When you hear the phrase “preparing for retirement,” you probably think about savings and budgeting. However, your finances are just one aspect that you need to consider. Sure, you need to have your financial situation in check when you retire, but other aspects of your life could use some prepping as well. Here are seven…
Would you believe some people give retirement financial planning less attention than planning a vacation, choosing a restaurant, or buying a television? It’s a bit scary, but it’s also true. Retirement isn’t an event, and it’s not something to buy. If you want to keep your current standard of living for the long haul, you’ll…
Chances are you’ll live longer than your parents, and much longer than your parents’ parents lived. While that sounds like a gift at face value, a longer life expectancy brings with it some special concerns, too. According to the Society of Actuaries, an actuary professional organization in Illinois, one of out three males and one…
If you want to achieve retirement security, it may not be adequate to just have enough money saved and have a detailed retirement plan. Even if you have guaranteed retirement income, you’ve maximized your social security, you have terrific supplemental medicare insurance, and you know exactly what you want to do in your golden years,…
When to retire. Getting the answer to this question is — by far — one of the biggest decisions of your life and a choice that can cause a lot of stress.
You’ve been working for over 40 years and now you’re approaching retirement. You have friends who have retired. Some seem happier than others, and you wonder what it will take for you to be happy in retirement. To help us understand the psychology of retirement, here is an interview between Gary Foreman of the website…
You want to know how to retire. Figuring out the answer to this question can feel overwhelming and sometimes impossible, especially if you are already in your 50s or 60s. It has been hard just making ends meet month after month; now you are faced with creating a plan for the next 20 or 30…
Financial planning for retirement takes a more focused turn through your midlife years–from your late 40s through your 50s and into your 60s. At midlife, your income is usually better than when you were younger, and you’ve got more information to work with. If you’re already saving, this period means adding new layers to your…
The life transition of becoming a parent with an empty nest is a life transition that is not often talked about (at least not much as we analyze the impact of other major life events, such as getting married, having children, and retiring). However, the act of your children leaving home has emotional and financial…
Winning the lottery actually has a lot in common with being near retirement age: You can quit working You have finite financial resources at your disposal (Really finite for most of us; in fact, many of us feel like we can not retire unless we actually do win the lottery.) It is a time to…
Everyone knows that they need a retirement plan. But that means different things to different people, and not every plan counts as a truly useful retirement plan. Sometimes a retirement plan is something that is prepared for you by a professional. It is likely a thoughtful plan, but how exactly is it going to be…
You’ve probably read somewhere that you need $1 million in savings in order to retire. While that is not entirely true, we are here to tell you that it is possible to have a million-dollar retirement (even if you haven’t started saving quite yet).A recent report from the U.S. Federal Reserve found that nearly a quarter…
If you are thinking about retirement, congratulations! This is a big decision. Did you make the right retirement preparations? Have you avoided the worst financial mistakes? Do you have the right retirement solutions? A strong retirement plan can mean the difference between outliving your retirement savings and being able to sustain your lifestyle for as…
Financial planning for retirement starts sliding into home plate after 50. If you’re lucky, you’ve spent a lifetime preparing for it. You’ve maxed out your tax-deferred investment options, amassed dependable investments, curbed spending, kept debt manageable, and created a sizable nest egg to provide a comfortable retirement income. Not everyone has that benefit, though, which…
Most people think that retirement planning is complicated and time consuming and maybe even futile. Too many people believe that a secure retirement is beyond reach. However, we have proof that improving your retirement plan is achievable and that it can even be easy and relatively speedy. Recent analysis revealed that a large percentage of…
According to the Pew Research Center, the oldest members of the Baby Boomer generation came into retirement age in 2011, and for the next 19 years, 10,000 more boomers will turn 65 each day. The Boomers face unique challenges as they approach retirement. Unlike their parents, most Boomers are not able to rely on pensions…
No matter what is drawing you to retirement, the reality of deciding at what age can you retire securely is tricky. Retirement age is a concept that means very different things to different people. Most people would consider the national retirement age to be 65. However, there are other retirement ages to consider. Retirement age…
Believe it or not, some European countries have the most secure retirements. However, Americans can emulate their type of financial security using their own resources here. According to the 2019 Natixis CoreData Global Retirement Index, seven of the top 10 best countries for retirement are located in Europe, out of all the nations analyzed in…
Jacob Lund Fisker is not your typical retiree. He’s certainly not at an age where he could collect Social Security. He’s not in his 60s or his 50s. Jacob isn’t even in his 40s (at least not yet). It’s almost astonishing that Jacob is retired – and financially independent – and he is still in…
In this day and age, just about anything can easily be done online. You can file your taxes, compare rates for a new auto loan or even order groceries to be handpicked and delivered to your door. You can also do some of your retirement planning online. There are many new and sophisticated retirement planning…
According to the Pew Research Center and the U.S. Census Bureau, Millennials have surpassed Baby Boomers as the largest living generation. There may be a lot of them, but what can this modern generation tell us about having a better retirement? It turns out that some of their ideas will work quite well for those…
Warren Buffett earned his nickname honestly. The Oracle of Omaha’s success at investing is legendary, and he has ranked among the world’s wealthiest people time and again. But Buffett isn’t your typical wealthy business magnate. His retirement planning advice isn’t just for the rich and famous – it works for everyone. He’s known as frugal,…
Have you ever traveled to a place where they speak English, but the people have a heavy accent and a different dialect? You have a vague and slowly formed idea of what they are saying, but it can make you feel confused. Most of us feel that same confusion when dealing with personal finance issues.…
It’s fairly common to believe that while a financial scam might happen next door, it certainly won’t happen any closer to home. But unfortunately, it happens every day. Who wouldn’t want to win a trip to the Bahamas or get an exclusive deal on an investment? That’s exactly what con artists count on to help…
While not everyone is prepared for retirement, some older Americans are faring pretty well. These are the traits shared by successful retirees. According to investment firm T. Rowe Price’s survey of more than 2,500 people who have 401(k) plans and/or rollover individual retirement accounts (IRAs), the top factors contributing to their stable retirement are: Flexible…