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Does Money Buy Happiness? It Can! Here Are 11 Ideas for How to Spend Money to Increase Happiness
They were wrong. The answer to the question does money buy happens is… yes! In fact, the research is overwhelming. And, there are actually multiple ways to spend to increase happiness. Here are 11 ways to spend money to buy happiness. The following 11 tips are valuable whether you are 75, 65, 55 or 15!…
Bad News that Will Be Really Good Economic News in Today’s Topsy Turvy Times
As you look for signs of recovery from the economic turmoil of the pandemic, you’ll want to keep your eye on a few economic indicators that are usually seen as bad news. Why? Well, because in the topsy turvy world we live in today, bad news may actually be good news. Rising Unemployment Rising unemployment…
Long Term Care: Avoid the Pike Syndrome, Look the Problem in the Face and Make a Plan
No one wants to think about needing long term care. And, figuring out how you are going to pay for it (if you are among the potentially 70% who will require it) isn’t fun. Of course you hope you’ll be in the 30%! Darol Tuttle is an accomplished attorney with over 23 years experience in…
Is Long Term Care Insurance Worth It? Explore the Pros and Cons
There is no right answer for whether to purchase long-term care insurance. In fact, long term care insurance pros and cons are pretty balanced. Many people opt not to purchase it because it costs too much or they simply don’t know enough about it. While others want to assurances that they will be taken care…
How to Take Control of Your Finances: 29 Pieces of Real Advice from Real People for Real Wealth and Security
Want to know how to take control of your finances? Ask some smart people who are managing their own finances and actively planning for a secure future. On the NewRetirement Facebook group (join now), we recently asked: “What is one action you have taken that has improved your financial life?” How to Take Control of…
How to Boost 4 Different Happiness Hormones through Financial Planning
Most people think of financial planning as a source of stress. If this is you, I have news for you: you have it ALL wrong. Creating and following a financial plan is a great way to REDUCE your stress. In fact, financial planning activities are guaranteed to release the four key hormones –dopamine, seratonin, oxytocin…
Podcast: Melissa Fredette — Financial Independence via Real Estate
Episode 51 of the NewRetirement podcast is an interview with Melissa Fredette — former President of Postgraduate Programs at Hult International Business School — and discusses what she learned during her journey to FI and as she transitions into retirement before 50 using a portfolio of rental properties. Listen Now: Don’t miss out on future…
How to Use the I.R.S. to Figure Out Safe Withdrawal Rates in Retirement
The Internal Revenue Service (I.R.S.) is not usually thought of as an institution that adds a lot of value to our lives — to the contrary in fact. However, a few years ago, the researchers at the Center for Retirement Research at Boston College came up with a simple and relatively safe retirement withdrawals strategy…
What is a Self Directed IRA? Is it a Good Idea for Retirement Savings?
What Is a Self-Directed IRA? A Self Directed IRA is a type Individual Retirement Account (IRA) that allows you to invest in a really wide variety of alternative investments. Traditional IRAs require that you invest in traditional asset classes — mainly stocks, bonds, funds, treasuries, annuities and certificates of deposit. Self Directed IRAs and Self…
Podcast: Dana Anspach — Retirement Income Planning
The 50th NewRetirement podcast! This time, Steve Chen is joined by guest Dana Anspach — Certified Financial Planner™, author, and the founder of Sensible Money — and discusses her practice and approach to retirement income planning. Listen Now: Don’t miss out on future episodes: subscribe on iTunes subscribe on Stitcher And, join our private Facebook…
Retirement Planning Guide: 8 Steps to a Better Future
Financial planning is probably not on your top ten list for how to spend your time. However, getting your hands around your finances and planning a secure future retirement can make you feel great. And, it doesn’t have to be hard. Here is your complete retirement planning guide. This simple eight step plan will help…
How to Set Financial Goals for Short, Medium and Long Term Prosperity
Everyone knows that if you want to achieve something, you had better set a goal. However, very few Americans actually do or even know how to set financial goals. According to Schwab’s Modern Wealth Index, only 25% of people have some sort of written plan or goals. What’s worse? The Financial Health Network finds that…
How to Get Out of Debt: 12 Ways to Reduce this Expense for a Better Future and More Secure Retirement
In 2020, Fidelity reported that the majority of people who were making financial resolutions for the new year wanted to achieve a debt free life. While fortunes have shifted after the pandemic, it is still a very worthy goal. Not sure how to get out of debt? You have options. Based on my experience, there…
Average Retirement Debt: Older Americans Have More Debt than Ever Before!
One of the greatest threats to retirement today may not be saving too little, but owing too much. According to the Federal Reserve Bank, Boomers (Americans born between 1946 and 1964), are carrying ballooning amounts of debt into retirement.Will your debt take a big bite our of your retirement? For many people, that debt is…
Your Year End Retirement Checklist: Put 2020 Behind You and Prepare for a Great 2021 and Beyond
Feeling frazzled by holiday fanfare? Do you also have nagging worries about your retirement plans? One of the best ways to control stress of any kind is to make a list and check it twice. And we have done that for you. Here is a handy yearly retirement checklist — 24 things you should do…
Holiday Gift Guide: Great Retirement and Investment Gifts for Everyone in the Family (Even the Kids)
Another gift guide? Yep! But, this one is focused on long term financial success and retirement happiness — not cool gadgets and warm sweaters — for everyone on your list, young and old. Great Gifts for Kids of Any Age Shares of an Index Fund Let’s say that you have a child who is 10…
Climate Change and Your Retirement
When planning retirement, you need to somehow prepare for many different kinds of unpredictable possibilities — inflation rates, stock market fluctuations and the prospect of a long-term care need for example. Any of these could have a dramatic impact on your finances. However, have you considered how the possibility of climate change might impact your…
2021 Reverse Mortgage Lending Limits Increase: More Money for Some Borrowers
The government raised reverse mortgage lending limits to an all time high. Does this mean more money for you? It depends…
10 Year End Tax Planning Strategies for 2020 and Your Future Retirement
This has been a year like no other. As you prepare to say a big buh-bye to 2020, use this list of year-end tax planning tips for 2020 and beyond to help launch you into a better future. In 2020, the rules were updated for everything from tax withholding to socializing. While we can’t help…
Family and Money: Tips for Discussing Finances and Retirement with Your Loved Ones
This year family gatherings may be different (more Zoom, less slobbery kisses and heart felt hugs), but it will undoubtedly feel more important than ever to celebrate togetherness. While the focus of our gatherings will still be on love and celebration, the holidays are also an opportunity for discussions related to family and money. Like…
Podcast: Ashley Whillans — Time Smart
Episode 49 of the NewRetirement podcast is an interview with Ashley Whillans — assistant professor at Harvard Business School and author of Time Smart: How to Reclaim Your Time and Live a Happier Life — and discusses how to think about and value your scarcest resource, your time. Listen Now: Don’t miss out on future…
Be Thankful and Practice Gratitude as You Near Retirement: It Improves Your Health, Happiness, and Finances Too
The holidays are the time we come together to give thanks and celebrate. It can also be a stressful time full of demands to cook, decorate and spend money. Sometimes the stresses crowd out the fun, so we have to remember to take time to be thankful and practice gratitude for our blessings. And, it…
How a Biden Presidency Might Affect Your Retirement
Joe Biden is now the President-elect, even though President Trump has vowed to fight the results in court. There are several ways a Biden presidency might affect your retirement, including lower tax benefits on 401(k) accounts and more generous Social Security benefits. Biden’s Plan for Older Americans gives specific details on what Biden would like…
How Making a Qualified Charitable Distribution (QCD) Can Save You Tax Money
Qualified Charitable Distributions (QCDs) are not only a way to help great causes and those in need, but they are also a way to manage your tax exposure and avoid unpleasant surprises. For people who are at least 70 ½, and who don’t need income (or who simply want to avoid the income tax) from…
Be Happy: 10 Ways to Worry Less About Your Retirement
Don’t worry, be happy… about your retirement. The last few months have been an emotional rollercoaster for many people, and you may be feeling constantly stressed about your finances. You’re probably asking yourself, do I have enough money to be happy in retirement? If you are worried, you’re not alone. According to a survey conducted…