Financial Focus: Inflation-fighting strategies for retirees

Rutgers looks to pick up steam in clash vs. Seton HallLike sands through the hourglass, so are the days of Gavin’s political careerThe B.C. New Democratic and Green parties have reached an "agreement in principle" on a "co-operation and responsible government accord" that will see the smaller party support the government on confidence matters. The parties will also work together to achieve specific legislative goals in the coming session. In a statement Friday announcing the agreement, NDP Premier David Eby said the shared priorities are "strengthening health care, building affordable housing, creating livable communities and growing a strong sustainable economy." While the agreement announced Friday and published on the provincial government website is not the final accord between the two parties, it does note that the policies and budget commitments outlined in the agreement "are not subject to change." The final version of the accord will be executed in January, according to the agreement. The agreement lists 11 specific policy initiatives that the parties agree to pursue, under the headings "health care," "mental health care," "housing," "renters protection," "homelessness," "transit," "climate," "environment," "social and economic justice," "taxation," and "democratic and electoral reform." This last heading includes a commitment to create a special legislative all-party committee to recommend policies to be pursued in 2026 around the issues of democratic engagement and voter participation, "increasing political polarization," and improving "the representativeness of government." "The committee will review and consider preferred methods of proportional representation as part of its deliberations," the agreement reads. Other key commitments in the agreement include a pledge from the government to complete a review of its CleanBC program in 2025, one year earlier than scheduled, and to support the growth of the "Community Health Centre" model for primary care facilities in the province. According to the document, the Green Party agrees to support the government on "all confidence votes," as well as "agreed-upon motions and government bills." "We are two distinct parties with two distinct identities, and we won't always agree," Eby said in his statement. "We also have many shared values. The agreement lays out specific areas of action we will work together to achieve. This agreement will strengthen the stability of government and help deliver on the priorities of British Columbians. We will continue to work with all MLAs who want to make the legislature work for people." The October provincial election left the NDP with 47 seats, the slimmest possible majority in B.C.'s 93-seat legislature. Working with the Greens, who won two seats, will give the New Democrats more breathing room when attempting to pass legislation and survive confidence votes. The NDP and B.C. Greens last formally worked together during former premier John Horgan's first term, when he and former Green leader Andrew Weaver reached a confidence and supply agreement allowing the two parties to unseat Christy Clark's B.C. Liberals after the 2017 election. The agreement lasted until 2020, when Horgan called a snap election and was re-elected to a majority government.

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Israel launches new strikes on Lebanon as leaders draw closer to ceasefire with HezbollahRachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery. Related Articles Business | The year in money: inflation eased, optimism ticked upward Business | How to protect your communications through encryption Business | Army and Navy team up for hypersonic missile launch from Cape Canaveral Business | About 2.6 million Stanley cups recalled after malfunctions caused burns. Is your mug included? Business | Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers. Here’s how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track . —By age 30: Save 1x your annual salary —By age 40: Save 3x your annual salary —By age 50: Save 6x your annual salary —By age 60: Save 8x your annual salary —By age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind. Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track. You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce. First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. “Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. “Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as: —Workplace retirement accounts, like 401(k)s —Personal retirement accounts, like a traditional or Roth IRA —Pensions —Annuities —Selling your home or business —Rental income —Inheritance “If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. “Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.” Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. “Everyone’s plan is unique, so exploring all the options is important,” Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date. “Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.” Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. “Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger. Postponing retirement can also boost your Social Security benefits . “You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: —Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. —Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit. —Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.'Star Wars: Skeleton Crew' series felt 'like going home', Jude Law saysMINNEAPOLIS — Penn State pulled off a vital win over Minnesota Saturday night in Minneapolis, earning a 26-25 win that makes the Nittany Lions 10-1 on the season and 7-1 in the Big Ten. Let’s get right into the analysis — with the good, the bad, and the ugly from PSU’s victory. Good Fourth quarter aggressiveness: As someone who will die on the hill of almost never punting, I appreciated James Franklin’s willingness to go for it on three different fourth downs on his team’s game-ending drive. The Nittany Lion head coach does not always make aggressive decisions — he even showed passivity at times Saturday — but when it mattered most he believed in his team and it got the job done. The first was a fake punt that was only successful because PSU didn’t check out of, thanks to Minnesota bringing out its punt return unit and not anticipating the fake. But the second and third were him putting it all on the line with his offense and trying to, as he put it, end it on Penn State’s terms. That’s the kind of aggressiveness that’s needed to win in big moments. Minnesota may only be a middle of the pack Big Ten team, but there was a lot on the line for Penn State Saturday. And that created the type of chances for the Nittany Lions to go out and earn what they aspire to achieve. And on those fourth downs, they did just that. Drew Allar: Saturday was not Allar’s best game, but what he did in crucial spots was more than enough to take him out of having a bad game. The junior quarterback picked up crucial yards on the ground on several occasions and on the final play of the game made the correct call to seal the win for Penn State. On that play in particular, he could have easily thrown the ball in the dirt or tried to force a throw to a covered Nick Singleton on his first read, but instead he made a play. Allar evaded a rusher and stepped up, initially looking like he was going to try and run for the first down with only a yard needed to end the game. But instead he kept his eyes downfield, hitting a wide open Tyler Warren to end it. Those are the kinds of plays that veteran quarterbacks decide to make and the kind that some of the best make consistently. Sure, there was an errant throw or two downfield on Saturday, but ultimately it was Allar who closed out the win. College Football Playoff chances: This is pretty much settled. If Penn State wins against Maryland next week, it is going to be in the 12-team College Football Playoff field and probably seeded between No. 5-8, hosting a first round game at Beaver Stadium. Frankly, the Nittany Lions might even be in with a loss now that Ole Miss has picked up a third defeat. There was a lot of discussion about this program being the primary beneficiary of a 12-team field, and we’re all seeing why. The Nittany Lions remain one of the best teams in the country year after year, even if they don’t necessarily crack the top four. And that may be the irony of all of this. There’s a good chance they finish in the top four in the final rankings — but they’d be seeded lower because they wouldn’t be a conference champ, which the top four seeds are reserved for — making it likely that without playoff expansion they’d have made a four-team field anyway. Andy Kotelnicki: Penn State’s offense isn’t the best in the country, but it is very good and a lot of the credit for that has to go to its offensive coordinator. Kotelnicki has come in and implemented a scheme that relies on complicating everything for the defense. Even the most basic of plays usually involves some sort of motion to challenge the opponents’ ability to make changes with offensive players on the move. He’s taken the group from good to great and has allowed Allar to evolve into one of the best quarterbacks in the country with tight end Tyler Warren as one of the best weapons in the nation. There will be some quibbling about exactly how he does things — some will say he gets too cute and needs to simplify his offense. But those people are wrong. Kotelnicki’s disguises are what makes this offense successful and what has helped lead this team to an eventual playoff berth. Penn State’s defense: The first drive was bad, but the rest of the game was mostly great. The Nittany Lion defense under Tom Allen has bent but not broken most of the season and that’s what happened often against the Gophers. Their first touchdown came on a long drive to begin the game, an issue PSU has had this season, but the only other one came on a trick play after a blocked punt gave the Gophers a short field. The 25 points allowed doesn’t do the defense justice in this game. Very rarely was that group at fault for the Gophers having success scoring, and when Minnesota was in desperate need of points, the Nittany Lion defenders delivered. They helped the team win the turnover battle against a group that was one of the best at getting takeaways and ultimately they kept them alive despite one facet of the game trying to give it away. Bad First quarter passivity: Franklin should be applauded for his aggressiveness late, but he should also be criticized for being passive early. Twice on the team’s first two drives they had fourth-and-1 and twice they decided to punt. And again, as someone who almost never thinks it’s a good idea to punt, I did not like those decisions. The first one is, admittedly, one that most people would punt on. The team was at its own 34-yard-line and it was the first drive of the game. That being said, you are the No. 4 team in the country with the most creative offensive mind calling your plays. You should be able to pick up a yard there. It doesn’t help that Minnesota drove down and scored a touchdown on its ensuing drive, either, rendering any field position gained pointless. The second decision to punt was even more egregious, with PSU having the ball on its own 46. Not going there is fighting for a minimal advantage and — again — not trusting that your offense can gain a single yard. Those plays proved inconsequential to the result, but had the Nittany Lions not become aggressive late and lost, that would have been one of the most obvious reasons as to why. Ugly Special teams miscues: Ryan Barker made his field goals and Luke Reynolds converted a crucial fourth down on a fake punt, but pretty much everything else went wrong for the special teams on Saturday. Riley Thompson had a punt blocked that led to a Minnesota touchdown on the next play. Then Barker had an extra point blocked and returned for two points after a Minnesota defender came through the backfield untouched. And to top it all off, Warren — who was an all-state punter in high school — shanked one 16 yards on a wildly unnecessary trick play that ended with Allar storming off the field furiously. Penn State won, so none of that will matter in the long run as long as the Nittany Lions fix the issues. But they’ll have plenty to fix when they get back from Minneapolis.