Financial Changes Affecting Retirees

Along with the volatility in the economy there have been significant changes to the rules regarding retirement benefits. The government has changed rules on retirement taxation and will not likely provide a cost-of-living increase for social security recipients this year.  Pre-planning is important to take advantage of these changes. Here is important information to know if you are retired or planning to retire within the next year.

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Build Up Your Emergency Fund

The traditional rule of thumb is that everyone should have three to six months cash on hand in case of an emergency.  In a down economy like we are experiencing now, I am recommending having at least six months in reserve because it is taking people much longer to find work today that in the recent past. Here are some answers to basic questions like how do you build it up? How much should you have? Where should you keep it?

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