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Combatting Retirement Anxiety and the Fear of Running Out of Money
Personal Finance
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Retirement is the endgame for most people - it's literally why we work so hard our entire lives. But it's also no longer a situation that is as straightforward as it once was, particularly as far as financial planning is concerned. According to one recent study, nearly one out of every three people have nothing saved for retirement. More than half that have less than $10,000 set aside in a bank account for this specific purpose. Indeed, a recent survey of CPA financial planners confirms that this situation may be a lot more precarious than most people think. Your Money, Your Retirement and You According to the most recent AICPA PFP Trends Survey, running out of money for retirement is the top concern of 41% of CPA financial planners today. If people aren't worried about not having enough money to retire in the first place, they're worried about not having enough to maintain their current lifestyle — a fear that 29% of respondents shared. The third biggest concern — coming in far behind the other two — had to do with the rising cost of healthcare, which 11% of people said that they were worried about. The same study also revealed that once people retire, the biggest fear of 52% of retirees was a sharp decline in the value of their investments. The second biggest fear, coming in at 24%, was a serious illness like dementia. To put that into perspective, millions of people are diagnosed with dementia or other cognitive issues every year, and that trend is expected to increase sharply over the next decade. Despite this, people are STILL more worried about their financial situation than they are about anything related to their health and wellbeing. So at the very least, if you've come down with a severe case of retirement anxiety and are worried about your financial situation during your twilight years, know that you are not alone. Luckily, there are a few key steps you can take today to help ease some of this anxiety moving forward. The Fight Against Retirement Anxiety One of the biggest ways to combat retirement anxiety involves knowing what you can cut if needed. Take a look at your current spending patterns and decide which actions are related to "needs" and which are related to "wants." You can't necessarily cut the amount of money you're spending on healthcare, but you CAN get rid of that expensive cable package. Experts agree that running out of money is actually rare for older people who actively track and plan their spending, so keep this in mind moving forward. Likewise, you should also at least consider delaying your Social Security checks until you reach the age of 70. Depending on when you retire, this might mean that you go almost a decade without receiving these monthly checks (if the current average retirement age is any consideration). However, making this move means that you'll actually get a lot more money every month - something that may make all the difference if this is something you're truly concerned about. Finally, the most important thing that you can do involves the acknowledgment that these types of issues are incredibly common - worrying about having enough money to comfortably retire is not something that is exclusive to you. Everyone thinks about these things and they cause everyone stress every now and again. It's a natural part of getting older. Don't try to avoid it. But you also can't let retirement anxiety prevent you from taking the action today that will protect your financial situation tomorrow. Partner with a financial advisor to lay out your goals and work to come up with the right plan that meets your needs together. That in and of itself is one of the best ways to prevent these types of fears from becoming a reality in the first place.
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Tax and Financial Insights
by NR CPAs & Business Advisors
2026 IRS Mileage Rates: Key Updates and Insights
The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.
Effective January 1, 2026, the new standard mileage rates are established as follows:
- Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
- Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
- Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.
As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.
It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.
When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.
Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.
Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.
Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.
Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.
Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.
For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.
Educator's Deduction Reform: Key Changes Under OBBBA
The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.
Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.
At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.
Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.
