Key Takeaways Roughly 20% of Americans age 65+ are employed or self-employed. Baby boomers (born 1946-1964) are remaining in the workforce at higher rates than previous generations did at the same age. Reasons include personal choice (e.g., for s…
Author: Barbara O'Neill
Key Takeaways Older adults face more financial challenges and decisions than younger generations. Examples include Social Security claiming age, required minimum distributions (RMDs), Medicare enrollment, taxes on multiple income streams, long-te…
Key Takeaways One of the most life-changing events that people experience is becoming a widow or widower. Not only are their personal finances affected, but they lose their life partner, cheerleader, and traveling companion, their deceased spouse’s kn…
Key Takeaways 2025 is the 90th anniversary of Social Security. The program began in 1935, when the Social Security Act was signed into law. In 2025, about 73.9 million people receive benefits. Since its creation, Social Security was meant …
Key Takeaways Inflation is a decline in purchasing power over time. When prices rise, currency (e.g., U.S. dollar) buys fewer goods and services. High inflation is concerning for all Americans but especially for older adults living on fixed incomes.&#…
Key Takeaways What is risk? In a word, uncertainty—uncertainty that actual events will differ from carefully made plans and that bad things will happen. Two common financial concerns of older adults are losing money as a result of stock market do…
Key Takeaways Why Taxes Change After Age 65 Income taxes are generally more complex for people age 65+ than they are for younger working adults. There are new streams of income that get taxed (e.g., pensions, annuities), taxable required minimum distr…
Compared to young adulthood, financial planning is generally more complicated for people age 60 and above. There are more decisions to make, some of which are irrevocable (e.g., purchasing an annuity and claiming Social Security benefits) and generally…
Solo agers are people who are aging alone without the “safety net” of a spouse, significant other, or children to help them navigate later life. Also called elder orphans (a phrase that has had pushback for being stigmatizing ), they are literally “hid…
One of the largest financial transitions that older adults experience is the start of required minimum distributions (RMDs) from tax-deferred retirement savings plans such as traditional individual retirement accounts (IRAs), SEP-IRAs, and qualified em…