As retirement age approaches, relying solely on Social Security is increasingly risky, especially since COLA increases do not keep pace with inflation. Full retirement age varies, peaking at 67 for those born in 1960 or later. The recent 2.5% COLA increase for 2024 contrasts sharply with inflation rates of approximately 3% or more. Therefore, supplemental income from investments, particularly dividends from stable stocks advocated by Warren Buffett, is crucial for baby boomers to maintain a comfortable retirement lifestyle. Seeking professional financial advice can further improve retirement security.
According to the Internal Revenue Service (IRS), passive income generally includes earnings from rental activity or any trade, business, or investment in which the individual does not materially participate.
Combining passive income streams with social security can help baby boomers have a comfortable retirement.
Passive income from safe Warren Buffett dividend stocks is an outstanding idea for seniors to keep up with rising costs.
The Social Security COLA increase for 2024 was a puny 2.5%, while inflation has been running closer to 3% and, in some cases, much higher.
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