Many people are concerned about retirement finances, but that’s not the ONLY thing to worry about…

Brian Stoffel of The Motley Fool posted a fascinating article recently about what exactly the #1 silent killer in retirement really is. I was stunned! He said that the greatest silent killer is — Loneliness!

He states:

Before rolling your eyes, hear me out. In 2013, Merrill Lynch and Age Wave (MLAW) conducted a study asking pre-retirees what they would “miss most about work when they retire.” Here’s what they had to say:

So, by an enormous margin, “a reliable income” was the most popular answer.

Then MLAW followed up by asking a group of currently retired folks what they missed the most about work. While ‘”reliable income” was still relevant, the responses were starkly different:

USA today posted this article recently by Maurie Backmon addressing the pros and cons of retiring before the age of 65. In fact 62 has become a quite popular age at which to check out of the working world since that’s the earliest you can start drawing on your social security benefits.

Is it wise to retire that early?

There are 2 major negative effects to consider before retiring at that time. See what they are here.

Seems like all you hear is bad news…especially in regard to finances.

No one ever feels like it’s enough, but forward steps are a good sign. (Of course with RetirementView Software, you can KNOW if you have enough. You know we have to say it!)

Check out today’s good news in this article by Suzanne Wooley.

Due to the government’s estimate of low inflation, most of the limits are NOT CHANGING for 2016.

The Internal Revenue Service (IRS) highlighted the following limitations that WILL change in 2016 from 2015 levels:

• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $184,000 and $194,000, up from $183,000 and $193,000, respectively.
• The AGI phase-out range for taxpayers making contributions to a Roth IRA is $184,000 to $194,000 for married couples filing jointly, up from $183,000 to $193,000. For singles and heads of household, the income phase-out range is $117,000 to $132,000, up from $116,000 to $131,000.
• The AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,500 for married couples filing jointly, up from $61,000; $46,125 for heads of household, up from $45,750; and $30,750 for married individuals filing separately and for singles, up from $30,500.

Unchanged Limits

However, most limitations remain unchanged from 2015, including:

• The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000, as does the limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3).
• The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) remains unchanged at $265,000.
• The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $6,000.
• The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500, and the additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
• The limitation on deferrals under Section 457(e)(15) concerning deferred compensation plans of state and local governments and tax-exempt organizations remains unchanged at $18,000.
• The limitation on the annual benefit under a defined benefit plan under Section 415(b)(1)(A) remains unchanged at $210,000. For a participant who separated from service before Jan. 1, 2016, the limitation for defined benefit plans under Section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2015, by 1.0011.
• The limitation for defined contribution plans under Section 415(c)(1)(A) remains unchanged in 2016 at $53,000.
• The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan remains unchanged at $170,000.
• The dollar amount under Section 409(o)(1)(C)(ii) for determining the maximum account balance in an employee stock ownership plan subject to a 5 year distribution period remains unchanged at $1,070,000, while the dollar amount used to determine the lengthening of the 5 year distribution period also remains unchanged at $210,000.
• The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) remains unchanged at $120,000.
• The dollar limitation under Section 414(v)(2)(B)(i) for catch-up contributions to an applicable employer remains unchanged at $6,000. The dollar limitation under Section 414(v)(2)(B)(ii) for catch-up contributions to an applicable employer plan described in Section 401(k)(11) or Section 408(p) for individuals aged 50 or over also remains unchanged at $3,000.

Compensation Limits

• The annual compensation limitation under Section 401(a)(17) for eligible participants in certain governmental plans that, under the plan as in effect on July 1, 1993, allowed cost of living adjustments to the compensation limitation under the plan under Section 401(a)(17) to be taken into account, remains unchanged at $395,000.
• The compensation amount under Section 408(k)(2)(C) regarding simplified employee pensions (SEPs) remains unchanged at $600.
• The limitation under Section 408(p)(2)(E) regarding SIMPLE retirement accounts remains unchanged at $12,500.

A complete list of the changes from the IRS is available here.