How to assess where you are and what you can still do to get ready for retirement.
If you find that your current accounts won’t provide the desired income you would like in retirement, you can make some additional changes.
There is still time to improve your retirement finances in the years leading up to retirement. By reviewing how much you have saved and thinking about how much longer you want to work, you may be able to update and improve your retirement plan. Use the following guidelines to get ready for retirement after age 60. Read More
A common financial rule of thumb is that you should have $1 million saved for retirement, but this piece of advice may now be outdated — you may actually need roughly double that. Read More
A financial checkup could help put your mind at ease
Fewer than 1 in 5 people have established a comprehensive financial plan for their retirement, according to a Fidelity Investments study. But even if you are among those who do, how do you know your plan will hold up in every insomnia-inducing scenario you envision? Read More
Financial planners see people making these six money mistakes all the time, and they can endanger your retirement. Here are six surefire ways to kill your retirement – and how to get back on track from them.
If you’re starting to wonder if you’ll ever have enough money saved to retire, you aren’t alone. Read More
Timing is everything when it comes to retiring comfortably
After years of hard work, you’re certainly entitled to a happy retirement. You may have already started daydreaming about it, at least a little. Will you travel the world, volunteer for your favorite charity, go fishing, or spend more time with the grandkids? The possibilities are endless. Read More
Turning wealth into income isn’t the easiest of tasks. And more than a few people make mistakes with their money before and during retirement.
Some mistakes are, unfortunately, irrevocable. But some, thankfully, are not. Read More
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In your 20s, as you start your career and make real money for the first time, your spending changes. After living with Mom and Dad or in a college dorm, you can afford a place of your own and might want to splurge on the place with the amazing rooftop deck. You might have some disposable income for the first time — even after making the monthly payment on those student loans — and want to take a weekend trip each month with friends. Read More
People in their 50s who are nearing retirement have a lot on their plates. Between mortgages, adult-age kids and other responsibilities, it can be hard to prioritize everything. However, it’s never too late to prepare yourself for those golden years.
The right income plan can boost your income in retirement while limiting your risk.
Because inflation erodes purchasing power, it’s painful for just about everyone. But it can be especially challenging if you’re a retiree whose budget is based on a fixed income. Read More
You know why you should save for retirement. Once you retire, you need funds to support your lifestyle and take care of the things you treasure. But with all the talk of how important saving for retirement is, no one breaks down what a nest egg should look like. Read More
Pandemic has pushed many to think about retirement, even at a young age
The pandemic has had an impact on everyone — especially financially — from businesses to individuals.
These smart choices could be your ticket to an early workforce exit.
- You don’t need to earn a ton of money to retire early.
- A few wise moves on your part could help you close out your career when you want to.
Many people strive to retire early, whether that means exiting the workforce in their early 50s, late 50s, or early 60s. If early retirement is a big goal of yours, here are three things you can do to make it happen.
To plan for the next phase of your life, you need clear strategies to provide for these three retirement needs.
Retirement is the longest vacation you will ever take.
To get the most out of that special time, which rewards all your years of hard work, retirement requires careful and precise planning. But the reality is, most people spend more time planning a dream vacation than they do analyzing and charting all the details of their retirement. Read More
Many retirees complete their last day of work only to find that they can’t afford to live comfortably. Looking back, they point to clear planning steps they could have taken that would have made a dramatic impact on being prepared for retirement. Read More
Steps you can take to avoid disagreements over spending and much more
You’ve looked forward to retirement for decades — the chance to slow down the pace, to live in a different place, to see parts of the world you’ve only dreamed of, to spoil the grandkids just a bit. Read More
Didn’t Save Enough for Retirement? 10 Tips for Making it Work
This story originally appeared on NewRetirement.
If you think you haven’t saved enough for a truly secure retirement, think again. The impossible could become possible with these creative ways to retire. Read More
A 401(k) retirement plan is an excellent tool to help employees save for retirement. Many employers offer a company match, which is basically extra compensation. Not only that, but you also usually get a tax break for your contributions in the year you make them.
But if you’re only saving for retirement in a 401(k), it could end up hurting you when you’re ready to start living on your savings. Here are five drawbacks of only using a 401(k) for retirement.
Here’s How to Budget in Retirement So You Don’t Run Out of Money
Editor’s Note: This story originally appeared on The Penny Hoarder.
You’ve spent decades in the workforce earning a living, your schedule dictated by the demands of the job. All the while, you’ve been steadily adding to your savings so that one day you could get to this point: retirement. Read More
If you are asking, “Am I ready to retire?” Here is some good news: you don’t necessarily need $1 million dollars for a successful retirement. So, what you do need? We did a little digging and here are 8 important skills that will enable you to achieve financial security, health and the best most secure retirement possible.
Best path to a great retirement? Keep track of your Social Security benefits and use the RMD rule to calculate income from savings.
You can employ many strategies and tactics to improve your odds of enjoying the retirement you desire. But of the hundreds that you could pursue there are two that are easy to implement — and could make a big difference in your life. Read More
Ready for retirement? Not so fast. You might be surprised at some of the issues that come up for couples when they plan.
When you make financial decisions as a single person, it’s all about what works for you. When you’re in a long-term relationship, though, that changes.
Couples, even if they keep aspects of their finances separate, still need to pay attention to ways to manage retirement planning together.
If you want to have a successful retirement as a couple, start taking the following steps now. Read More
After working hard your entire life, you may finally be at a point where retirement is right around the corner. But retiring in 2021 won’t be like retiring in any other year. That’s because we’re still in the midst of a pandemic, and that could have a serious impact on both your finances and your general plans. With that in mind, here are four important moves to make if you plan to retire in the coming year.
Here’s what to do if you are planning to retire this year.
There’s more to financial planning than tending to an IRA. Try to make a budget that details your expected income from Social Security, pensions, retirement savings, other investments and part-time work. (GETTY IMAGES)
Understand how Social Security spousal benefits work to make the most of your retirement funds.
Getting a solid grasp of eligibility requirements and the best time to claim Social Security can help you maximize your spousal benefits. (GETTY IMAGES)
Here’s a retirement planning tip for 2021: Think of your retirement savings plan as a ship passing through ocean waves. You are the captain. And it’s your job to keep that ship off shoals that could sink it. It’s your job to avoid nasty currents that can delay its progress. Read More
Retirement planning is one of your most important life tasks, and it’s essential you make a realistic assessment of your financial picture in your later years. Unfortunately, far too many people believe some dangerous myths that could leave them woefully unprepared for life after leaving the workforce.
To make sure this doesn’t happen to you, ignore these four major retirement myths forever.
The CARES Act waived required minimum distributions from IRAs and 401(k)s for 2020, but the waiver was not extended with the most recent COVID relief package.
Even though you have all year to withdraw the money, you can calculate your 2021 RMD anytime now.
Taxes are a fact of life, and so are annual changes in how you file and calculate your federal income tax. But the coronavirus pandemic will mean even more than the usual yearly differences when you sit down to do your taxes for 2020 during the new year.
Happy Data Privacy Day
The January 28 event promotes best practices for protecting your data. Every January 28, at least 50 countries recognize Data Privacy Day, an event designed to raise awareness and promote best practices for protecting personal data. While the day falls but once a year, it’s important to embrace its recommendations and apply them daily whenever you are online. Below is a list of the most important steps you can take to prevent cyber criminals from stealing your personal information. Read More
As the need for financial advice increases, here are 4 considerations for helping workers feel more prepared for retirement in the future.
Like annual physicals, a yearly financial checkup can help uncover hidden problems, inspire you to set new goals, provide information you need to improve your health, and make sure you’re on track for well-being. I specialize in thoughtful and objective investment guidance aimed at keeping your finances and goals in shape.
Brokerages have started alerting clients that they can choose a person to be contacted if their advisor suspects fraud is occurring or there is mental decline in the account owner.
This new option is part of securities regulators’ effort to prevent financial fraud against older Americans, who lose an estimated $36.5 billion to fraud.