2013, Lisa Arnold and Christina Campbell found that over a lifetime, it can cost upwards of $1 million ...

U.S. President Joe Biden speaks in Phoenix, Ariz., on Dec. 6. Ross D. Franklin/The Associated Press President Joe Biden’s administration on Thursday announced the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of about 350,000 Teamster workers and retirees across the United States. “It’s about everything you worked for … it’s about finding a dignified retirement,” Biden said. “Thanks to today’s announcement, hundreds of thousands of Americans can feel that sense of dignity again, knowing that they’re providing for their families and their future.” The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said. It comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021. “This matters,” Biden said. “This matters for workers … This matters for their spouses, this matt...

Opinions expressed by Entrepreneur contributors are their own. No one wants to work forever, but that doesn't mean retirement is easy for everyone. In fact, according to one recent survey, it scares 40% of Americans more than death. Of course, lack of income and insurance topped their lists of why , but also among the main responses were a desire to stay mentally and physically active and to maintain valued networks of colleagues and friends. However, people who fear retirement because they imagine facing their days without professional fulfillment should know that enriching experiences still await them — often because of retirement, not despite it. No one has to retire to an empty void of solitude unless that is the kind of retirement they desire. Instead, retirement can and should be whatever you need so that you can continue to grow and thrive, even if that means working. Related: 6 Reasons to Pursue Entrepreneurship in Retirement Retirement lite "R...

Consumers are taking the plunge into solo traveling, despite the cost of traveling surging in recent months due to higher inflation and interest rates. Due - Due Traveling alone during retirement is nothing new, and millions of retirees and more mature adults are enjoying the excitement of experiencing a new country or culture by themselves. Most recent statistics indicate that 16% of people in the United States have taken a vacation by themselves, that’s more than 53 million Americans embarking on a solo adventure. More surprisingly an additional 83 million of them are planning a solo trip in the coming months and years even as the cost burden weighs on their budgets. Though it tends to be harder, and more expensive to travel alone, many consumers are finding it easier to do so, as it allows them better freedom and flexibility to visit destinations and experiences they’ve always dreamt of. With...

Opinions expressed by Entrepreneur contributors are their own. A nonqualified deferred compensation (NQDC) plan is a great way for employers to attract and retain key talent. It also represents a potentially massive tax savings opportunity for highly compensated employees. There is a lot that you need to know about these plans before deciding to participate in one, however. So, let's get into the basics. A nonqualified deferred compensation (NQDC) plan allows employees to earn their pay, potential bonuses and other forms of compensation in one year but receive those earnings in a future year. This also defers the income tax on the compensation. It helps provide income for the future, and there's a possibility for a reduced amount of income tax payable if the employee is in a lower tax bracket at the time of the deferred payment. It's worth noting that tax law requires these NQDC plans to be in writing. There needs to be documentation about the amoun...

Most people fall into one of two categories. They are either savers or spenders. Savings are often prioritized for the future to secure retirement and financial security . Spenders prioritize their everyday desires and requirements while maintaining a sound financial situation with the idea of covering their retirement obligations in the future with better income or innovative solutions. Due - Due Both of these ideas have advantages and disadvantages. People who joined the FIRE movement (financial independence/retire early) now say they wish they hadn’t. Only one-third of American seniors have enough funds to live on, while 63% live paycheck to paycheck. But as a typical individual, which is the better option for you? Saving money or spending it? Let’s evaluate both choices and make a decision. What is living a good life? You’ve probably heard someone declare at some point in t...

Photo : Maridav ( Shutterstock ) When most people plan for retirement , they’re making plans around their 67th birthday. Proponents of the FIRE movement, however, believe that retirement can be achieved decades earlier than the official retirement age. Here’s what to know about the elusive promise of Financial Independence/Retire Early and what it takes to reach financial freedom in practical terms. What is the FIRE movement? FIRE stands for Financial Independence/Retire Early, and you can read up on the basics of FIRE here. In short: The FIRE movement boils down to taking advantage of the value of compound interest from investing early in your 20s. Naturally, the movement has some critics, largely claiming that FIRE promotes unrealistic projections of wealth for anyone who doesn’t already have some substantial wealth in the first place. As I’ve previously explained , I’m one of those FIRE skeptics. The ability to put significant distance between your income and your spending ...

Photo : Colin Dewar ( Shutterstock ) SECURE 2.0 was signed into law at the end of 2022. Standing for “Setting Every Community Up for Retirement Enhancement,” the second version of this act is designed to keep building on improvements to the U.S. retirement system. Whether retirement is far off or fast approaching for you, here’s what to know about how SECURE 2.0 will impact your retirement planning. Changes to required minimum distributions Required minimum distributions (RMDs) are the IRS-mandated amount of money you must withdraw from your retirement account each year. SECURE 2.0 lessens the blow of RMDs in several ways. First off, the age to start taking RMDs increased to 73 in 2023 and will increase again to 75 in 2033. This gives savers an extra year for tax deferral (the previous age was 70.5 years old in 2022). Previously, failure to take your RMD before the deadline would result in a 50% penalty. Under SECURE 2.0, the penalty for failing to take an RMD decreased to 25% of...

Retirement can be a time to relax and enjoy the fruits of your labor, but for many seniors, the reality is that their fixed income is not enough to sustain their desired lifestyle. That’s where passive income comes in. It requires little to no effort to maintain and can provide a consistent revenue stream for retirees. In this article, we’ll explore several passive income ideas that seniors can use to boost their retirement income and live more comfortably and securely. Due - Due Passive Income Ideas for Seniors to Boost Retirement Income 1. Sell Your Product on Etsy or Amazon. If you have a knack for developing unique products, consider selling them on Etsy or Amazon. This can provide a passive income stream as people purchase your products. One of the benefits of selling products on Etsy or Amazon as a senior is that it can be done from your home with an internet connection...