How much money will you need to retire? Financial advisors have frequently recommended a $1 million nest egg for a comfortable retirement, but there’s no one-size-fits-all magic number. Have you ever figured out how much money you’ll need? According to our new survey, you haven’t.
How much money will you get when you start collecting
Retirement
No matter if you’re starting your career or approaching its end, you should be thinking about retirement. How am I getting ready? How much should I save? How should I invest? Am I being too aggressive, or too passive?
But perhaps a bigger question is, “Am I thinking about retirement at all?” In an exclusive
In today’s gig economy, very few workers enjoy pensions or defined-benefit plans. When it comes to saving for retirement, many Americans are forced to fend for themselves. Enjoying our ever-lengthening lifespans means that we need even more money to sustain us during our golden years.
“We are living longer, and we all know it,” says
A Million Ways to Retire, 292 Ways to Plan for It America’s strategies for retirement run the gamut, from meticulously planned to none at all. Hopefully, your plan is more detailed than lottery tickets and blind luck – but what’s the best strategy for you? Is there even such a thing as a preferred retirement
As can be seen from yesterday’s example, an individual desiring $4,000 of monthly net income in retirement can need in excess of a $1,000,000 retirement portfolio to supplement his or her Social Security and pension income. As can be verified by this calculation, there are many factors to determining the retirement “nest egg” that must
I find when meeting with individuals for the first time that they typically have no idea how much they will need to be able to retire. The typical answer of $1 million is absolutely worthless since everyone has different income requirements and different income sources that must be added into the equation when determining when
Millennial Retirement Idealism How will millennials do in retirement? Very well…or so they think. A recent survey by Aperion Care on millennials and aging found that many millennials have fairly ambitious – and, in some cases, unrealistic – expectations regarding their golden years.
Millennials expect to live to age 81 on average – which is
Social Security is a critical component of the retirement plans of many Americans, making it critical to keep up with annual changes in the program. None of the changes for 2018 are as substantial as the recent tax code overhaul, but it still pays to review the changes at the beginning of the year to
More Savings, More Debt Do you participate in a 401(k) plan at work? If so, were you automatically signed-up by your employer? A new study suggests that if you were auto-enrolled in the plan, you may be accumulating more debt – but that may not necessarily be a problem.
Whatever… Just Sign Me Up Policymakers
Due to our ever-increasing lifespans, many Americans will live decades after retiring. With pensions growing rarer, and people not saving enough for retirement, many worry that they will run out of savings before their time on Earth is up. While many of today’s retirees feel that their money will last, tomorrow’s retirees are nowhere near
Nearly 4 million people turn 65 every year here in America and many of them are looking forward to retiring soon. There’s a lot of financial planning that goes into retirement, such as when to apply for Social Security benefits and when to begin distributions from retirement accounts.
It’s also important to plan for your
In the discussion of Social Security, little is more unproductive and contentious than the assertion that Social Security is a Ponzi scheme. It marks the point where the discussion stops and the fight begins.
Is Social Security a Ponzi scheme? That entirely depends upon your meaning of the phrase.
If you use the term loosely
Could you afford to give away $300,000 in retirement? Very few of us could give up such a sum and retire comfortably – but according to one financial expert, you could leave that much on the table by choosing the wrong strategy to claim your Social Security benefits.
Ron Carson, a Certified Financial Planner and
As a retiree, how do you plan to spend your Christmas? You may be visiting or hosting family for the holiday, preparing for a special vacation, or simply relaxing and enjoying your pastimes and hobbies. Whatever you choose to do, make some time before the holiday begins to assess your finances and avoid potential tax
By Roshni Chowdhry, senior manager of innovation & product development at SafetyNet
Last year, the average American who took on new debt during the holidays came out an additional $1,003 in the red. Most of those who took on new debt didn’t plan to and weren’t able to pay it off for the next several
How can you retire with $1 million in assets? It’s easy… if you start with $3 million! All kidding aside, the best answer is to make a plan that achieves the savings necessary to get to $1 million. We can help you formulate that plan using the following seven tips.
1. Make Saving and Budgeting
Billionaires and the impoverished have one thing in common – momentum. Once you achieve high levels of wealth or debt, it’s very easy for either one to continue to grow.
A recent report by the Institute for Policy Studies highlights this point. The study found that three billionaires – Jeff Bezos, Warren Buffett, and Bill
Our 24-hour news cycle may seem to bring us nothing but an endless series of conflicts and depressing news – but it doesn’t have to be that way. Good news is available if you are willing to dig for it and look at things in a positive context. And we don’t mean “fake news”.
As
Every October, the Social Security Administration (SSA) announces adjustments that are made to the Social Security program for the upcoming year. What effect will these changes for 2018 have on you?
More Money for Beneficiaries – Social Security beneficiaries receive cost-of-living adjustments (COLAs) based on one of the standard measures of inflation – the Consumer
Successful retirement planning requires a good understanding of what you want to do in retirement and a reasonable estimate of your expected expenses. Once you have a grasp of your likely retirement costs, you know approximately how much money you will need to salt away. However, one retirement expense is notoriously difficult to predict –
Every year, you do your part to fund America’s government by paying your taxes – but have you ever felt compelled to pay a little extra to the government? After all, our national debt has topped $20 trillion, or almost $62,000 per U.S. citizen.
Donations to the government are not as rare as you may
What does it take to be financially prepared for potential healthcare costs in retirement? As the old saying goes, “Needing insurance is like needing a parachute. If it isn’t there the first time, chances are you won’t need it again.” Healthcare costs can add up for even the healthiest of retirees, so what can we
If the recent ups and downs of the stock market have you tossing and turning at night, it’s not because you need to get out of the market – it’s because you need to get a real financial plan.
You can pinch pennies or throw money into a retirement account or make any other financial
If you are happy with your current home, why wouldn’t you want to live in it for the rest of your life? Many seniors and soon-to-be seniors have taken this approach and plan to “age in place” in their current domicile instead of moving into a smaller home or an assisted living/retirement community.
Living in
MoneyTips Are you among the nearly 50% of Americans who have access to a 401(k) program but don’t contribute to it? If so, what’s keeping you from utilizing this valuable savings tool? According to a new survey from Schwab Retirement Plan Services, Inc., non-savers are simply having trouble dealing with the combination of daily financial
Did you realize that your Social Security benefits are based on the highest inflation-adjusted 35 years of your income? To maximize your benefits, it’s important that you have 35 years of a solid wage history. A zero-earnings year or two can cause your benefits to drop significantly.
A recent study by the Center for Retirement
As retirement approaches, you should be making the most out of catch-up contributions in your 401(k) or IRA and socking away as much of your money as possible to prepare for retirement. Unfortunately, too many older Americans are unable to save properly for retirement – or even live outside of poverty during retirement – because
National 401(k) Day has been celebrated the Friday after Labor Day since 1996, in a drive to remind Americans to prioritize saving for retirement. The trick to becoming a 401(k) millionaire is to start young and allow your money to go to work for you. It may be difficult for someone who is just starting
When it comes to saving money for retirement, Americans have a wide range of different options from which to choose. This can be both good news and bad news: It’s good in the sense that having multiple options makes it easier to select the one that’s best for your retirement savings goals and resources. But
Have you ever seen ads for “Get Rich Quick” books? We suspect the only person getting rich quickly is the author selling his book! Perhaps the first page of the book reads, “The secret to quick riches is to publish and sell a book on getting rich quick.”
At MoneyTips, all of our eBooks filled