Retirement Jokes
Written by Brian B

50 Retirement Jokes

Retirement is the world’s longest coffee break! Check out more of the best retirement jokes right here! 

Best Retirement Jokes

1. The best time to start thinking about your retirement is before the boss does.

2. Money isn’t everything but it sure keeps you in touch with your children.

3. Be nice to your kids. They’ll choose your nursing home.

4. “The really frightening thing about middle age is that you know you’ll grow out of it.” – Doris Day

5. Sometimes the best part of your job is retirement.

6. Retirement: It’s not the end of your life, it’s the end of your bank account.

7. I hope you like Saturdays, because every day just became Saturday!

8. Congratulations on deciding life is more important than work. What took you so long?

9. Retirement is like one big sick day without the sick pay.

10. When did being unemployed become something to brag about?

11. We all aspire to retire, and then what?

12. You’re retired – goodbye tension, hello pension!

13. What do you call someone who’s happy on Mondays? Retired!

14. The best part about being retired is never having to request time off.

15. Retirement: No job, no stress, no pay!

16. “God’s retirement plan is out of this world.” – Unknown

17. How do you know you’re old? People call at 9 p.m. and ask, “Did I wake you?”

18. A retired husband is often a wife’s full-time job.

19. Retirement is the time in your life when time is no longer money.

20. Why are there so many old people in church? They’re cramming for the final.

21. The question isn’t at what age I want to retire, it’s at what income.

22. Retirement is wonderful. It’s doing nothing without worrying about getting caught at it. 

23. Why do retirees smile all the time? Because they can’t hear a word you’re saying!

24. Don’t mess with old people, life imprisonment is not that much of a deterrent anymore.

25. The older you get, the more you need to keep a fire extinguisher closer to the cake. 

Retired Couple

26. Children are the leading cause of old age.

27. How many retirees to change a light bulb? Only one, but it might take all day.

28. When is a retiree’s bedtime? Three hours after he falls asleep on the couch.

29. Age is an issue of mind over matter. If you don’t mind, it doesn’t matter,

30. Retirement kills more people than hard work ever did.

31. You know you’re fifty when your chiropractor sends you birthday cards.

32. You know you’re getting old when you have more candles on your cake than friends at your birthday party.

33. To be old and wise, you must first be young and stupid.

34. Just remember, it’s better to pay full price than to admit you’re a senior citizen.

35. I’m not retired – golfing is a full-time job!

36. Life is short. Smile while you still have teeth!

37. Retired and happy… spending my kids’ inheritance.

38. Retirement is what you do between doctor appointments.

39. Retirement is when you stop living at work and start working at living.

40. “Retire from work, but not from life.” – M.K. Soni

41. “I need to retire from retirement.” – Sandra Day O’Connor

42. “I think that retirement is the first step towards the grave.” – Hugh Hefner

43. Regular naps prevent old age, especially if you take them while driving.

44. If the music’s too loud, you’re too old.

45. I love coffee. It’s Redbull for old people.

46. The company gave me an aptitude test and I found out the work I was best suited for was retirement.

47. “You have to put off being young until you can retire.” – Unknown

48. “Aging seems to be the only available way to live a long life.” – Kitty O’Neill Collins

49. “Except for the occasional heart attack, I feel as young as I ever did.” – Robert Benchley

50. Retirement: the pay sucks, but the hours are really good!

Retirees

More Retirement Jokes:

Retirement Jokes

Home And Retired

Retirement Sayings

Lifestyle Quotes

Aging Quotes

Assisted Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for a memory care facility in Peoria, ArizonaDesert Winds Retirement Community is the facility for you! Travel over to our memory care page to see pictures find out more about our facility, amenities, floor plans and more.

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Virtual Retirement Party Ideas
Written by Brian B

Virtual Retirement Party Ideas

If your workplace has gone virtual, there’s a decent chance you’ll throw or be part of a virtual retirement party at some point. If you’re looking for some ideas for the virtual event, we’re here to help!

Launch Countdown Clock

While you may be sad to see your boss or co-worker leave, you can also share in their excitement for new adventures to come. Creating a virtual retirement clock can increase the anticipation for both the retiree’s next chapter and the upcoming party. Many sites have the resources to help you build a personalized countdown clock. The process is simple and easy.

Gift Openings

Just because the party has gone virtual this doesn’t mean you have to forego the gifts. Consider sending physical gifts to the retiree before the party begins. Online vouchers and gift cards simply don’t have the same feel as a physical gift. Send gifts to the man or woman of the hour, then have the individual open the gifts for all to see.

Retirement Bucket List

Some head towards retirement with a clear plan, while others may not know how they’ll spend their time. Help the retiree out by compiling a list of fun activities or travel suggestions. An easy way to make the list is by using a Google Doc, which you can open access to for all co-workers to chip in. From where to travel or what new foods to try, the items included on this list can be endless.

Prepare Speeches

There are many ways to do speeches during a retirement party. You can either sprinkle a few speeches in throughout the party or wait until the very last moments. Let as many co-workers or employees speak as possible. Then, encourage the retiree to save some final words.

Invite Friends And Family

There’s never a crowd that’s too large thanks to many video conferencing platforms today. With that being said, invite some friends and family members of the retiree to get in on the fun. Try inviting some people without the retiree’s knowledge. The surprises can take the virtual retirement party to the next level.

Play Party Games

With some classic games not possible due to the virtual environment, try some newer games for the whole group. Easy games like a personal or workplace quiz can be put together by all involved in the party planning. You can even create a virtual retirement bingo board to play during the event.

Assisted Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for a memory care facility in Peoria, ArizonaDesert Winds Retirement Community is the facility for you! Travel over to our memory care page to see pictures find out more about our facility, amenities, floor plans and more.

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Can I Retire At 60 With 500K
Written by Brian B

Can I Retire At 60 With 500K

If you are currently wondering aloud “can I retire at 60 with 500k,” you’ll be relieved to learn the answer is yes! There is no easy way to make this a reality, though. You will have to stay disciplined with your finances and save as much as possible. Here is a guide for retiring with $500,000 in the bank.

How Can I Retire With 500K?

The common rule of thumb is that you’ll need to save $1 to $2 million in order to retire. While that is a figure most workers should strive for, sometimes it is simply unrealistic. In some cases, 500K saved will be enough to retire on. With a smart budget and the possibility of two individuals in your home receiving social security or pension income, it is certainly possible to retire with a smaller amount saved.

Here are three steps to follow when saving for retirement at 60:

  • Live on a budget.
  • It’s all about location.
  • Save money early.

Live On A Budget

Enjoying your current lifestyle while also planning for the future is a key towards building a successful retirement. Basic living expenses, such as housing, utilities, healthcare and transportation should all be on a tight budget. If you are struggling to come up with a budget you deem attainable, then the experts suggest going back and reviewing your bills from the past year or month. What could you cut back on, financially, and how can you make those sacrifices? Do not wait until your 40s or 50s to make these evaluations if retirement at 60 is your goal.

It’s All About Location

This may be the hardest part about saving for an early retirement. Consider the idea of moving to an area with lower housing prices, if possible. Of course, this is certainly a tough ask if you are raising kids, and happy with the school district that they are enrolled in. A move can also apply to when you actually do retire. With 500K saved, you might not be able to afford living in the most luxurious areas in the country. Never live above your means, especially during retirement.

Save Money Early

Obviously, the more money you save throughout your life, the more equipped you are for a long and healthy retirement plan. Saving as much money as possible while you are young and middle aged is an essential part of the retirement process. Luckily, there are many ways to save money these days. Opening a traditional or Roth IRA are great ways to save. Constantly take advantage of unexpected savings, like a work bonus. Toss any extra cash into an IRA or even towards your 401(K). If your employer offers a retirement plan, check to see if they will match any amount fully.

When Might Be The Best Time To Start Saving For Retirement

When Is The Best Time To Start Saving For Retirement?

Ideally, experts suggest that everyone starts saving for retirement as soon as they possibly can. Easier said than done, right? Well, experts offer many options for young people to save money now. Putting away at least 10% of your monthly income is a great way to start saving. Simple math here: put away 10% of your $5,000 earned per month equals a savings of $500 per month. That means a total of $6,000 will be saved for the year. Not a bad start at all. Saving 10% per month, starting in your 20s will help cover for any dips in the stock market.

According to a recent survey conducted by Charles Schwab, Americans believe they should have $1.7 million saved by age 65. In order to hit that goal, you would need to save nearly $500 per month, starting at age 25. In some cases, this amount of savings is not reasonable at all. Some 25-year-olds may be struggling in the job market, raising kids, paying off students, or all of the above. If you begin saving for retirement later on, the amount per month needed to be put away will only increase.

Average Ages When Americans Begin Saving

Here is a look at the typical age groups when Americans begin saving for retirement.

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%

All data is from a report published by Morning Consult.

Independent Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for an independent living facility in Peoria, ArizonaDesert Winds Retirement Community is the facility for you! Travel over to our independent living page to see pictures find out more about our facility, amenities, floor plans and more.

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Why Retire In Arizona?
Written by Brian B

Why Retire In Arizona?

If you are searching for “why retire in Arizona” or “why do people retire in Arizona,” then you’ve come to the right place! Arizona is one of the most popular states for retirees in the entire country. Let’s take a look at some of reasons why you should consider retiring in the Grand Canyon State.

Benefits Of Retiring In Arizona

  • Low cost of living
  • Quality healthcare
  • Sunny days
  • Golfer’s paradise
  • Beautiful scenery

Low Cost Of Living

According to BestPlaces, Arizona’s overall costs of living do fall below the U.S. average. Studio apartments actually cost $100 less than the national average, per month. Whether you desire a studio, one-bedroom, two-bedroom or three-bedroom apartment, you’ll enjoy saving money when you choose to live in Arizona.

Quality Healthcare

Quality healthcare is essential for retirees and seniors. And this is just another reason why you should choose to retire in Arizona. USNews recently ranked Arizona #23 for healthcare out of the 50 states. This list took into account access to healthcare for adults and juveniles, as well as overall quality. Arizona scored very high in both categories.

Sunny Days

This place isn’t call the valley of the sun for no reason! Nothing brightens one’s day quite like waking up to some beautiful sunshine. Well, the state of Arizona actually enjoys more sunny days than any other state in the country, according to the NOAA. It’s time to ditch the dreary, overcast weather for the sunniest state in the U.S. That’s right, even Florida has less sunny days than Arizona.

Golfer’s Paradise

Golf is one of the most popular activities or hobbies for today’s retirees. You can’t find a better state to golf in than Arizona. Not only does this state experience more sunny days than anywhere else, as referenced above, but it is also home to numerous world-class golf resorts. Both Phoenix and Scottsdale are regarded as two of the best golfing cities in the country. Play where the professionals play; right here in Arizona!

Beautiful Scenery

Sunsets and sunrises are just the beginning. Take a trip out to the Grand Canyon or even Horseshoe Bend to see some of the most breathtaking scenery you’ll find anywhere. Traveling to the small town of Sedona is a must! The red rock beauty has helped Sedona gain a reputation as one of the most scenic locations in the country.

Independent Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for an independent living facility in Peoria, ArizonaDesert Winds Retirement Community is the facility for you! Travel over to our independent living page to see pictures find out more about our facility, amenities, floor plans and more.

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How To Save For Retirement Without A 401k
Written by Brian B

How To Save For Retirement Without A 401k

Some people beginning to save for retirement may fear they won’t have enough money accumulated without a 401k. This is simply untrue. There are many alternative ways to save money throughout your career. This post will explore retirement savings options for those without a 401k.

Retirement Savings Options

Here are a few ways to save money in the absence of a 401k plan:

  • Open an IRA
  • Save tax refunds
  • Contribute to a CD
  • Solo 401k
  • Health savings account (HSA)

Open An IRA

Opening an IRA is the most popular alternative for individuals without a 401k. Many turn to opening an IRA because there are many different IRAs one can invest in. Both a Roth IRA and a traditional IRA are great investment options. The only stipulation is that one must be earning an income to open an IRA. But, this does include individuals who may be unemployed, yet married to someone who is earning an income. Freelancers and self-employed individuals often choose to open an IRA.

Save Tax Refunds

This is the simplest, but far from easiest option for individuals to save money towards retirement. All you have to do is put your tax refunds directly into savings as soon as you receive it. This may seem like a difficult option, especially for those who depend on tax returns. In the end, though, saving tax returns will be worth it. IRS Form 8888 allows taxpayers to directly deposit refunds into two or more investment or savings acoounts.

Contribute To A CD

A CD (certificate of deposit) offers another great option for those looking for savings opportunities in the absence of a 401k. One of the biggest benefits of a CD is that money can be withdrawn at seemingly any time for any reason. This is an ideal investment option for people who may encounter some large upcoming bills, such as hospital stays and so on. The federal governement insures CDs to never lose value, making this one of the safest invest options possible.

Solo 401k

Also known as self-employed 401k, a solo 401k plan is ideal for those not expected to make a large yearly income. This plan gives you the option to contribute twice, once as the employer and as the employee. As long as the total does not exceed $19,500, individuals are allowed to contribute their entire yearly earnings. That, of course, differs when contributing as the employer. Here, you can contribute up to 25% of your earnings. Spouses of those participating in this plan are eligible, as well.

Health Savings Account (HSA)

A health savings account can be opened even if you have already elected to start an IRA, solo 401k or a CD. The benefits of a health savings account include tax-free withdrawals and growth potential. Money can be pulled from this account with no penalties after the age of 65.

Read more about saving without a 401k right here.

Independent Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for an independent living facility in Peoria, ArizonaDesert Winds Retirement Community is the facility for you! Travel over to our independent living page to see pictures find out more about our facility, amenities, floor plans and more.

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Best Cities To Retire In Arizona
Written by Brian B

Best Cities To Retire In Arizona

Perfect weather, breathtaking parks and views, and world-class golf resorts. The reasons to retire in the state of Arizona are endless! But, choosing which part of Arizona to retire in can be tricky. Here’s a look at five of the best cities to retire in Arizona.

Sedona, Arizona

Do you love all that Arizona has to offer but hate the constant heat? Well, Sedona is the perfect place for you! On average, Sedona is nearly 10 degrees cooler during the summertime than nearby cities like Scottsdale and Tempe. Known for its gorgeous red rock beauty, Sedona is a small town with plenty of action. Hikes for all sorts of skill levels can be found in Sedona, as well as the annual International Film Festival. Come see why Sedona is regarded as one of the best cities to retire in the entire United States.

Retirement community in Sedona: Sedona Winds

Peoria, Arizona

This major suburb of Phoenix is currently the ninth-largest city in the state, and growing! Peoria is a perfect location for the retired sports fan. Currently home of both the San Diego Padres and Seattle Mariners, baseball fans will adore the selection of spring training action happening here. It’s no wonder why Money Magazine ranked Peoria as one of its top 100 places to live in the United States. Beautiful views and historic sightseeing are just two more reasons to make Peoria your future home.

Retirement community in Peoria: Desert Winds

Mesa, Arizona

Although Mesa is the third largest city in the state, it ranks 10th in terms of cost of living. This affordable suburb of Phoenix is growing in popularity each year. Downtown and Old Town Phoenix, Tempe and Scottsdale are all within driving distance. Some of the premier golf courses in the area are also located in Mesa. The Phoenix-Mesa Gateway Airport offers a great alternative for those looking to avoid the major airport in the area. With average temperatures of 75-85 degrees from November to April, Mesa is a great place to call home.

Retirement community in Mesa: Canyon Winds

Surprise, Arizona

Surprise, Arizona offers a restful location, 45 minutes outside of the busy Phoenix region. Surrounded by the Sonoran Desert, Surprise has become a hotspot, recently. With baseball’s spring training facilities, numerous parks and a slower-paced lifestyle, Surprise is a perfect spot to retire. Retirees started flocking to this city in the 1990s, and the popularity has continued to rise ever since. Plan your next trip to the valley of the sun and stop by Surprise while you visit!

Retirement community in Surprise: Chaparral Winds

Youngtown, Arizona

Don’t know much about Youngtown, Arizona? Well, you might be in the majority… but not for long. Youngtown has a tiny population of just over 6,000 people. Incredibly enough, though, Youngtown is actually the oldest retirement community in the United States. In 1954, the first-ever community dedicated solely to retirees was built here. Age restrictions were initially enacted in this area, but eventually repealed back in 1999. For the moment, Youngtown, Arizona is still one of the best kept secrets in the country.

Retirement community in Youngtown: Ventana Winds

Independent Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for an independent living facility in Peoria, Arizona, Desert Winds Retirement Community is the facility for you! Travel over to our independent living page to see pictures find out more about our facility, amenities, floor plans and more.

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When Might Be The Best Time To Start Saving For Retirement
Written by Brian B

When Might Be The Best Time To Start Saving For Retirement?

Retirement is a phase of life that many dream about but few plan for. Saving money for retirement is crucial, especially in today’s economic climate. So, when might be the best time to start saving up for retirement?

Best Time To Save For Retirement

Ideally, experts suggest that everyone starts saving for retirement as soon as they possibly can. Easier said than done, right? Well, experts offer many options for young people to save money now. Putting away at least 10% of your monthly income is a great way to start saving. Simple math here: put away 10% of your $5,000 earned per month equals a savings of $500 per month. That means a total of $6,000 will be saved for the year. Not a bad start at all. Saving 10% per month, starting in your 20s will help cover for any dips in the stock market.

According to a recent survey conducted by Charles Schwab, Americans believe they should have $1.7 million saved by age 65. In order to hit that goal, you would need to save nearly $500 per month, starting at age 25. In some cases, this amount of savings is not reasonable at all. Some 25-year-olds may be struggling in the job market, raising kids, paying off students, or all of the above. If you begin saving for retirement later on, the amount per month needed to be put away will only increase.

How To Start Saving

If you couldn’t afford to start saving in your early to mid-20s, experts say the next best time to start saving is right now. Put away whatever you can afford, even if 10% is simply too much money at this point. Start by jumping on your employer’s 401(k) plan, if offered. Opening a traditional IRA offers more investment options than the typical 401(k) plan. The only constricting part about IRA’s is the $6,000 contribution limit for those under the age of 50.

There are several other ways to begin saving for retirement. If you can’t invest in a 401(k) plan or an IRA, it doesn’t mean saving money is impossible. Start by banking any unexpected or extra cash. This means taking birthday checks and bonuses straight to the bank. Avoid any luxury purchases when possible. You’d also be surprised by how much spare change you’ll come across over the years. Try to put all your spare change away in the bank. Picking up a part-time job or just earning some extra money on the side could prove beneficial in the future.

Age When Americans Begin Saving

Here is a look at the typical age groups when Americans begin saving for retirement. All data is from a report published by Morning Consult.

  • Ages 20-29: 39%
  • Ages 30-39: 25%
  • Ages 40-49: 15%
  • Ages 50-59: 6%

Independent Living At Desert Winds Retirement In Peoria, Arizona 

If you are searching for an independent living facility in Peoria, Arizona, Desert Winds Retirement Community is the facility for you! Travel over to our independent living page to see pictures find out more about our facility, amenities, floor plans and more.

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Written by webtechs

How Much Does Retirement Cost?

Retirement Cost

The average cost of retirement is $136 per day, $4,083 per month, and $49,000 per year in the US in 2020, according to NorthwesternMutual.com.

  • Retirement Cost Per Day: $136
  • Retirement Cost Per Month: $4,083
  • Retirement Cost Per Year: $49,000

What is the average cost of retirement? According to the Bureau of Labor Statistics: about $49,000 annually in 2014, the most recent year in which stats are available. Meaning, if you live for 20 years following your retirement, it will cost you about $980,000 (including taxes, not taking into account inflation).

If you are trying to determine how much you will need to save for your retirement, then $1 million sounds like a nice round number to strive for concerning saving. But the actuality is that determining how much your retirement will cost is a little more involved. The following are some important questions to ask.

How Much Does Independent Living Cost?

The average cost of independent living is $3,750 a month, with costs ranging from $1,500 to $6,000 in the US in 2020, according to Elmcroft.

How Much Does Assisted Living Cost?

WhereYouLiveMatters says the national average cost of assisted living is about $4,051 per month, according to the Genworth Cost of Care Survey 2019. The average assisted living cost per day is about $133 per day. The average cost of assisted living per year is about $48,612 per year.

How Much Does Memory Care Cost?

As reported by AARP the average cost of memory care is $2,500 a month with costs ranging from $1,000 to $4,000 in the US in 2020.

How Much Does a Nursing Home Cost?

The average cost of a semi-private in a nursing home is $248 per day, $7,441 per month, and $89,297 per year in the US in 2020, according to SeniorLiving.

How Much Does In-Home Care Cost?

As reported by Aging.com the average cost of in-home care is $300 per day with costs ranging from $200 to $350 in the US in 2020.

How Much Does a Retirement Home Cost?

The average cost of a retirement home is $5,000 a month, with costs ranging from $3,000 to $7,000 in the US in 2020, according to FinancialPost.

How Much Money Will You Need Each Year?

Don’t forget that $49,000 annually is the average. In fact, it will be very different for each one of us. Are you planning on staying close to home and spending your days taking care of your grandkids? You might not spend as much. Are you planning on taking a significant trip or 2 every year and get in plenty of camping and just get away from it all? You are most likely going to spend more. When you are younger, it’s harder to judge exactly what you will spend in retirement. But as you get an idea of your lifestyle, you can imagine retirement will be relatively similar. Are you spending $30,000 each year or $150,000? Take your personal numbers into consideration when trying to estimate the cost of your retirement.

How Long Are You Going Live?

An annual cost estimate is helpful, but only when you know over how many years you will be distributing that cost. As reported by the Social Security Administration, the average life expectancy of a 65-year-old man nowadays is 84. In women, it is 86½. However, those are only the averages. There’s a 1 in 3 chance a 65-year-old will reach age 90; 1 in 7 past 95. The average retirement lasts about 20 years, but what happens if you live longer? If you want to guarantee you will not run out of money, you should save for a minimum of a 30-year retirement.

How Will Inflation and Taxes Influence The Cost Of Your Retirement?

Costs increase. The things you can purchase nowadays with $49,000 are probably going to cost more in the future. Meaning if you are 30 years old and are planning for the cost your average retirement now, you probably should not adhere to that $49,000 yearly estimate — by the time you reach retirement, the average cost will probably be considerably higher. Inflation will also influence you throughout your retirement. That’s the reason over the 20 to 30 years or more than your retirement might last, costs are probably going to increase.

As well as inflation, taxes may be another huge cost in retirement. If you are planning on funding your $49,000 average using Social Security and capital from a 401(k), you are going to need more than the $49,000 in income annually. The reasoning is you will be obligated to pay taxes on the capital you take out.

How Will You Produce Income in Retirement?

As you’re saving for retirement, it can be easy to put all your focus on, say, saving (maybe you’re striving for the million-number mark). But once it comes down to funding your retirement, saving is only part of the formula. You should also plan for how you will produce your income. And that plan could impact how you save.

The best retirement plans comprise of income from various sources, including Social Security payments, pensions, revenues, IRAs, 401(k)s and possibly cash value from your life insurance. It’s also a good idea to have a mixture of non-taxable and taxable income sources such as conventional and Roth retirement accounts. The variety of income sources can enable you to be more tax-efficient when you’re saving and taking out your savings. It may also help you balance the increase you could get from higher-risk investments (helping you keep up with inflation) with the dependability you can get from ensured income sources such as Social Security, pensions and revenues (which helps take into account for the possibility of you living longer than you expected).

In the end, when you are intentional about how you produce income in your retirement, you can get more out of the money that you’ve saved. Meaning more in retirement at a lower cost!

If all this appears to be a little compelling, don’t fret. A financial advisor can assist you in getting an impression of where you are and what you wish for your future. Then they can help you create a plan that takes all of the components we discussed into account. Don’t forget, your plan is not only about retirement — it’s also about making preparations financially for the things you’ll want to do between now and your future.

Source:

  1. Who We Are.” Northwestern Mutual, www.northwesternmutual.com/life-and-money/what-does-an-average-retirement-cost/.

Peoria, AZ Retirement Community 

Desert Winds Retirement Community

20545 N Lake Pleasant Rd #2577, Peoria, AZ 85382

(623) 322-0600

Desert Winds Retirement Community in the West Valley offers an abundance of activities, flexible amenity packages, several different lifestyles, and many floor plans from which to choose. We are a community you will be proud to call home. Offering solutions for all Independent, Assisted Living & Memory Care Residents.

Learn More About Retiring in Peoria AZ

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What Age Can You Stop Filing Income Taxes?

What Age Can You Stop Filing Income Taxes?

Updated For Tax Year 2021

You can stop filing income taxes at age 65 if:

  • You are a senior that is not married and make less than $14,250
  • You are a senior that is married, and you are going to file jointly and make less than $26,450
  • You are a qualifying widow, and earned less than $26,450

The IRS will want you to file a tax return when your gross income surpasses the total of the standard deduction for your filing status, in addition to one exemption amount. These filing rules will still apply to senior citizens who are living on their Social Security. However, if you are a senior, you don’t consider your Social Security income as gross income. If Social Security is your only source of income, then you won’t need to file a tax return.

When Seniors Must File Taxes

For the tax year 2021, you will need to file a tax return if you are not married, at least 65 years of age, and your gross income was $14,250 or higher. But, if you live on your Social Security benefits, you don’t include this in your gross income according to TurboTax. If this is solely the income you receive, then your gross income comes out to zero, and you won’t have to file a federal income tax return. But if you do earn additional income that is not exempt from being taxed, then each year you must figure out whether the total exceeds $14,250.

For previous tax years, these amounts are based on the year’s standard deduction, in addition to the exemption amount for your filing status and age. For tax years after 2018, only the standard deduction is used because exemptions are no longer used in calculating your taxable income under the new tax law passed in the latter part 2017.

When you and your spouse are 65 years of age or older and married and are going to file a joint return, you have to file a return if your joined gross income exceeds $27,800 or more. When your spouse is under 65 years old, the threshold amount diminishes to $26,450. Bear in mind that these income thresholds only apply to the 2018 tax year, and usually increase somewhat each year after.

When To Include Social Security In Your Gross Income

There are certain circumstances when seniors must add their Social Security benefits in their gross income. If you are married and file an individual tax return and reside with your spouse during the year, 85% of your Social Security benefits are deemed gross income which may warrant you to file a tax return. Additionally, an allotment of your Social Security benefits are included in gross income, no matter your status, in any year the total of half your Social Security including all other income, tax-exempt interest, exceeding $25,000 or $32,000 if you are married and filing jointly.

Tax Credits For Seniors

Even if you have to file a tax return, there are ways you can decrease the amount of tax you will pay on your taxable income. So long as you are a minimum of 65 years old and your income from sources other than your Social Security is not high, then a tax credit for seniors, the elderly or disabled, can lessen your tax bill on a dollar-for-dollar arrangement. Nevertheless, this tax credit is only useful when you truly owe tax to the IRS.

What Age Do You Stop Paying Taxes on Social Security?

You can stop paying taxes on Social Security at 65 years old as long as your income is not high. According to TurboTax, “As long as you are at least 65 years old and your income from sources other than Social Security is not high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis. However, this tax credit is only useful when you actually owe tax to the IRS.”

Desert Winds Offers The Finest Retirement Living In Peoria, Arizona

Desert Winds is a retirement facility in Peoria, Arizona offering assisted living, independent living, and memory care services. For more information about our senior living facility, SLS Communities or to schedule a tour, please call us today at (623) 362-1200.

Written by webtechs

Happy Retirement Quotes

Happy Retirement Quotes

If you’re searching for happy retirement quotes, this post should help!

1. To one of the best people that our office has ever had the pleasure of working with. Congrats on your retirement!
2. A life without the daily commute and mountains of paper work. You’re very lucky my friend. Enjoy your retirement!
3. Retiring doesn’t mean that you have to stop chillin’ with us! Don’t forget stop by the office every once in a while. Happy Retirement!
4. Retirement equals independence. I hope you enjoy doing the things that you never had time for before. Congratulations! Happy Retirement!
5. The office will never be same without you. You will definitely be missed! Congrats on your retirement!
6. Open up that champagne and start an amazing bbq – this landmark in your life is worth commemorating. Happy retirement!
7. Happy retirement! Are you ready to start your new job? I’m pretty sure your wife has a “honey-do-list”.
8. You can now dress however you want to and no one will bat an eye. Just remember to! Happy retirement!
9. This is only a catch you on the flip side, not a goodbye. Happy retirement.
10. Enjoy your retirement and unlimited weekends. Take care and congrats!
11. Wishing you a wonderful retirement. Enjoy your new chapter in your life and we hope it’s filled with relaxation, and fun!
12. Say farewell to tension and a nice how-do-you-do pension! Congratulations from all of us to one admirable retiree.
13. Enjoy your retirement, now you can start that book you’ve talking about. Congrats.
14. To my colleague, but more importantly my friend. Wishing you a happy and healthy retirement.
15. Sorry that you are retiring, now we can hang out someplace besides the office. Happy retirement!
16. To keep your life balanced, work like you’re already retired and retire like it’s work.
17. Here’s to your good health, good luck and great successes in your retirement. Congratulations.
18. Have a wonderful retirement, remember us when you are globetrotting around the world.
19. Happy retirement best wishes on what your next adventure will bring.
20. I’m not old enough to give you advice but today I want to give you some – be strong! This is just beginning!
21. Have you been yearning about day totally without stress? That day is finally! Happy retirement day!
22. I just can’t believe that you are retired. I hope this time in your life will be great for you. Congrats.
23. Happy retirement, my friend. This is a big day for you, because everything is going to change. Enjoy the retired life!
24. Are you ready to start a new you? I hope you will experience something interesting at this stage in life. Go have some fun!
25. Today was your last day of work, we know it’s kind of sad, but look on the bright side. No more “a case of the Monday’”.
26. Do you know what retirement means? It’s time to discover a new you. Happy retirement!
27. With new challenges, comes a new you. Happy retirement. Here’s to strong health and lots of joy!
28. No more alarm clocks, running out the door, the daily commute… all gone! Enjoy your retirement!
29. Here’s to all of the hard work your put into this company, happy retirement.
30. Retirement isn’t the end of the road. It’s a brand-new beginning. It’s time to get out there and try something new and keep your head up!

Read more happy retirement quotes at Winds Retirement Community

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