Retirement Archives - DIYmoneytrack.com

Are you prepared for growing healthcare costs?

Healthcare is one of the single biggest — and fastest-rising — lifetime expenses for most Americans. The exact number depends on your age, health, location, and the benefits you carry, but the total estimated lifetime healthcare costs may surprise (or even shock) you.

Concerningly, many Americans don’t have a clear picture of their potential healthcare costs while working and during retirement, or how to estimate these fast-growing living costs for planning purposes.

For example, a 25-year-old could pay anywhere from $400K+ to ~$1.5M for healthcare over their lifetime depending on personal decisions, medical needs, insurance coverage, and inflation rates.

Does your financial plan include annual estimates for healthcare costs with projected inflation?

Below I’ll sketch projected lifetime (or remaining lifetime) healthcare costs, and explain why tracking and managing these costs over time is crucial for your financial stability and well-being.

The $5 million question: Is the American Dream still attainable?

For generations, the American Dream has been the bedrock of national ambition—a promise that hard work, perseverance, and determination can lead to a better life, financial stability, and upward mobility. It was traditionally painted as a simple picture: a house with a white picket fence, a secure job, two children, and a comfortable retirement.

But for millions of Americans today, especially younger generations burdened by student debt and rising costs, that dream feels less like an achievable goal and more like a historical relic.

The simple picture has been replaced by a sprawling, unaffordable mansion of aspiration, leaving many to wonder if the game is rigged against them.

To learn more about the price tag for achieving the American Dream, how it’s being redefined by younger generations, and whether it’s still possible to attain, please read on.

Your first 401(k): How to start strong and build wealth for the future

Starting your first job often comes with a big perk — access to a 401(k) retirement plan. Enrolling might feel confusing at first, but the choices you make now can have a huge impact on your financial future.

Here are eight ways to make the most of your 401(k) from day one (and beyond), with real numbers to show the difference your decisions can make and digital tools available to help you optimize your accounts.

Why you should set up your Social Security account online as soon as possible

If you’ve been collecting a regular paycheck in the U.S., then your employer has been deducting Social Security taxes. These deductions are typically itemized on your paystub as “FICA SS TAX”. Your employer matches these contributions and sends both portions to the Social Security Administration.

Even if you already know about this deduction, you may not have realized that information about your Social Security tax payments and future benefits are available to you online at the Social Security Administration (SSA) website.

If you have not already created your my Social Security account online, then you should do so as soon as possible. Read on to find out why you should set up an online account and how to do it.