We all want to cut our expenses when we retire to help us have a comfortable standard of living on our more limited income. Generally, the last thing we want is to add another new expense. And many people intentionally wait to retire after they turn 65, so they will have Medicare to cover theirRead More
Holloway Financial
I thought Medicare was free! Why would I need to pay for my Medicare?
For most people, Medicare Part A comes at no cost after age 65. That’s because they have worked enough time (at least 40 quarters, 10 years total) while paying Medicare taxes. Those who only paid Medicare taxes for 30-39 quarters have a monthly premium for Medicare Part A of $232. Those who paid Medicare taxesRead More
Why saving money isn’t all you need to do to get retirement right
If you asked people approaching their planned retirement age if they wish they had saved more in their earlier working years, almost all would say “yes.” Without a time machine, we can’t go back and save more sooner. We can only make changes going forward to improve our retirement income. But even if we’ve beenRead More
Which Millennials are failing to save for retirement?
For a variety of reasons, people have been saying that younger adults (Millennials, specifically) aren’t saving enough for their retirement. Some will say it’s the crushing debt from student loans which prevents them from being able to save. Others point out that they entered the employment market at a point in time where wages wereRead More
Should you visit with a Financial Adviser or Planner?
Smart people know that sometimes they need to seek out expert opinions – because none of us is an expert in everything. As the person in charge of your finances, you should be willing to consult a financial planner when necessary. We serve a diverse group of clients at Texas Financial and Retirement and haveRead More
When should I start receiving my Social Security benefits?
The amount you can expect to receive from Social Security varies quite a bit. As we at Texas Financial & Retirement like to point out, Social Security should only account for about ⅓ of your income during retirement (the other ⅔ coming from retirement plans and personal savings). For many people, it will actually beRead More