Inflation is driving the cost of living up rapidly these days, but it's pretty much always a concern, especially for retirees on a fixed income.

Moving to a more affordable area is one way to stretch your savings further if you're not too attached to your current home. You might really want to think about it if you live in one of the 10 states listed below.

Image source: Getty Images.

The following 10 states have the highest cost of living as of the first quarter of 2022, according to the Missouri Economic Research and Information Center. Each is shown alongside its index score, with the national average being 100. A higher number indicates a more expensive state. For example, an index score of 110 means a place is 10% more expensive than the national average.

The District of Columbia is also pretty expensive. Its index score of 158.8 was second only to Hawaii.

It's worth noting these are averages for the entire state. It's possible that some areas of these states are not that much more expensive to live in than the national average. It's also possible that some areas have an even higher cost of living than these averages suggest.

If you don't plan to live or retire in one of these states, you might be able to save less for retirement, but this isn't a guarantee. Likewise, retiring in one of these expensive states might not cost as much as you fear. But regardless, it's important to have a realistic idea about how much your basic retirement expenses will cost.

Those who plan to retire in their current city probably already have a good idea about average costs in the area. But if you plan to retire elsewhere, you need to get a sense of how much everyday expenses, like food, housing, and healthcare, stack up in your retirement destination compared to your current residence. Make sure you're basing your estimated retirement expenses around the costs where you plan to spend retirement.

Prioritize your retirement savings right now, too. You might feel that you have plenty of time left to save, but the longer you put off saving for retirement, the more difficult your task becomes. Once you have an idea of how much you plan to spend every year in retirement, it shouldn't be too tough to figure out how much you need to save.

If you're worried about retirement costs but you don't want to move, there are other things you can do to keep costs down. You could consider moving to a more affordable area within your state or downsizing your home. However, downsizing may not save you much money if housing costs have risen significantly in your area since you purchased your home.

You might also be able to reduce costs in retirement by shopping around before you buy things, relying upon senior discounts where you can find them, and devising a monthly budget and some sort of tracking system to hold yourself accountable.

Everyone's retirement looks different, so it's tough to say exactly what will work best for you. Be open and consider all your options. And don't wait until you're ready to retire before you begin thinking seriously about all of this. The sooner you begin planning, the better chance you have of retiring comfortably.

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Tight Retirement Budget? Don't Retire in These 10 States With a High Cost of Living - The Motley Fool

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U.S. credit card debt declined during the pandemic, as people were generally staying home and spending less money. But as the world ramped up again, revolving debt started increasing throughout the second half of 2021 and the first half of 2022.

Its easy to see why credit card spending is up, with a volatile stock market and record high inflation over the past year. Many are wondering what options are available to pay down credit cards.

We spoke with two financial experts on why its probably not a good idea to pull from your retirement account to pay off credit card debt, as well as what alternatives you should consider.

Because of the notoriously high interest on credit cards, its easy to feel like your balance isnt shrinking when youre only making the minimum payment. And while a lump sum payment can be far more effective, it requires money that many people simply dont have on hand. For that reason, consumers may find themselves turning to the money in their retirement accounts.

Generally speaking, financial experts agree that its not wise to pull from your retirement account to pay off debt, even if you have high-interest debt like credit cards.

Tapping into some retirement accounts early can leave you with a nasty tax bill and often a penalty on top of taxes, which will put you in an even tougher situation if you dont have the liquidity to pay off the debt without it, said Lauren Anastasio, a CFP and the Director of Financial Advice at Stash, a financial tech company.

First, assuming the money is in a pre-tax retirement account like a traditional IRA or 401(k) plan, youll be on the hook for income taxes for any money you withdraw. Depending on your annual income, the tax rate could range from 10% to 37%, which is excessively steep.

And because the money in your retirement accounts is meant to be used for retirement, theres an additional 10% penalty on early withdrawals. Between those taxes and penalties, a significant portion of what you withdraw will end up going directly to the IRS.

Most importantly, it can have a significant impact later in life when you are older, not working, and need to rely on those funds, said Paramita Pal, the head of US Bankcard at TD Bank.

Once you withdraw the money from your retirement account, you stop your portfolio from growing and compounding to build your retirement account. Unfortunately, you could find yourself with a shortfall during retirement as a result.

Consider this: Withdrawing $10,000 from a retirement account could help you eliminate your credit card debt in one fell swoop. But if you keep that money in your retirement account and dont add one single more dollar, with a conservative estimate of 8% annual return in the market, it would be worth more than $100,000 after 30 years thanks to compound interest. Thats the beauty of not touching your investments.

Credit card debt can feel unmanageable, but you may have more options than you think. Consider using a debt snowball or debt avalanche calculator to see just how quickly you could pay off your debt if you allocated your excess disposable income to it each month.

Its understandable that many credit card users want to maintain their credit score and, therefore, may panic during financial hardships if they find themselves in debt, Pal said. But instead of tapping their nest egg for funds, I advise looking into alternatives.

The first option available to tackle your credit card debt is to simply use your excess monthly income to pay off as much as you can. This option wont have quite the impact of a lump sum payment, but slowly and steadily, your debt will decrease. And using a debt payoff strategy such as the debt snowball or debt avalanche can help you jumpstart the process.

Even if you want to tackle your debt a bit more aggressively, there are still other options available.

One alternative solution is to seek out credit cards that offer strong balance transfer benefits, such as waiving balance transfer fees or not charging interest on the transferred sum for an extended period, Pal said.

These credit cards often offer 0% interest for anywhere from 12 to 18 months, meaning all of your payments are going toward your principal balance instead of interest. However, its important to make a plan to pay off the debt before the introductory APR ends, or else you risk getting stuck with a high interest rate (and possibly even retroactive interest charges).

Another alternative to using your retirement account is taking out a debt consolidation loan. Its technically a personal loan, meaning its unsecured, just like your credit cards. However, it allows you to pay off several credit cards and consolidate your debt into a single balance and single monthly payment. And often, you can land a lower interest rate.

While it can be tempting to use the money in your retirement accounts to pay off debt especially if theres a large amount in there experts advise against it. Not only could you find yourself on the hook for significant taxes and penalties, but youre also robbing your future self, potentially putting your retirement at risk.

As you look for solutions to your credit card debt, its also important to address the root cause that got you into your current situation. Sometimes debt is unavoidable, such as in a financial emergency. However, if racking up credit card debt seems to be an ongoing problem, consider creating a budget to decrease your spending to change course.

Creating a budget and sticking to it is key, Pal said. There are many digital tools available to help consumers manage their spending and identify areas where they typically overspend and can cut back.

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Pulling From Your Retirement Accounts Should Be Your Last Resort When Paying Debt. What to Do Instead - NextAdvisor

Berl Schwartz

MONDAY, Aug. 22 Ingham County Health Officer Linda S. Vail will retire in February, she has informed the county Board of Commissioners.

I have had strong feelings about not leaving our health department team, the Ingham County community, and the Board of Commissioners until I felt I had done everything I could to continue to provide leadership during this challenging and unprecedented time, Vail said in a letter to Chair Bryan Crenshaw. I am feeling confident at this time that we will have navigated our way through the brunt of the COVID-19 pandemic by the time I retire.

As health officer, Vail has led the Ingham County Health Department for more than eight years. Vail, 61, is a microbiologist who led the Kalamazoo County Health Department for the previous seven years. She oversees a department with some 400 employees, a network of health centers and a budget of more than $50 million. Armed with emergency powers under state law, she exerted them at times during the height of the pandemic to crack down on violations. She was initially slow to embrace masks, but became an advocate.

"I found this career in public health to be very satisfying," Vail said today. "This job is more than a job to me,' Vail said today.

Asked what she might do after she leaves the Health Department, she said, "My brain is engaged in thinking about everything infectious diseases, how they spread, equity, justice. I don't anticipate my brain shutting down around those things."

However, she does not plan to work again full time. She will stay in Lansing with her husband, Mike Eyia, a musician who leads the band Orquestra Ritmo.

She wants to spend more time with her two granddaughters in Kalamazoo, where her daughter lives. She also has a son in Las Vegas.

Soon after her Feb. 17 retirement, she and her husband, daughter and granddaughters will head to Steamboat Springs, Colorado, to ski -- part of her plan to "do some traveling and see what other options I might have."

Here is Vails letter:

"I have so many mixed emotions as I write to you confirming my intent to retire in 2023. When we spoke about this a few months ago, I did not have a specific date in mind other than sometime in 2023.

"With this communication I am informing you that 1intend to retire on February 17, 2023. I have had strong feelings about not leaving our health department team, the Ingham County community, and the Board of Commissioners until I felt I had done everything I could to continue to provide leadership during this challenging and unprecedented time. I am feeling confident at this time that we will have navigated our way through the brunt of the COVID-19 pandemic by the time I retire.

"My other goal was to stay here for the new leaders who have joined the department in 2021 and 2022. As you know, all our Deputy Health Officer positions turned over in that time. I felt personally obligated to be here for them until they felt grounded in their new positions. I am confident in the executive team and their ability to carry forward with the exemplary leadership we have come to expect in our Ingham County Health Department.

"I have thoroughly enjoyed every moment of my time with Ingham Countyyes, even the last three years. A once in a lifetime pandemic was certainly not how I anticipated I would finish out my career in public health. With an abundance of pride, I can tell you that we have risen to every challenge, and obviously there were some extremely difficult times and situations. Despite the stress and tremendously difficult circumstances that arose nearly constantly, successfully resolving those big problems has personally been extraordinarily rewarding. It is without a doubt quite the capstone to place on the end of what will be a 20+year career in public health, 16 years as a Health Officer, and nine amazing years here at Ingham County.

"There are not sufficient words to express my gratitude to you, as well as the rest of the Board, for the confidence you have had in me, the constant support I feel from all of you, and for the opportunity to hold this leadership position at the best health department in the State of Michigan. I am sincerely grateful to have been given the opportunity to be your Health Officer. It is hard to believe it has been nine years. Time flies when you have the resources and support to do great things with a great team every single day.

"In closing, I am available and willing to help you in any way I can as you search for and select a new Health Officer. Please let me know how I can be of assistance."

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Vail announces retirement as Ingham County's top health official: She led the local response to COVID during her nine-year stint - City Pulse

Home equity may not be the best resource for younger people to tap at the moment since it may be needed to help fund retirement, potentially through a product like a reverse mortgage. This is according to Liz Weston, a syndicated columnist for NerdWallet in a new piece distributed by the Associated Press.

The upward trajectory of home equity enjoyed by many American homeowners including seniors may make the prospect of tapping that equity an appealing one, but such a decision should warrant further consideration in these current times.

Citing data from Black Knight, Weston describes how the average-priced home is up 42% since the start of the COVID-19 coronavirus pandemic, which could lead to average tappable home equity of over $200,000.

Spending that wealth can be tempting, she writes. Proceeds from home equity loans or lines of credit can fund home improvements, college tuition, debt consolidation, new cars, vacations whatever the borrower wants. But just because something can be done, of course, doesnt mean it should be done. One risk of such borrowing should be pretty obvious: Youre putting your home at risk.

A reason for additional caution toward equity tapping provided by Weston comes from lessons learned during the 2008-09 recession, in which home prices lost significant value in a very short period of time. Borrowers from that period who tapped equity, she said, were more likely to find themselves owing more than their homes were worth according to 2011 data, she said.

Other risks may be less obvious, including the potential for needing home equity later on, she explained. She specifically cites that home equity may be needed later for funding retirement, specifically citing a reverse mortgage as a potential use of a homes equity.

Many Americans arent saving enough for retirement and may need to use their home equity to avoid a sharp drop in their standard of living, she wrote. Some will do that by selling their homes and downsizing, freeing up money to invest or supplement other retirement income.

This may make a reverse mortgage a viable option in later life, presuming that the equity is not depleted, she explains.

The most common type of reverse mortgage allows homeowners 62 and up to convert home equity into a lump of cash, a series of monthly payments or a line of credit they can use as needed, she wrote. The borrower doesnt have to pay the loan back as long as they live in the home, but the balance must be repaid when the borrower dies, sells or moves out.

Weston has previously discussed home equity in her column, saying it could be a better option for seniors than credit cards, could help in delaying the taking of Social Security benefits, and could be a good retirement funding resource.

Read the column at the Associated Press.

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Avoid tapping home equity now since it may be needed in retirement, says columnist - ReverseMortgageDaily

Your client has a retirement savings plan great! The next step is to encourage participation by providing information about the plan to their employees. As a benefits adviser, you may help motivate the employee populations you serve to jump-start their retirement savings by increasing awareness of the benefits of tax credits, including the Saver's Credit.

This little-known federal tax credit is generally available to lower-income participants who contribute to employer-sponsored retirement plans and IRAs. According to the Congressional Research Service, the share of taxpayers claiming the Saver's Credit has gradually trended up to 6.1% in 2019 from 4.1% in 2002.

It's important for employees to understand the difference between a tax deduction and tax credit. A tax credit, including the Saver's Credit, is claimed in addition to any deduction for a contribution that may apply. A tax credit is generally more beneficial because it provides a dollar-for-dollar reduction on the tax that is owed. A tax deduction, on the other hand, reduces the amount of taxable income that is used to calculate an individual's tax liability.

Read more: Adult children may be sapping their parents' retirement funds

If a specific tax credit is considered refundable, individuals may receive a refund even if they don't owe any tax. The Saver's Credit is currently nonrefundable. So if the tax credit is greater than an individual's tax liability, the IRS does not refund the difference.

To claim the Saver's Credit, employees also should be aware that they must meet certain requirements. Individuals may claim a portion of the annual contributions (including Roth contributions) they make to employer-sponsored retirement plans and IRAs as a nonrefundable tax credit, subject to several requirements. They include the individual being age 18 or older, not being a full-time student or claimed as a dependent on another person's tax return.

If these criteria are satisfied, the amount of the credit then depends on the individual's adjusted gross income and tax-filing status. The tax credit, up to $1,000 for individuals or $2,000 for joint filers, may be 10%, 20% or 50% on contributions up to $2,000, depending on the applicable adjusted gross income limits.

*Single, married filing separately, or qualifying widow(er)

Individuals can claim the Saver's Credit for contributions made to their traditional or Roth IRA; elective deferrals made to a SIMPLE IRA plan, 401(k) plan, 403(b) plan, or governmental 457(b) plan; and after-tax contributions made to a qualified retirement plan or 403(b) plan. An individual who is the designated beneficiary of an Achieving a Better Life Experienceaccount also can claim the credit for contributions made to that account. Note that individuals cannot claim the credit for rollover contributions.

The Saver's Credit is claimed using IRS Form 8880, Credit for Qualified Retirement Savings Contributions, and is submitted along with the individual's IRS Form 1040, U.S. Individual Income Tax Return (or similar return).

Read more: How proposed legislation can help resolve retirement-savings gaps

Individuals should be careful not to take certain retirement account distributions, since the credit may be reduced by withdrawals made during the testing period. They can be referred to IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), for more information.

You might be asking yourself, how can we increase awareness of the Saver's Credit and help a client's employees lower their tax bill? One way is to mention the credit and share within employee communications an online IRS Interactive Tax Assistant resource. You also could discuss the Saver's Credit during informational meetings about the plan.

Looking forward, stay tuned to proposed changes to the Saver's Credit included in the Securing a Strong Retirement Act (legislation. This legislation, commonly known as SECURE 2.0, proposes to improve the Saver's Credit for lower-income individuals by replacing the tiered formula with a single 50% credit on contributions up to $2,000 (effective for taxable years starting after December 31, 2026).

No matter the route, spreading the word about the Saver's Credit and encouraging your client's employees to take advantage of it will ultimately help them. They will benefit from increased retirement readiness and may get a bit of extra cash in their pocket.

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Using the Saver's Credit can bolster retirement plan participation - Employee Benefit News

These days, many seniors are feeling the strain of inflation. So are everyday consumers, for that matter. But whereas workers still receive paychecks from their employers, many seniors are stuck with fixed, limited incomes that make it harder to keep up with rising living costs.

If you're worried that inflation will lead to a miserable retirement for you, fear not. With the right strategy, you can set yourself up to maintain your buying power even as inflation rears its ugly head. Here's how.

Image source: Getty Images.

Social Security is designed to protect seniors from inflation. But it often does a poor job of doing that, namely because its annual cost-of-living adjustments commonly fail to account for the rising living costs seniors specifically face. As such, it's important to have other income streams to tap, and that's why boosting your IRA or 401(k) plan contributions during your working years is essential.

The more savings you bring with you into retirement, the less reliant you will be on Social Security. Plus, you'll have the option to keep your IRA or 401(k) invested during retirement so that it continues to generate growth.

Investments that pay you on a regular basis can serve as a great source of supplemental income -- and give you more buying power during periods when living costs are on the rise. Dividend stocks are a great fit in that regard. During your working years, you can reinvest your dividends as they come in to grow your wealth even more. And during retirement, you can collect those dividends and use them as cash as needed.

If you're interested in building a portfolio of dividend-paying companies, it especially makes sense to look at REITs, or real estate investment trusts. REITs must pay at least 90% of their taxable income to shareholders in dividend form, which often leaves them paying higher dividends than your average company.

Homes tend to gain value steadily over time. If you invest in an income property during your working years, you can use your rental income to offset your ownership costs, such as mortgage payments, maintenance, repairs, and property taxes. And then, come retirement, you'll have two choices. You can either hold onto that property and continue to collect income or sell it at what will hopefully be a nice profit.

Either way, having an asset like a house could serve as a huge source of protection against inflation. And if you buy a home in the right market, you may end up very pleased with the degree to which its value appreciates.

Inflation is a serious concern for seniors -- but it doesn't have to be for you. If you take the right approach to investing and retirement planning, you can set yourself up to land in a position where your bills aren't a burden -- and you're not perpetually strapped for cash.

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Worried Inflation Will Wreck Your Retirement? Make These 3 Moves - The Motley Fool

HOLLAND The leader of the Ottawa County Department of Public Health is planning to retire in the spring.

Lisa Stefanovsky, who has been the OCDPH health officer since 2006, has submitted a plan to retire to the county board, effective March 31, 2023.

The news comes just weeks after a successful primary election for members of Ottawa Impact, a far-right group that organized in response to county health orders.

Stefanovskys retirement agreement was approved by the finance and administrative committee of the Ottawa County Board of Commissioners on Aug. 16. It will go before the full board at its Aug. 23 meeting.

A reason for her retirement was not stated during the meeting.

I have been planning to work until next April and am announcing my retirement now to allow time to recruit and hire a new health officer and to ensure a smooth transition and continuity of public health operations, Stefanovsky said in the statement.

Signs are held protesting a local K-6 mask mandate during the Ottawa County Board of Commissioners meeting on Aug. 24, 2021, in West Olive.

Part of Ottawa Impacts campaign platform was fighting against COVID-19 orders from the health department, the last of which expired in February.

According to several officials who spoke to The Holland Sentinel earlier this year, the groups agenda includes, among other things, eliminating the countys DEI office, firing the countys public health officer, drastically reducing the health departments budget and having more oversight over the county clerks office specifically how elections are conducted.

Eight candidates endorsed by the group won their primary election for the board of commissioners, which oversees the health department and its funding. Due to a lack of primary challengers, at least six will win a spot on the board, enough for a majority on the 11-member commission.

County Administrator John Shay told the board hiring a health officer can be a lengthy process. Any hire must be approved by the state.

The county will look to post the position immediately upon official approval, Shay said. If a new health officer is hired prior to Stefanovskys retirement, she would remain on staff in an administrative role through March 31.

If the board were to fire Stefanovsky prior to March 31, she would receive a severance of three months salary. By the time Ottawa Impact candidates are on the board, there will be less than three months left of Stefanovskys employment with the county.

Ottawa Impact has been linked to lawsuits against the county regarding the mask mandate, most notably one seeking an injunction to suspend Stefanovskys August 2021 mask mandate for pre-K-6 classrooms and challenging the board of commissioners position that it didnt have the authority to undo the mandate.

The case was dismissed in December 2021, and is currently pending appeal.

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County health officer announces retirement weeks after primary - Grand Haven Tribune

Mr. Rubino to join from Edelman Financial Engines to lead the firm's retirement business

Brant Wong appointed as Head of Retirement Platform across product, service and sales

NEW YORK, Aug. 22, 2022 /PRNewswire/ -- J.P. Morgan Asset Management today announced the appointment of Steve Rubino as Head of Retirement and Chair of the firm's Defined Contribution Operating Committee (DCOC), commencing September 14.

Mr. Rubino brings nearly 30 years of experience in financial services and fintech, having spent the last two decades driving growth & transformation at the helm of workplace retirement & innovation at Edelman Financial Engines.

As Head of Retirement and DCOC Chair, Mr. Rubino will lead J.P. Morgan Asset Management's $255B workplace retirement business, developing and executing the firm's retirement strategy, managing the group's distribution teams, and working closely with investment teams on new product development, including retirement income solutions and next generation target date funds. He will report to Andrea Lisher, Head of Americas, Client, J.P. Morgan Asset Management.

"Retirement is at heart of all we do, and we're firmly committed to driving stronger retirement outcomes for all Americans," saidGeorge Gatch, Chief Executive Officer, J.P. Morgan Asset Management. "We are uniquely positioned to leverage the scale and reach of JPMorgan Chase to help individuals cross the retirement finish line, and we are thrilled to have someone of Steve's caliber head up our retirement efforts."

"Steve's deep passion for workplace retirement, his proven distribution leadership and his differentiated fintech experience are highly complementary to our existing strengths and aligned with changing industry dynamics" said Andrea Lisher, Head of Americas, Client at J.P. Morgan Asset Management. "We have exceptional people, solutions and insights dedicated to helping Americans retire with dignity, and I am thrilled to welcome Steve to lead our next leg of growth."

The firm also announced that Brant Wong will expand his role to lead J.P. Morgan Asset Management's retirement platform businesses, Everyday 401k and Retirement Link, across product, service and sales as Head of Retirement Platform. Mr. Wong will continue to head the firm's Retirement National Accounts efforts, reporting to Steve Rubino and will join the Americas Client Leadership Team. Mr. Wong has been a key member of J.P. Morgan Asset Management's workplace retirement efforts since its inception and responsible for building many foundational aspects of the business.

The appointment of Mr. Rubino and expansion of Mr. Wong's role follows on from the recent appointment of Investment Specialist Daniel Yem to support business & product strategy across the firm's Defined Contribution business, including product innovation across J.P. Morgan's target date and retirement income strategies.

Biography Steve Rubino, Head of Retirement, J.P. Morgan Asset Management

Steve will join J.P. Morgan Asset Management from Edelman Financial Engines (EFE) where his time spans nearly 20 years, most recently as Head of Workplace Distribution and Innovation, responsible for leading direct sales and distribution partnerships, relationship management, consultant and advisor relations, and innovation efforts. In this role, Steve became a key member of the executive leadership team that grew EFE from a start-up to the largest independent Registered Investment Advisor (RIA) in America with over $240 billion in AUM.

Prior to this, he was Head of Distribution and Institutional Services at EFE, leading the overall institutional business. While at EFE, Steve founded the Edelman Financial Engines Client Advisory Council, a board of senior executives representing the largest companies in the U.S. Steve also helped bring to market retirement income solutions deployed by hundreds of leading employers.

Before his time at EFE, Steve held roles in relationship management at Thomson Financial (now Thomson Reuters) and as an analyst at State Street Corporation. Steve has an M.B.A. from Suffolk University and a B.A. in Economics from Denison University. He is a member of the American Benefits Council's Retirement Income Task Force and Defined Contribution Institutional Investment Association.

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of$2.5 trillion(as of 6/30/2022), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.8 trillion in assets and $286.1 billion in stockholders' equity as of June 30, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available atwww.jpmorganchase.com.

SOURCE J.P. Morgan Asset Management

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J.P. Morgan Asset Management Hires Steve Rubino as Head of Retirement - PR Newswire

Image source: Getty Images

You shouldn't just take the money and run.

One of the biggest benefits of working for a company (as opposed to being a freelancer) is getting access to a workplace retirement plan, like a 401(k). Many employers offer workers free matching dollars for those plans, making it easier to build wealth for retirement.

Meanwhile, a lot of people are leaving their jobs these days to seek out better opportunities elsewhere. For some, it's a matter of boosting their earnings. For others, it's a matter of wanting to do more meaningful work, or enjoy more flexibility, like the option to work remotely.

If you're joining in the Great Resignation, you may be eager to pursue a job at a new company. And given the number of available jobs these days, it's a good time to look.

But if you're going to leave a job behind, be very careful in how you treat your 401(k) dollars. If you cash out that account, you could end up facing some pretty costly consequences.

Financial expert Suze Orman knows that workers are resigning in droves these days. But if you're leaving your job and taking a 401(k) with you, Orman insists that cashing it out is a big mistake, as she recently discussed on Twitter.

The money you have in a 401(k) gets to enjoy tax-advantaged treatment. As such, there are strict rules involved.

If you cash out a 401(k) before age 59 1/2 (or age 55, in some cases), you could face a 10% early withdrawal penalty on the sum you remove. So if your 401(k) balance is $20,000 at the time you leave your job, and you cash it out, you could lose $2,000 of that off the bat.

Plus, assuming your money is in a traditional 401(k), cashing out will also mean having to pay taxes on that money. Now your exact tax hit there will hinge on the tax rate you're subject to. But you could easily end up losing 20% of your money or more to the IRS.

Not only that, but if you cash out your 401(k), you could end up short on retirement savings down the line. And that's not a good thing.

If you're leaving a job that sponsored your 401(k), you may have the option to keep your money where it is. And if you have another job lined up that has a 401(k), you may be able to just roll your money from your old plan into a new one.

If not, a good bet is to roll the funds from your 401(k) into an IRA. The beauty of IRAs is that they're not dependent on an employer. If you're self-employed, or if you'll be working for a company that does not offer a retirement plan, you can open an IRA on your own and save for your senior years in that account.

Plus, if you roll your 401(k) funds directly into an IRA, you won't have to worry about facing penalties. You also won't be charged taxes, since you're not taking any money out -- you're just housing it in a different place.

The idea of moving to a new job may be tempting these days, especially if you're less than satisfied with your current employer. But don't make the mistake of cashing out your 401(k). Doing so could backfire on you -- and cause you a world of regret.

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Leaving a Job? Here's Why Cashing Out Your Retirement Savings Is Bad, According to Suze Orman - The Motley Fool

You hear time and time again that its important to stay active after you retire. Were so used to schedules, meetings, and calendars, it can be easy to get out of a routine and out of good health once we stop the 9-to-5.

We wanted to find out what it takes to stay healthy in retirement. What better person to start asking questions than a 97-year-old who seems to be the picture of good health?

Wilbur G. Hudson has maintained an active lifestyle. His daughter-in-law says hes one of the most interesting humans you will ever meet. He grew up on a farm and served in the Army during WWII, Vietnam, and Korea. When he retired, he became an engineer and has multiple patents to his name. He is part of the greatest generation of our time with so much wisdom to share. And we decided to pick his brain.

Wilbur served in the Army during WWII, Vietnam, and Korea.

Wilbur suffered a massive heart attack in 1989 and had a quadruple bypass. Since then, he had one stint put in. His discipline has helped him outlive a surgery that back then was only supposed to be good for 20 years. Immediately, he started walking with two soup cans in his hand around a nearby neighborhood. He was mowing the lawn when he could have been fishing or playing golf. Needless to say, he leads a very active life.

For Wilbur, its also about more than just physical health. Emotional health keeps him strong, too. He constantly sacrifices for his family by spoiling his wife, helping his children, guiding his grandchildren, and taking care of his 97-year-old mother until she passed away.

He never really treated himself to the luxuries of life, except for one thing: chocolate candy. He makes it himself and perfected his own recipe. His family says that once youve tasted his chocolates, youll never be satisfied with another!

Wilbur turns 98 years old in November. So we wanted to know the five things he does in retirement to stay healthy. He took us for a walk in his shoes.

Wilbur makes sure to maintain a schedule that starts in the morning. He wakes up early. By early, he says 6 a.m., but most days hes already up at 5. This allows him to get a head start on his day. By doing this, he says it puts you in control and youll feel like you are ahead instead of behind. He then makes sure hes in bed by 8 or 8:30 p.m.

While staying active and exercising is important, Wilbur says you have to have physical courage to move beyond the pain. To him, that means working through the pain or as he likes to say, just grin and bear it. Hes been bone-on-bone in both knees since he was in his 60s. Since knee surgery wasnt as refined 40 years ago as it is now, he and his doctor made the decision to deal with the pain. Wilbur likes Vicks VapoRub for achy joints and gets an injection twice a year which acts like a lubricant in his knees.

He uses a Nustep to do 2 miles a day before he has breakfast and then another before lunch. If youre not familiar, a Nustep provides low-impact exercise that simulates walking and supports deconditioned users. He also uses an exercise ball for about 30 minutes to keep his core strong.

As an engineer, Wilburs quite the creature of habit.

Wilbur starts his day with two mugs of coffee with fat-free creamer. While it may seem a little tedious, he likes to actually look at total calories on everything packaged he eats. He eats a 60-calorie Activia yogurt and one turkey sausage link every morning after logging his first mile.

For lunch, its anything from spaghetti and meatballs to turkey and dressing, just not pork or fried food.

For an afternoon snack, hell have three to four small squares of 85-percent dark chocolate.

Dinner is similar, usually soup and/or a salad and salmon regularly. His favorite is a good old-fashioned, grilled all-beef hotdog on a bun with ketchup, mustard, and relish.

Hes learned a few dieting tricks along the way. He was told in the army that he needed protein every 4 hours to keep from getting low on sugar and passing out. So, he heavies up on protein. Growing up on a farm, he noticed how pigs get rheumatoid arthritis, so he stays away from pork. The exception is ham on Easter and Thanksgiving. Hell have soup if his blood pressure is low because prepared soup is high in salt.

This is something were told to do our entire lives, and Wilbur swears by it. He drinks close to 64 ounces of water a day. Hes cold all the time, so he keeps his apartment temperature up to anywhere from 7780 degrees and wears a light cashmere sweater. That, plus being an open-mouth breather when he sleeps and getting 2 miles a day of exercise, accounts for a lot of water loss. He wants to stay hydrated to stay healthy.

He allows himself some exceptions. Hell have lemonade or iced tea when he goes out. His special treat? A rootbeer float from Arbys!

Wilbur during Christmastime

Do you know your numbers? Knowing your numbers means to learn your cholesterol, blood pressure, blood sugar, weight, and body mass index (BMI). This can help increase detection of cardiovascular disease and diabetes, encouraging healthier lifestyle choices. This has been important for Wilbur since he suffered a heart attack. Wilbur measures his blood pressure daily using a wrist cuff and checks his weight on the scale. Because he knows his numbers so well, he knows when he is not well and makes adjustments to his diet immediately if he gains even 1 pound.

Faith is also an important part of Wilburs life. He says, after all, the Holy Spirit has kept him safe through three wars. He prays for other people at every meal and lives by the word so that its easier for the Holy Spirit to do its job for everyone else and not worry about him. If the Holy Spirit is with you, you will be fine, says Wilbur.

As an engineer, hes quite the creature of habit. When he finds a formula, he sticks to it. Thats certainly served him well these last 97 trips around the sun.

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5 Things This 97-Year-Old Says To Do Everyday In Retirement To Stay Healthy - TravelAwaits