- What Are the Payback Rules for a 401(k) Loan?
A 401(k) loan allows you to borrow funds directly from your retirement savings, which you then repay with interest back to your own account. While this can seem appealing since you’re essentially paying interest to yourself, strict 401(k) payback rules must be followed to maintain compliance. Given the complexities and potential long-term impact on your… read more…
- How to Build an Investment Portfolio at Age 75
At 75, investors typically focus on preserving wealth, managing withdrawals and covering healthcare costs rather than seeking high-risk growth. Stability becomes a priority to help maintain a reliable income while minimizing exposure to market fluctuations. A financial advisor can help you build an investment portfolio at age 75 that balances stability and income for a… read more…
- Airline Pilot Retirement: What to Know
You can make a lot of money as an airline pilot. According to the latest Bureau of Labor Statistics data, the median pay for a commercial airline pilot was $171,210. This puts it far above the U.S. baseline of around $75,000, and is particularly good for an industry with a large number of open positions looking… read more…
- How Much Money Do You Need to Retire at Age 30?
Retiring at 30 may seem impossible. But with smart planning and strict saving habits, it can be done. The idea of early retirement has grown popular, especially through the Financial Independence, Retire Early (FIRE) movement, which focuses on saving aggressively and making wise investments. To figure out how much you need, consider your current savings,… read more…
- How Much Do You Need to Retire at Age 50?
Retiring at 50 offers freedom and time to pursue personal interests, but it requires careful financial planning. Key factors include lifestyle needs, long-term savings, healthcare costs, inflation and market changes that could affect retirement funds. Working with a financial advisor can help you create a strategy to manage savings, investments and expenses for a secure… read more…
- How Much Do You Need to Retire at Age 62?
Since 62 is the earliest age to claim Social Security retirement benefits, it appeals to those looking to leave the workforce sooner. However, retiring at this age means planning for potentially 25 to 30 years of financial security. Determining how much you need to retire at 62 depends on several factors, including your expected expenses,… read more…
- How Much Do You Need to Retire at Age 65?
How much money is needed to retire at age 65 depends on several factors, including lifestyle expectations, anticipated expenses and income sources. The general guideline is to aim for a savings target based on annual salary multiples, but individual needs vary. Some retirees may rely heavily on Social Security, while others draw from pensions, retirement… read more…
- How Much Do You Need to Retire at Age 40?
Retiring at 40 means covering 40 to 50 years of expenses without a paycheck. Financial security depends on accurately estimating costs, investment growth and inflation. Many early retirees focus on extreme savings, high-return investments and passive income. The 25x rule suggests saving 25 times annual expenses, but early retirees may need more to make savings… read more…
- I’m 65 With $1.1 Million in My 401(k) and IRA and a $2,800 Social Security Check. What’s My Retirement Budget?
A retirement budget has two major parts: income and expenses. Income can come from many sources, including Social Security or pension retirement benefits, annuity payments, investment interest and retirement account withdrawals. Expenses are the money you spend those funds on, such as housing, transportation, utilities, food and healthcare. Since budgeting involves forecasting, precision can be… read more…
- What Is the $1,000 a Month Rule for Retirement Planning?
Retirement planning requires careful consideration of income sources, expenses and long-term financial stability. The $1,000 a month rule is a simple guideline that can help you estimate how much savings you need to generate sustainable income. According to this rule, for every $1,000 in monthly retirement income you want, you should aim to have about… read more…
- 10 Ways Gen X Can Grow Retirement Savings
Many Gen Xers are focused on strengthening their retirement savings as they move through their peak earning years. With fewer traditional pensions and questions about the future of Social Security, Gen X retirement funding strategies call on a mix of tax-advantaged accounts, strategic investing and catch-up contributions. Maximizing 401(k) plans, IRAs, and other investment opportunities… read more…
- What’s a Realistic Retirement Budget? I’m 62 With $890k in a 401(k), $115k in a Roth IRA and I’m Eligible for Social Security.
During most of the decades you are preparing financially for retirement, you are likely focused on saving as close as you can get to the recommended amount, without worrying too much about the details. As you approach retirement, however, it’s a good idea to look more closely at what might be a realistic retirement budget.… read more…
- I’m 60 With $960k in an IRA, $300k in a 401(k) and Would Expect a $2,400 Social Security Check. Can I Retire at 62?
Many 60-year-olds with $960,000 in tax-deferred retirement accounts and a work history that will entitle them to $2,400 monthly from Social Security could probably retire in two years. However, much depends on circumstances. Individual lifestyle preferences, including local cost of living and plans for travel or other potentially costly recreational activities, could mean that delaying… read more…
- Should You Invest in a 401(k) Without Matching?
An employer match is one of the most valuable features of many 401(k) plans. Even without an employer match of your contributions, however, a 401(k) can still be useful for retirement savings. The tax-deferred growth and the potential for disciplined, automatic contributions make it an option worth considering. If your 401(k) plan doesn’t match your… read more…
- How to Use Buffered ETF Strategies for Retirement Planning
Buffered ETFs are a newer investment option designed to minimize risk in retirement portfolios. They protect against market downturns while still capturing gains, making them ideal for retirees who want to safeguard their savings against volatility. This strategy helps in planning for retirement by balancing risk and growth potential. A financial advisor can specifically assist… read more…
- What’s a Realistic Retirement Budget? I’m 58 With $665k Saved, Making $95,000 Annually.
A retirement budget balances your expected income in retirement with your expected living expenses and taxes. Financial planners may use some rules of thumb to generate estimates of how much you are likely to receive in income and use to pay your costs after getting a good understanding of your goals, habits and circumstances. In… read more…
- With $715k in a Roth IRA and $3,400 Monthly Between My Pension and Social Security, Can I Retire at 64?
Retirement becomes financially feasible when projected income exceeds projected expenses. Retiring at age 64 with $715,000 in a Roth IRA and $3,400 monthly in combined pension and Social Security benefits could be realistic based on typical investment returns and retiree expenses. However, this may not be true for everyone. Your current age, life expectancy, lifestyle… read more…
- 8 Strategies to Help You Plan for an Early Retirement
Planning for an early retirement demands a well-thought-out strategy to secure financial stability and comfort. Key early retirement strategies include establishing disciplined saving and investment practices that focus on building your wealth over time. You might also consider maximizing your contributions up to retirement accounts limits, diversifying your investment portfolio to spread risk and budgeting… read more…
- I’m 58 and Retiring Soon. How Should I Structure My $890k Portfolio?
Retiring early means approaching your portfolio differently. In your working life, you will likely focus on growing your wealth as quickly as possible. The earlier you want to retire, the sooner you will need this portfolio ready and the more you will need in it. You will have less time for this money to grow,… read more…
- I’m 67 With $900k in My 401(k), $200k in Cash and $2,400 Social Security Benefit. What’s My Retirement Budget?
From one perspective, by age 67 your retirement budget is largely set in stone. The accumulation phase of your working life is over, and whatever set of savings and benefits that you have is… well, what you have. Looking at things that way, when it’s time to set your budget the next thing to do… read more…
- I Have $1.3 Million Saved and Will Collect $2,800 per Month in Social Security. Can I Retire at 62?
Although one could argue that the cultural retirement age is 65, and Social Security retirement age is 67, many households want to cross the finish line a little bit early. But 62 is the earliest you can begin to take Social Security. It’s also not that far in advance of the normal retirement age, so… read more…
- What’s a Realistic Retirement Budget? I’m 48 With $430k Saved, Making $95,000 Annually
When it comes to estimating your retirement income, a popular rule of thumb is that you’ll usually need about 80% of your working income to maintain the same standard of living. This comes from a number of factors, including the fact that you won’t need to set aside money for retirement anymore. This number is… read more…
- Safe Harbor 401(k) vs. Traditional 401(k)
When it comes to saving for retirement, 401(k) plans are a popular choice for both employers and employees. However, not all 401(k) plans are the same. Employers can choose between a traditional 401(k) plan and a Safe Harbor 401(k) plan, each offering unique features and benefits. Whether you’re an employer or employee, it’s important to… read more…
- 5 Retirement Savings Basics Everyone Needs to Know
Retirement saving is a long-term plan to set aside and invest money to provide income after you stop working. It often involves contributing to accounts like 401(k)s or IRAs. Starting early helps savings grow through compound interest. Understanding these five basics could help you make decisions to support your financial goals. A financial advisor can… read more…
- I Have $940k in an IRA and Will Receive $2,200 Monthly From Social Security. Can I Retire at 65?
Retirement at 65 might be considered a little early for some. For anyone born after 1960, full Social Security benefits do not begin until age 67. Between ages 62 and 67 you can begin collecting benefits, but you will receive reduced payments for the rest of your life. So if you’re looking to retire at 65,… read more…