You can finally see retirement in the horizon – lounging on the beach, jetting around the world, or puttering around in your backyard. Whatever your goals are, you will soon be realizing them, assuming you have saved and invested wisely. How should your investments be rebalanced as you approach your retirement goals? The answer to
Retirement
Retirees fear running out of money, and rightly so. This can happen to you in three ways – you fail to accumulate enough retirement assets, unexpected expenses drain your retirement funds, or you outlive your expected lifespan (and therefore, your money). You can reduce the possibility of the last one by purchasing a deferred-income annuity.
Homeowners who have retired or who are close to retiring and still have a mortgage may have concerns about their finances. While many do pay off their mortgage before retiring, those who purchased a home later in life with a 30-year mortgage or who have had to refinance their home for some reason may find
The 80% rule is one of the classic rules of thumb for retirement advice. Financial planners often advise that in order to maintain your current lifestyle in retirement, you should aim to replace 80% of your working income from your retirement resources such as Social Security, investment dividends, and IRA withdrawals. From that point, you
Classically, a pension is a retirement plan where a company or governmental entity sets aside contributions for its employees’ future retirement needs. These funds are invested to increase the available money pool used to meet those future obligations. But over the past 50 years, the definition of pension has expanded to include retirement plans where
MoneyTips Are you planning on pushing your retirement age out as far as possible, or continuing to work part-time during your retirement years? A growing number of people are following this path, driven partly by enjoyment of their work and partly by economic necessity. In addition, since people are living longer in general, retirement may
A growing number of American couples are feeling the financial squeeze from all sides — their children, their parents and each other. They have been dubbed the “sandwich generation” because they face a wide range of different kinds of financial pressures from both the prior and next generation.
For starters, there’s the pressure many couples
In general, early withdrawal of funds from your retirement account is a bad idea. Not only are the withdrawals taxed at your current income rate, but you will also pay a penalty of 10% on the withdrawn amount.
However, there are some financial circumstances where early withdrawal is needed – and if you are in
Retirement is approaching. Do you have a comprehensive overview of your retirement funds and how you will manage them when you actually do retire? A surprising number of people do not know much about their retirement funds other than that they exist. Some don’t even realize how many sources of retirement funds they have. This
You should be enjoying the fruits of your labor in your later years, not worrying about how to pay back debt. Unfortunately, too many seniors find themselves with high levels of debt and uncertainty about their future.
If you are in this situation or heading that way, consider these steps to reverse your slide into
It can be a sobering and painful time when you realize that one of your family members requires some form of senior care. Your choices can seem overwhelming and hard to understand. Home care options are available through home healthcare services, and respite care (adult daycare) options are available for part-time assistance if you are
Taxes could easily end up comprising a large percentage of your expenses in retirement. Most states have sales taxes, income taxes, property taxes, gas taxes, estate taxes and inheritance taxes just to name a few. It makes sense to consider seriously the taxes each state imposes when deciding where you wish to live in retirement.
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