A health worker administers a test for coronavirus disease (COVID-19) on a member of the public at the Bondi Beach drive-through testing centre during a COVID-19 outbreak lockdown in Sydney, Australia, October 5, 2021. REUTERS/Loren Elliott

Oct 4 (Reuters) - Here's what you need to know about the coronavirus right now:

New Zealand drops elimination strategy

New Zealand on Monday abandoned its longstanding strategy of eliminating coronavirus amid a persistent Delta outbreak, and will instead look to live with the virus and control its spread as its vaccination rate rises.

The Pacific nation was among just a handful of countries to bring COVID-19 cases down to zero last year and largely stayed virus-free until an outbreak of the highly infectious Delta variant in mid-August frustrated efforts to stamp out transmission.

"With this outbreak and Delta, the return to zero is incredibly difficult," Prime Minister Jacinda Ardern told a news conference, in a major policy shift. read more

Australia sees outbreak levelling off

Australia's Delta outbreak appears to have levelled off, with more than half the country in extended lockdowns and vaccination rates starting to approach national targets, Health Minister Greg Hunt said on Monday.

Hunt said 80% of Australians will have had their first COVID-19 jabs this week, while the overall battle against the virus has been boosted by the arrival in recent days of 15,000 additional doses of treatment drug sotrovimab.

The Australian government wants all restrictions, including travel bans, to be lifted when 80% of the population above 16 is fully vaccinated. It expects that target will be reached in mid-November. read more

Indonesia's Bali to reopen to some foreign tourists

Indonesia will reopen its tourist island Bali for some international travellers, including those from China, New Zealand and Japan, from Oct. 14, senior cabinet minister Luhut Pandjaitan said on Monday.

Bali's Ngurah Rai international airport will be open to foreign tourists from that date, with visitors required to quarantine for eight days at their own expense, Luhut told reporters. read more

Workers flee Vietnam's largest city

Tens of thousands of people, mostly migrant workers, left Ho Chi Minh City over the weekend as the largest metropolis in Vietnam eased a months-long lockdown, triggering fears of labour shortages and more disruption to manufacturing.

The mass exodus comes as the city and its nearby industrial provinces struggle to ensure sufficient workers to help revive the country's economy, which posted a record GDP slump in the third quarter due to COVID-19 curbs. read more

Thailand in talks for 200,000 courses of potential COVID-19 treatment

Thailand's government is in talks with U.S. drugmaker Merck & Co to purchase 200,000 courses of the company's experimental antiviral pill for COVID-19 treatment, a Thai official said on Monday.

Many Asian countries are scrambling to lock in supplies of the potential treatment early after they lagged behind Western nations in vaccine rollouts, hit by tight supplies.

South Korea, Taiwan and Malaysia said they are all in talks to buy Merck's potential treatment, while the Philippines, which is running a trial on the pill, said it hopes its domestic study would allow access to the treatment. read more

Hungary's deaths rise to highest since start of fourth wave

Hungary's COVID-19 deaths and new infections jumped over the weekend to their highest level since the start of the fourth wave of the pandemic, government data showed on Monday.

Health authorities registered 1,492 new infections and 31 deaths over the past three days, bringing the total number of cases to 824,876 and deaths to 30,230 since the start of the pandemic.

Although the latest figures are still well below those registered during previous waves, the data reflects a slowly worsening trend. read more

Compiled by Linda Noakes; Editing by Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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What you need to know about the coronavirus right now - Reuters

There are a few sacred cows that have unwritten rules to leave alone. One is Social Security benefits. Another is about 401(k)s. Well, the audacity of the current Congress is pushing them to open up one of those cans of worms. Some changes are not bad but aimed at making things better. Like considering raising the age for taking required minimum distributions from 72 to 75. I like that one! Another is enhancing tax credits for small businesses that offer workplace retirement plans. Letting people age 60 and older contribute more to 401(k)s. Another of my favorites to make even better, expanding qualified charitable distributions made directly out of IRAs. Finally, another is letting employers offer student debt relief through workplace retirement plans. Now for the negative changes. Depending on your point of view of course. One is requiring automatic enrollment in workplace plans, but at least giving the employee the option to opt-out. (Currently, its up to the employee to opt-in to a workplace plan.) Another negative being bantered about in the dark halls of Congress reducing the amount of pretax pay-ins to 401(k)s. Specifically, catch-up contributions to workplace qualified retirement plans, such as 401(k)s, to be considered non-deductible ROTH type classifications instead of the current arrangement of being fully deductible against taxable wages. This means the extra up to $6,500 contributed by workers who are 50 or older would automatically go into a ROTH 401(k), thereby NOT reducing taxable wages by that amount contributed. (The good news is when that portion of your 401(k) is withdrawn years later, it will NOT be taxed.) One senator is jealous of folks who paid a high price to save early and invested wisely and grew their ROTH IRA account balance to over $5 million. He wants to prohibit further contributions when the ROTH IRA account goes beyond $5 million. This same senator also wants to block ROTH conversions for high income earners, locking them into tax paying retirement plans and Required Minimum Distributions. Hes a Democrat from Oregon and is the chairman of the Senate Finance Committee (the one that writes tax law). So watch out. Joining this jealous senator are many other Democrats who dont think that is far enough. They want to limit IRA activity for anybody with $5 million or more in their IRA account. Getting back to some positive movement in the retirement plan world, Congress is interested in getting the IRS to spend resources teaching the low-income public about the Savers Credit that pays up to $2,000 for single or $4,000 for married folks with low Adjusted Gross Income (capped out at $33,000 for single and $66,000 for married folks) when they make contributions to a retirement plan arrangement. The credit is as high as 50% of the actual amounts contributed. I wonder how much money the IRS can spend to try to talk folks into doing something they just cannot afford? So, there you have it. This Congress is willing to mess with one of the sacred cows of politics. Maybe it will help them. Time will tell. Have you heard? Deut 32:34 says, Is not this laid up in store with me, sealed up in my treasuries? Kelly Bullis is a certified public accountant in Carson City. Contact him at 882-4459. On the web at BullisAndCo.com. Also on Facebook.

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Kelly Bullis: Congress changing retirement stuff | Serving Carson City for over 150 years - Nevada Appeal

After much prayer and consideration, Ive decided that its time to turn the page on my career in the NFL. It feels surreal to be moving on from this 20-year stint of lacing up the cleats every fall, but Im committed to following the voice of God, and it has become clear that up ahead He has a new and exciting future prepared for my family and me.

(Photo courtesy of Austin Carr)

To all the coaches, staff members and teammates along the way, I hold nothing but gratefulness in my heart for all the ways youve challenged and refined me.

To my agent, Carter, and the team, thank you for believing in and advocating for me from beginning to end.

To my family, words cannot express how grateful I am for your love, sacrifice and support from youth football practices on Springs Road to the Superdome on Sundays.

To my bride, Erica, youve played so many roles and put on so many hats for my sake, Im frequently humbled by how undeserving I am of your love.

And to the Lord, who has protected, guided and loved me all along, You are eternally worthy of all glory, honor and praise from these undeserving lips. Truly, I can sing with the psalmist, Not to us, O Lord, not to us, but to your name give glory, for the sake of your steadfast love and your faithfulness! (Psalm 115:1).

A wise man once said, If you want to walk on water, you have to get out of the boat. Its not always easy, but its always right for us to put our total trust in Jesus Christ. Heres to the next season of life, stepping out onto the water of His calling.

Best, Austin

Austin Carr is a 27-year-old wide receiver who entered the NFL as an undrafted free agent in 2017, when he initially signed with the New England Patriots. He was cut after the preseason and subsequently picked up by the New Orleans Saints, with whom he spent all four seasons of his NFL career. Previously, he was a walk-on standout at Northwestern (2012-16) after becoming the all-time rushing and scoring leader at Benicia (California) High School.

RELATED STORIES: SS PODCAST: Austin Carr, New Orleans Saints Wide Receiver THE INCREASE: When NFL Success Doesnt Make You Happy Austin Carr

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Austin Carr announces retirement from NFL, 'following the voice of God' - sportsspectrum.com

Retirement Unlimited opened two new communities in 2019 and then the Covid-19 pandemic hit.

But the organizations efforts to quickly stabilize occupancy and operations in its lease-up communities laid the foundation for the Roanoke, Virginia-based provider to defend its overall census and position it for success in a post-pandemic environment, President Doris-Ellie Sullivan told Senior Housing News.

Despite securing communities from April to June of last year during the peak of the first wave, as well as losing staff during that period, Retirement Unlimited rebounded and met its 2020 occupancy targets, without needing to readjust lease projections, Sullivan told SHN.

She also credits the companys signature programming with helping to maintain occupancy levels and operations throughout the pandemic.

Now, Retirement Unlimited is focusing on recruiting new talent to the industry, and on growing its portfolio through development and acquisitions. The organizations portfolio currently consists of 10 communities in Virginia, two in Florida, and two under construction set to open in 2023.

The company opened two new communities in the months prior to the pandemic The Wellington in Gainesville, Florida in August 2019, and Woodland Hills in Roanoke in January 2020 and managed to stabilize occupancy at both buildings by the time the first wave of positive Covid-19 cases swept across the country. This helped overall operations when Retirement Unlimited closed its communities to all new move-ins and tours from April 2020 to June 2020.

Sullivan credits strong pre-leasing at both communities with being able to stabilize occupancy in a short period of time, and allowing the operator to focus on keeping residents inside the buildings safe throughout.

Moreover, sales and marketing teams were able to hit the ground running when community restrictions were relaxed, and residents who paid deposits prior to the lockdowns moved into the buildings in short order. Today, The Wellington and Woodland Hills boast a combined 95% occupancy rate.

We were so far ahead of our lease-up [pro formas] that, by the time we opened up the doors, we never missed our targets, she said.

Retirement Unlimited struggled with labor issues during the pandemic, along with the industry at large. Sullivan noted that there was an initial panic among frontline employees during Covid-19s first wave, resulting in a 24% turnover rate by the end of 2020.

But in sharing stories with other industry executives about their pandemic-related struggles, she found that the operator fared better than most, which she attributes to Retirement Unlimiteds family-based ownership structure and hands-on leadership. Staff at its communities were already offered meals during shifts, and the operator held its own with enhanced benefits throughout the pandemic, relative to other companies in its markets.

Compared to the rest of the industry, I think this is excellent, she said.

This year has presented different challenges in two specific areas.

As restrictions on communities are relaxed and normal operations return, Retirement Unlimited finds itself competing with other industries for new talent, particularly in dining operations. Its communities have multiple dining venues, from tablecloth dining service and bistros, to wine clubs and coffee shops, and it is fighting for new workers with restaurants and other foodservice establishments that are resuming normal operations.

The company is addressing this competition by adjusting its culinary budget. It offers shift differentials to frontline staff, implemented a bonus structure in lieu of tips, and is exploring other payroll enhancements to entice new workers to the fold, as well as thank existing employees for their service.

The other pressure point involves staff vaccinations, where employee rates have lagged resident percentages across the industry.

Retirement Unlimited mandated staff vaccinations with the launch of vaccine clinics last January. The mandate did result in some staff resigning, but the operators vaccination rate among its workforce currently stands at 95%. Furthermore, with more providers across the industry mandating vaccinations, the company is finding some workers returning to their old positions.

Despite these challenges, Sullivan credits Retirement Unlimiteds signature lifestyle and wellness programming as an essential component for sailing through choppy waters.

One of its more popular programs, RUI University, experienced an uptick in enrollment over the past 18 months. The program provides free continuing education to residents via partnerships with colleges such as Virginia Tech University and Radford University in Radford, Virginia. Community lockdowns led Retirement Unlimited and its university partners to pivot to virtual courses, which were well-received and attended during lockdowns, via tablets and other hand-held devices.

Another program, Leash on Life, provides pet concierge services at Retirement Unimiteds communities. The Leash on Life program ensured pets received above-and-beyond care throughout the pandemic, particularly for residents with mobility issues. Concierges also made sure that residents pets had ample supplies available.

Covid-19 is not deterring Retirement Unlimited from future growth plans. The operator opened a new community, The Westmont at Short Pump in Glen Allen, Virginia, in May 2021. Two more communities are under development and set to open in 2023, and two of its Roanoke communities are adding cottages in expansion projects.

Retirement Unlimited is also looking to build scale through acquisitions, and is exploring several opportunities. And it is exploring an expansion of Care Impact, a home health and private duty concierge program. The operator recently hired a director of home health, applied for licensure in Virginia for Care Impact, and identified clinics across its portfolio which it will staff with nurse practitioners to work inside its buildings, as well as within the larger community.

All of this is critical to everybodys success, Sullivan said.

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Retirement Unlimited President: With Strong Occupancy, We Are Gaining Scale and Bolstering Operations - Senior Housing News

The S&P 500 gained more than 16% last year despite an unprecedented global shutdown.

But you shouldn't plan your retirement based on double-digit returns.

You should aim to spend up to 4% of your nest egg per year in retirement, according to financial advisor Winnie Sun. That percentage can drop, however, based on several factors such as if your home isn't paid off or if you have high health-care costs, Sun said.

The strategy also assumes that you have a balanced portfolio, focusing more on bonds and cash-type investments for your short-term needs. This allows the stocks in your portfolio to grow for the future, according to Sun.

Check out this video to see a few different case studies of how much spending money you'll have if you retire on $1 million.

More from Invest in You: 'Predictably Irrational' author says this is what investors should do during pandemic Coronavirus forced this couple into a 27-day quarantine on their honeymoon cruise How to prepare for a family member with COVID-19

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How much money you'll have in your monthly budget if you retire with $1 million - CNBC

Many senior living providers have been pivoting to wellness in their operational models, and memory care is no exception.

But given the particular needs of memory care residents, fostering a wellness-first approach is not easy. Bringing wellness into memory care involves engaging multiple stakeholders, specific training, transforming physical spaces, and integrating technology.

Most importantly, memory care providers pivoting to wellness are reassessing their approaches toward caring for residents in their charge. That is according to leaders with Senior Star and Sunshine Retirement Living, who spoke during a recent webinar hosted by Senior Housing News.

The tendency of memory care providers used to be approaching residents from the perspective of their cognitive decline, instead of as people who still have much to give, and plenty of life to live, said Shadoworee Betts, senior vice president of clinical services at Senior Star. The Tulsa, Oklahoma-based senior living providers operates a portfolio of 12 communities in five states. Memory care is a particular area of expertise; company founders Bill Thomas and Bob Thomas have served at the national leadership level of the Alzheimers Association, and Betts sits on the National Alzheimers Association Dementia Care Roundtable.

We like to look at the person holistically these individuals, prior to the diagnosis, had fulfilled lives and careers, Bettssaid.

Kena Phillips, regional vice president with Sunshine Retirement Living, agrees. Based in Bend, Oregon, memory care is offered in 23 of the providers communities. In Dec. 2020, the company announced an expanded rollout of a wellness-focused memory care program, including Montessori-style programs, new sensory experiences and technology, and other elements.

Phillips believes that wellness is a complementary holistic component to clinical and health care, and helps create environments where memory care residents can thrive, creating situations where they have more life in their days.

We want to get away from identifying individuals as a disease process, and remember that they are a sum of their parts, she said.

Hiring the right people not just having the proper staffing levels is essential to bringing wellness into memory care.

It involves hiring for the type of culture providers plan to implement having the necessary soft skills and approachability to get residents to engage with frontline staff, Betts said.

If a job candidate has those skills in place, then odds are solid they have the purpose required for a career in memory care, and then providers can train them in the needed skills. For instance, how to assist residents, identify what agitates them, and learn de-escalation techniques if an episode occurs.

We spend a lot of time on the process of hiring right, first, she said.

New hires at Senior Stars memory care facilities spend a lot of their onboarding and early weeks on the job in sensitivity training, including simulations to provide a clearer sense of what it is like to live with cognitive decline. This leads new staff members toward being more patient and empathetic toward residents.

The training is continuous, and involves engaged leaders who observe and are willing to teach in the moment. Leaders provide associates with the flexibility to make on-the-spot decisions and empower the lives of the residents that theyre serving.

When youre able to address what [staff are] asking you to address, you create raving fans from your associates. That allows them to be a little bit more successful in an engagement process, Betts said.

Sunshine completely immerses its frontline staff in the care process, and solicits their advice on developing care plans, building on a teams collective experience, Phillips said.

This approach helps staff forge bonds with residents as well as each other, and gives all team members from CNAs to housekeeping staff agency in the care of residents.

We encourage a whole team approach, and we encourage that no one department is above another department, she said.

After lagging behind other industries for years in embracing technology, Covid-19 shattered the barriers holding the senior living industry from incorporating tech platforms into their operations.

Technology poses unique opportunities, and challenges, for memory care settings. But providers are pleasantly surprised by how residents are embracing tech, in particular.

Sunshine implemented virtual reality capabilities within its memory care settings, and Phillips had doubts if it would take root.

When we first started talking about this, I thought, Oh, no. This is not going to be pretty, she said.

Instead, memory care residents have embraced virtual reality goggles and headphones. The VR tech allows for near-unlimited scenarios, from skydiving and virtual tours of foreign destinations, to watching musicals and touring museums and other cultural institutions.

Its an amazing tool that I would have never embraced, if our wellness team had not been pressing me to do that, she said.

Sunshine also uses video technology to assist in calming agitated residents. The provider uses recordings to capture primary caregivers and loved ones and, if they cannot be contacted when an event occurs, plays the recordings as a second option to calm residents.

Phillips indicated that Sunshine has only scratched the surface in how deeply it can ingrain technology into its memory care operations. In the future, she sees potential for creating video scrapbooks, and even more opportunities for personalized virtual experiences that can lead to positive outcomes.

I encourage everyone to not get in the trap that I was in, [convinced] this wont ever work, she said.

Senior Star is bringing in virtual reality capabilities for its memory care neighborhoods, and intends to train staff and residents families on the technology, in addition to residents, Betts said.

She sees Senior Star using VR as a tool to give staff and residents families, in particular, a semblance of what residents in cognitive decline live with on a daily basis.

Theyre used to being caregivers. Theyre not used to being the person that has the disease; VR equipment will allow us to help with those experiences, she said.

Senior Star is exploring partnering with a third-party provider on an artificial intelligence-based fall detection platform, which can predict when a resident is most susceptible to falls, and eventually reduce the likelihood of an event occurring.

Betts believes that gathering data will help Senior Star identify the contributing factors behind falls, put measures in place to reduce the chances of a fall in the future, and explain to families why loved ones are falling and the measures being taken to prevent future incidents.

Senior Star plans to launch the partnership in early 2022. The provider is also exploring additional engagement technologies for residents and associates to more positively engage in their environments.

It provides great reassurance for our family members, Betts said.

Senior living has adapted wellness-based design trends for years, and the pandemic has accelerated the adoption.

This is especially true of memory care, where building designs are a foundational component of an operators care programming. Sunshine designs its buildings in a figure-eight layout with seating areas and watch stations throughout, in order to keep residents engaged should one decide to walk around, Phillips said.

Design innovations extend to exteriors, as well. Sunshines courtyards incorporate bright colored flowers in landscaping as engagement tools and wayfinding devices, and wide walking paths with more seating areas.

To encourage stimulation, Sunshine also has spaces designed to resemble offices with desks where residents can work or nurseries where residents tend to babies.

Kitchen stations are stocked with melamine plates and service ware for residents to safely wash dishes and feel a sense of purpose.

The operator constantly assesses these stations and their frequency of use, going so far as to review residents life histories to customize how these stations are designed, and where they are laid out.

Its important for the physical plant to be easily modifiable, if you will. We cant move walls, but we can move areas, she said.

Senior Stars memory care design incorporates many of the same principles as Sunshine, with the courtyards situated in the middle of the neighborhood for engagement and connections. These areas are laid out similarly to a neighborhood outside a community. Seating stations are designed to resemble those at bus stops, parks, or schools. Senior Star brings in cars for residents to wash, as an engagement tool.

When [families] choose to bring their loved ones to memory care, theyre not prepared at times for what theyre going to see. We try to take that trauma away from them and make sure our environment is inviting, she said.

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Inside the Wellness-Driven Memory Care Models of Senior Star, Sunshine Retirement - Senior Housing News

Today, its common for Americans to spend two, three or even four decades in retirement. This means people have ample time to relax and achieve a bucket list of dreams. However, the flip side is retirees need to ensure they have enough savings to last through their lifetime. One complicating factor is inflation is a fact of life, and it can result in meaningfully higher expenses over time.

As youve likely seen in recent headlines, inflation rates are the highest theyve been in many years. Living costs have risen 5% over the past 12 months ending in June, based on the Consumer Price Index significantly higher than the 1% to 2% annual increases weve gotten used to seeing over the past decade.

Inflation creates challenges for all consumers, but it can be particularly difficult for those who are retired and living on a limited income. Higher inflation can throw off the assumptions for regular expenses reflected in your retirement plan. Its unknown whether this uptick in living costs will persist, but you should prepare for the impacts of inflation regardless.

Here are a few things to know and do:

-- Keep it in perspective

Todays inflation rate of 5% is high by recent standards, but nowhere near a record. We may be a long way from seeing an extended period of high inflation like we had in the 1970s and 1980s, where inflation in the United States peaked at 13.5%. Since 1982, inflation has only been higher than 5% in one calendar year (1991) until now. While another decade-long inflation threat is unlikely, living costs in the near-term may continue to rise at a fast pace.

-- Revisit your expenses

If the cost of essential items, such as food, gas, plus the cost of discretionary expenses, such as travel, are busting your budget, you may need to explore ways to cut back. Can you buy food in bulk to save money? Should you reduce your casual driving to cut down on gas? Are there other discretionary expenses you can forego, at least for now? Addressing these questions today could prevent you from spending down your assets too quickly.

-- Adjust your investments

Is your portfolio properly positioned to keep pace with inflation? It may make sense to keep a portion of your assets invested in stocks. Over the past 30 years, the Standard & Poors 500, a benchmark of U.S. large cap stock market performance, gained, on average, more than 10% annually, well above the 2.3% average annual inflation rate over that same period. Earning higher returns on money you may need 10 to 20 years in the future should help it grow sufficiently to meet inflated income needs at that time, but a large portion of your portfolio should still be invested more conservatively to protect it from market volatility.

-- Look at other options

If you are experiencing financial strains as living costs rise, you may want to consider other options, such as a part-time job or consulting. Even in retirement, it is important to be flexible to react to changing circumstances that may affect even your best-laid plans. Be sure to check with your financial advisor to discuss your most attractive options to manage todays inflation risks.

Ellie Tobin Stubbs is a financial adviser with Ameriprise Financial Services Inc. in Barre.

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Stubbs: Combatting inflation threats in retirement | Business Vermont | rutlandherald.com - Rutland Herald

Have you considered the order you'll withdraw your retirement income? Doing so in the incorrect order could cost you hundreds of thousands of dollars.

A 2020 Northwestern Mutual study found that 71% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.1

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.2

A recent Vanguard study found that, on average, a $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less. In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.3

SmartAssets no-cost tool simplifies the time-consuming process of finding a financial advisor. A short questionnaire helps match you with up to three local fiduciary financial advisors each, legally bound to work in your best interest. The whole process takes just a few minutes, and in many cases you can be connected instantly with an expert for a free retirement consultation.

Advisors are rigorously screened through our proprietary due diligence process.

Being aware of these five common blunders when withdrawing your retirement income can help you find peace of mind, and avoid years of stress.

1. Not Starting With Your Investment Income

Withdrawing from your investments first gives your retirement accounts more time to compound interest. If you dive straight into your 401(k) or IRA, you could cost yourself years worth of income in retirement savings.

Whether you have mutual funds, a brokerage account, ETFs, stocks or bonds, theyre all taxable, so youll have to pay capital gains taxes on withdrawals. Some investments also require you to pay taxes on distributions each year, like some mutual funds. Check with a fiduciary financial advisor to see if this is the case for your accounts.

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All of the financial advisors on SmartAssets matching platform are registered fiduciaries, who are legally bound to act in your best interest. If your advisor is not a fiduciary and constantly pushes investment products on you, use this no-cost tool to find an advisor who has your best interest in mind.

2. Claiming Social Security Benefits at 62

If you want your maximum Social Security benefits, youll need to work until your full retirement age.

But benefits at age 62, 66 or 67 are not your maximum benefits. The maximum Social Security retirement benefit kicks in at age 70. If you claim before, you're not getting your full entitlement.

Each year after full retirement, your payout increases by a certain percentage based on specific criteria. To maximize this strategy, we recommend holding off until you are 70 payments will be the highest possible, increasing by 8% each year you wait.

While this strategy will help you collect the highest Social Security benefit, every situation is different. Consult a financial advisor to figure out how and when Social Security benefits should factor into your unique retirement plan.

3. Withdrawing From Your 401(k) and IRA Before RMDs Kick In

You can start withdrawing money from your 401(k) when you turn 59 1/2, but that doesn't mean it's a good idea. The law doesn't require you to start taking Required Minimum Distributions until you turn 72, so this is time your money can keep growing with compound interest.

4. Tapping into Your Roth Before Exhausting Other Options

Put off withdrawing money from your Roth IRA as long as possible.

You paid taxes up front so you can take money out of your Roth IRA and it wont count as taxable income.

Your Roth IRA also will continue to grow tax-free as you tap into your other accounts. Since a Roth IRA holds after-tax funds and the IRS doesnt need to tax it again, you also dont need to take Required Minimum Distributions. This account can keep growing for as long as you don't touch it.

The Best Way to Plan Your Withdrawals

Determining the optimal sequence to withdraw money from your retirement accounts is different for everyone, so we recommend speaking with a financial advisor.

Voya Financial found that 79% of people who use an advisor said they know how to pursue achieving their retirement goals. The study also found that 59% of those who use an advisor have calculated how much they need to retire, while 52% established a formal retirement investment plan.5

Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one.

Our no-cost tool helps makes it easy to find the right financial advisor for you. Now you can get matched with up to three local fiduciary investment advisors that have been rigorously screened for regulatory disclosures and to confirm their licenses. The entire matching process takes just a few minutes.

See more from Benzinga

2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The Worst Way to Withdraw from Retirement Accounts - Yahoo Finance

What You Need to Know

Two-thirds of women in a new study say they now invest savings they have outside of retirement accounts and emergency funds in the stock market, a 50% increase from 2018, Fidelity Investments reported Friday.

At the same time, many women may still be keeping significant savings in cash or bank accounts, earning minimal interest and therefore missing out on thousands of dollars in potential earnings, the study found.

CMI Research conducted a survey in July among 1,200 American women and 1,200 American men, all 21 or older with a personal income of at least $50,000 who are actively contributing to a workplace retirement savings plan, such as a 401(k) or 403(b). Fidelity was not identified as the sponsor of this study.

Fidelity said it was already seeing a notable uptick in 2018 in women getting more hands-on with their finances, and that momentum has continued as the pandemic has disproportionately affected women.

In fact, it said, the events of the past 18 months catalyzed even more women to make their finances a priority, through building up emergency savings, creating or updating financial plans, and making the move from saver to investor.

Still, a great deal of opportunity remains for those who are not yet investing, as well as for those who may still be keeping significant savings on the sidelines. Taking proactive steps may bode well for the future, Fidelity said.

An analysis of the investing behavior of its retail customers, comparing the annualized return of assets of 5.2 million self-directed retail accounts from January 2011 to December 2020, showed that on average, women not only realized positive returns on their investments, but also outperformed their male counterparts by 40 basis points.

Over the last year, Fidelity said, it has seen an increasing commitment to saving and investing for the future among its own customers as well:

Fidelity expects this momentum to continue, as 9 in 10 women say they plan to take additional steps to get more engaged in the next 12 months. But women will need additional support and education to help reframe how they think about investing, it said.

Although half of the women in the study said they have become more interested in investing since the start of the pandemicand 42% said they now have more to invest, only 41% purported to be comfortable with their investing knowledge.

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Fidelity Finds 50% Jump in Women Investing Outside of Retirement - ThinkAdvisor

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By: Zach Catanzareti, Staff Writer

Michael Annett has been in and out of his No. 1 JR Motorsports Chevrolet over the last few months due to a leg injury. And following his third comeback behind the wheel Saturday at the Charlotte Motor Speedway Roval, this time was different.

Announcing his retirement from full-time NASCAR competition on October 6, Annett now has four races left on his racing career in the Xfinity Series.

Despite an injury adding stress to his final weeks, the 35-year-old has a goal in mind: End it on a positive note.

I dont want to go out on the run I had at Richmond, Annett said, finishing 22nd in that race. It just wasnt a very good run. I feel good enough to be in the car, Ive been with JR Motorsports for five years, Pilot Flying J for 20-some years. I just feel like I owe it to them to finish it out. And I want to.

Finishing 27th Saturday at the Roval, Annett was far from pleased with that result. However, it wasnt due to ill feelings behind the wheel in regards to his leg injury.

Personally, I felt fine, he said. [The leg] got pinched about halfway through, I started to feel it and then you just quit thinking about it. Your adrenaline gets a little higher. I dont know a whole lot about it, I just felt it about halfway and I dont feel it right now [postrace]. Thats a good thing.

Replacing Josh Berry in the car last-minute, Annett was confident that the tricky road course of Charlotte wouldnt be an issue of physicality.

The first time I came back was at Watkins Glen so I knew it wouldnt be that bad, he said. I didnt want to have to come back at a track I was terrible at [laughs], I would have rather been at an oval. But we fought hard all day. I was eyeballing a top 10 on the last restart and got myself turned.

The roller coaster ride of hardship since July gave Annett time to access his future. And though many assumed his leg injury was the deciding factor in retirement, he reveals that it was not.

Its something I thought of even before I got hurt, he said. The injury gave me a lot of time to think about it. I just felt it was time to do something else. I wasnt as excited going to the airplane each weekend like I used to be. Its time to let these younger guys have a shot.

Ive dealt with an injury before when I broke my sternum [in 2013] and sat out for three months. Its definitely tough when I thought I was coming back and then had to get back out. Those ups and downs were tough. It was really cool watching Josh [Berry] win the other week and seeing my guys celebrate. Thats what they deserve.

As for whats next following the season finale at Phoenix, the Iowa native has plenty of ideas.

Every hour I come up with something different, he said. From going to Charleston and starting a charter fishing company, Im all over the place. Well have some time to think about it.

See the rest here:
Michael Annett Wants to Leave on a Positive Before Retirement - Kickin' the Tires