35% of millionaires say it’s ‘going to take a miracle’ to be ready for retirement, report finds – CNBC

A cool $1 million is not what it used to be.There are more millionaires in the U.S. and globally than ever before, with nearly 24.5 million millionaires nationwide as of 2022, according to the latest Global Wealth Report from the Credit Suisse Research Institute. Even so, having seven figures in the bank offers less security than it used to in the face of inflation and extreme market swings.”That mark is easier to obtain but it may not deliver what we expect,” said Dave Goodsell, executive direc…….

What Is My Coast FIRE for Retirement? – Yahoo Finance

Person jumping with “FIRE” spelled outAdherents of the Financial Independence/Retire Early (FIRE) movement aim to reach a point where they don’t need ongoing income to retire and to get to that point before reaching age 65. Not surprisingly it requires rigorous savings and a frugal mentality. However, there’s a sub-genre of this movement known as Coast FIRE. It promises financial independence in retirement for the average person but without saying goodbye to your career. Work with a financ…….

Can I retire at 57, or do I need to wait? – Federal Times

The following is a question submitted by a Federal Times readers about retirement and other issues facing the federal workforce. It is answered by Reg Jones, a charter member of the senior executive service and a Federal Times columnist since 1995.Question: I‘m a regular category employee. My entry-on-duty date is 9/25/2011 at the age of 37. Can I retire at 57 or do I need to wait until 62 – or even later?Reg’s Response: Yes, you could retire at age 57 under the MRA+10 provision (minimum r…….

Am I better off waiting until after Jan. 1 to retire? – Federal Times

The following is a question submitted by a Federal Times readers about retirement and other issues facing the federal workforce. It is answered by Reg Jones, a charter member of the senior executive service and a Federal Times columnist since 1995.Question: I retired under FERS from the VAMC just to return 1 year later to be re-employed as an annuitant. I am planning to retire for good this year. I’ll have been reemployed for three years in February 2023. Would it be better to wait and retir…….

This common early retirement strategy is a ‘terrible idea,’ says financial planner – CNBC

If you’re hoping to retire early, you’ll have to find a way to replace your salary without working. Under a traditional model, that means accumulating enough savings that you can withdraw some every year to fund your lifestyle while the rest continues to grow.Short of winning the Powerball, how much do you need to save? Adherents of the FIRE movement — short for financial independence, retire early — aim for a target of 25 times your annual income in retirement.The figure, known as your “FIR…….

Can I suspend my FEHB coverage after I retire? – Federal Times

The following is a question submitted by a Federal Times readers about retirement and other issues facing the federal workforce. It is answered by Reg Jones, a charter member of the senior executive service and a Federal Times columnist since 1995.Question: I am retiring from Federal Govt 31 Dec 2022.  I am 68 with 24 years 8 months time at retirement. I am retired from the Army. I currently have Medicare and Tricare for Life.  My wife is 60 and she has Tricare Prime which I pay for. We both h…….