11 Year-End Tax Planning Strategies to Keep More 2021 Money and Prepare for Future Wealth
These 11 year-end tax tips for retirement will help you minimize your 2021 taxes and reduce future tax bills.
Category: Retirement Budget
15 of the Most Important Lessons from Financial Independence Blogs
To gain financial independence for retirement, use the lessons of those who have retired early. Here are 15 of the key lessons from the gurus running the top financial independence blogs. The Big Takeaways… Financial independence can be achieved, but it’s about combining lifestyle ambitions with reasonable financial strategies. Financial independence comes with some sacrifice,…
17 Ways to Dig Yourself Out of a Financial Hole (and Build Toward Retirement)
At age 47 I was jobless, emotionally broken after an abusive marriage, and running through savings to keep a divorce attorney in my corner. Grieving my mother’s death and terrified that my disabled adult daughter and I would end up homeless, I couldn’t see any kind of future for myself. Within five years I had…
24 of the Best Ways to Spend Your Stimulus Check
Depending on your income (not your assets), you may be receiving a stimulus check of somewhere between $1,400 and $2,800. How are people putting this money to use? We asked the NewRetirement Facebook group and it turns out that the uses are as varied as we are individually. Many are looking to spend the money…
9 Ways to Overcome the Terror of Spending Your Retirement Savings
Terror about retirement spending is not uncommon. In fact, most people are worried about spending their nest egg and running out of money. After all, you have been conditioned for decades to earn, not spend. You were probably a teenager when you opened your first paycheck and officially started the cycle of earning and spending…
How to Make Money in Retirement: 14 Real and Really Easy Ways to Boost Income
Regardless of where you are in life, it’s always nice to make some extra money. And that is especially true in retirement. But, how to make money in retirement when you’re supposed to be simply enjoying the easy life? The retirement gigs listed below won’t be quite enough to cover retirement expenses, but they won’t…
Focus on How Much Will You Spend in Retirement
You may be worried that you have not saved enough for retirement. And the first piece of advice from most financial experts is to tell you to save more! However, there is something much more effective you can do to make sure that you have enough money to live on in retirement.For a secure retirement,…
Should I Buy a New Car or Save for Retirement?
Are you thinking about buying a car? Will you need to buy a car at some point when you are retired? Cars can be a big purchase, and you should think carefully about your car choice in terms of your overall financial picture. No matter when you need to buy a car, you should consider…
Your Guide to a Foolproof Retirement Budget
The Scottish poet Robert Burns famously said, “The best-laid plans of mice and men often go awry.” That’s true about almost everything that you undertake in life. However, hoping for the best isn’t the greatest retirement budget strategy. You need a real strategy, and one that’s based on your life now (and the life that…
Average Retirement Spending: Will You Spend a Lot More or Less Once You Retire?
Do you actually know how much you spend every day now? What about every week? Throughout your life, you have probably at least looked backward to assess how much you have spent, even if it is just a running tally in your head. However, figuring out much you will consume in the future can be…
Is $58,000 the Amount of Annual Retirement Income You Need for a Happily Ever After?
Contrary to what many financial planners suggest, you can live on a lot less than 100% or even 80% of your pre-retirement income. In fact, a survey by T. Rowe Price of new retirees who have 401(k) account balances or rollover IRAs found that you can live comfortably on a lot less. The report suggests that…
The Biggest Expenses in Retirement
When planning for retirement, it’s important to save enough money to cover the essentials. While a financial planner may discuss earmarking funds to pay for daily living expenses, housing, and healthcare-related costs, one of the biggest expenses in retirement is something that many advisers may overlook. What Are the 3 Biggest Expenses in Retirement? According…
Retirement is All About Spending, And Experts Say You Aren’t Spending Enough
If you are nearing or are already in retirement, you are about to change from being an earner and a saver to being a spender. You spent a lifetime amassing savings and other resources and now is the time to use these assets – assuming you can accurately figure out how much to spend in…
8 Retirement Costs Overlooked by a Majority of Americans
Key retirement costs are being overlooked by the clear majority of Americans. (Probably not you though, especially if you are a NewRetirement Planner subscriber, but, keep reading to make sure.) According to a 2020 survey by the Employee Benefit Research Institute (EBRI), fewer than 4 in 10 Americans “have planned for emergency expenses or calculated…
10 Great Tips for Managing Money in Retirement
In some ways, managing money in retirement gets a little easier than before. You only have the money you have, so your options are somewhat simpler and more limited. On the other hand, the rules of money management shift in retirement so it may seem more complicated to you. No matter whether you find it…
9 Tips for Estimating Retirement Expenses: You Need to Get this Right!
Estimating retirement expenses can feel like an overwhelming task. However, if you want a secure retirement, you need to predict how much you are going to spend. Some might say that trying to predict your costs for every month for the next 15-30 years is preposterously impossible. However, it is probably no surprise to tell…
Wealth Inequality: We Are All Affected, But Black Households in Particular
Wealth inequality is real. The disparity effects most of us. However, the black-white wealth gap is staggering. What is Wealth Inequality? Wealth inequality is the gap in net worth — your assets minus liabilities — between the wealthy and the poor. The differences in wealth between the rich and poor in the United States are…
How to Save Money and Get Out of Financial Danger
If you are worried about how to save money, you are far from alone. According to a survey released by the Federal Reserve Board, 47% of American consumers report that they would not be able to come up with $400 for an emergency without borrowing or selling something. That’s half of the country living in…
Help for Seniors with Low Income: Government Benefits and More!
Need a helping hand? Find help for seniors with low income The Big Takeaways… A significant amount of qualifying seniors don’t participate in low income benefits because often it’s hard to know what’s available. More options may be available to you during the pandemic. Tools like Benefits Checkup and the Eldercare Locator can help connect…
Scarcity: Don’t Let it Steal Your Retirement
Worry about the scarcity of time, money, food, etc… can be a problem in lots of situations – including retirement. Learn how to focus on what’s important!
The Best (and Worst) Sources of Emergency Money and Income for Funding Your Life During the Coronavirus Crisis
If you find yourself needing emergency money or income, here is a guide to 11 different sources of funding. Explore the pros and cons.
Retirement Planning and Your Taxes: Big List of Tips for Keeping More of Your Own Money
Retirement brings a lot of changes – taxes included. Learn how to file, assess tax implications of relocating, get tips for withdrawals and more…
15 Ways to Stop Wasting Money Everyday and Save More More for Retirement
You might not think of it this way, but most of us get scammed — somewhat tricked — out of our hard-earned money every single day. Little expenses can add up to big bucks that we could be saving for retirement and spending in our golden years. Whether it’s spending money on (frankly) dumb stuff,…
20 Ways to Cut Retirement Costs: When You Are Rich in Time It’s Easy to Spend a Little Less
Most of us could benefit from cutting retirement costs. Now is the time to really know what you are spending and assess your budget. When living on a fixed income in retirement, it is very important to make sure that your income does not exceed expenses. Living more frugally can be done no matter your…
How to Create a Reliable Retirement Budget: Plan for Evolving Spending
Your retirement budget determines how much you will really need to have saved for a secure retirement. It is very important to get this right. While accurately estimating your expenses for the rest of your life is a daunting prospect, the right tools and advice can make it easy. Your retirement budget will evolve… Detailed…