- Retirement Planning Questions You Should Be Asking (FAQs)
Making a good plan, any plan, generally starts the same way: You need to ask the right questions. Whether getting a degree, finding a job, buying a house, or anything else, the right place to start is by asking the right questions. It will help you clarify what you want to achieve and the details… read more…
- Am I Too Late? I’m 65 and Only Have $120k Saved for Retirement
A low-savings retirement is one in which you don’t have enough money in your portfolio to generate a comfortable retirement income. For example, let’s say that you’re 65 and have $120,000 in a retirement portfolio. We’ll assume that this money is in a pre-tax 401(k). This won’t generate a livable income on its own. That doesn’t… read more…
- A Comprehensive Guide to Planning for Retirement
When you plan for retirement, you’re preparing to one day leave the workforce. And you’ll need to decide how you’re going to pay for your living expenses after you’re no longer receiving a salary. It’s typically a decades-long process that begins with envisioning a desirable retirement, estimating what that will cost, and then amassing the… read more…
- Common Investment Advice to Consider for Retirement
Planning for retirement involves a few key investment strategies that can help ensure financial stability in your later years. The timing of your investments, the diversity of your portfolio, and your understanding of interest rates over the years are just some of the retirement investment advice you’ll need to seek out in order to fulfill… read more…
- 13 Retirement Planning Mistakes to Avoid
Retirement planning is an important aspect of financial management that could help you ensure a comfortable and secure future. However, many individuals fall into common pitfalls that can jeopardize their retirement dreams. From starting too late to underestimating expenses, these mistakes can have significant repercussions. Understanding and avoiding these retirement planning mistakes can help you… read more…
- Estimating How Much to Save for Retirement at 40
By age 40, you should have a clear plan for retirement savings. The first step is to evaluate your current savings and projected retirement needs. Experts often recommend aiming to have three times your annual salary saved by this age. This ensures a solid foundation as you continue to build your nest egg. You’ll also… read more…
- Retirement Plan Options in the United States
Retirement planning in the United States offers a variety of options tailored to meet different financial goals and needs. You’ll most likely be familiar with 401(k)s and IRAs, which are two of the more common options, but we’ll also take a look at SEP IRAs, SIMPLE IRAs and Thrift Savings Plans, among others. Choosing the… read more…
- 10 Signs That You’re Financially Ready to Retire
Determining when it’s time to retire involves recognizing key financial indicators that signal readiness. Signs that show you’re financially prepared include having consistent income streams, low debt levels, sufficient insurance and a robust retirement fund. Identifying them can help you make a smooth transition into retirement, offering you peace of mind and financial stability for… read more…
- How to Create an Investment Plan for the Retirement You Want
Before you can create an investment plan for the retirement you want, you’ll want to think about your desired lifestyle. By identifying your retirement goals early, you can tailor your investment strategy to meet your specific needs, such as travel, healthcare and daily living expenses. A sound investment plan not only helps in accumulating the… read more…
- How to Save More for Retirement This Year
Saving for retirement is important because it ensures greater financial stability and independence in your later years. As life expectancy increases, so does the need for a robust retirement fund to cover extended healthcare costs, rising living expenses and unforeseen financial challenges. Without adequate savings, you risk outliving your money, which could lead to a… read more…
- I’m 64 With $1.2 Million in a 401(k) and $2,800 Social Security Benefit. What’s My Retirement Budget?
For an average single person planning to stop working at 64, a $1.2 million 401(k) account and $2,800 Social Security benefit could provide enough income to make ends meet during retirement. Widely used guidelines suggest your annual income may be around $81,600, which may or may not be more than your annual expenses. Much depends… read more…
- How to Semi-Retire Early: 5 Steps to Know
Semi-retiring early offers the best of both worlds: enjoying more leisure time while still maintaining a source of income and professional engagement. Achieving this hybrid lifestyle involves careful financial planning, assessing your current savings and investments, and possibly finding a part-time job or freelance work that aligns with your interests. When planning to semi-retire early,… read more…
- How Do I Know When It’s Time to Retire?
Deciding when to retire is one of the most significant financial decisions you’ll make, and getting the timing right is important for the success of your nest egg. If you’re wondering “how do I know when it’s time to retire,” several key factors can guide you. Evaluating your retirement readiness involves assessing your savings, understanding… read more…
- What to Do If You Want to Retire in 5 Years
If you’re planning to retire in five years, now is the time to ensure your financial house is in order. Of course, the steps you’ll need to follow to retire in five years will vary based on your age, how much you have saved already, your projected expenses in retirement and other factors. Whether retirement… read more…
- 12 Tips to Help You Boost Your Retirement Savings
For many, saving enough money for retirement can feel like a daunting – even insurmountable – task. But with enough knowledge and planning, a secure retirement may be possible. Whether you’re a young professional just beginning to navigate the world of savings or nearing retirement age, understanding compound interest, strategic investment and prudent financial planning… read more…
- The Average Retirement Budget in the U.S.
When it comes to the average retirement budget, studies report a wide range of responses. A 2022 survey by the Employee Benefit and Retirement Institute (EBRI) found that half of individuals around retirement age spend less than $2,000 per month, equal to less than $24,000 per year. The Social Security Administration, meanwhile, said 2020 median… read more…
- 7 Alternative Ways to Save for Retirement
401(k) plans are not the only way to save for retirement. If your employer is one of the many that doesn’t offer a 401(k) savings plan, there are still plenty of alternatives to save for retirement. Your non-401(k) options include both traditional and Roth individual retirement savings accounts (IRAs), as well as health savings accounts… read more…
- 6 Strategies to Protect Your Retirement Income
Retirement planning aims to ensure a steady stream of income that could sustain your lifestyle after leaving the workforce. To protect your retirement income you first need to have a clear idea of the different sources that will be available for your retirement, such as Social Security or your own personal investments. You would then implement… read more…
- Retirement Planning Strategies for Teachers
Many teachers in the U.S. retire with pensions that provide a stable source of income during their golden years, but that doesn’t mean they can ignore retirement planning. In fact, teachers face unique retirement challenges, including the absence of Social Security benefits in some states. Education retirement planning requires a tailored strategy to optimize a… read more…
- I Have $640k in an IRA and Will Get $1,900 in Social Security. Can I Retire at 65?
How old are you? When it comes to evaluating your retirement options, this might be the single most important question in finance. Your age will determine how close you are to needing this money which, in turn, will change almost everything about how you evaluate your taxes, returns and other options. For example, say that… read more…
- Rollover IRA vs. Roth IRA
With a rollover IRA, you transfer money from a 401(k) or other employer-sponsored account into a new individual retirement account. You can structure this account as a traditional IRA or a Roth IRA based on your preferences. A Roth IRA, on the other hand, is a type of individual retirement account. With a Roth IRA,… read more…
- Amount of Retirement Savings By Gender
Men and women save for retirement differently. There’s a persistent and significant gender gap in the average retirement savings women have versus men, with women more likely to have nothing saved for retirement while men are over-represented among savers with the largest retirement account balances. Men and women have similar access to retirement savings plans,… read more…
- How Much Should I Have Saved By Age 45?
Saving for retirement is a project that spans around four decades, and progresses through multiple stages. It’s not necessary to have saved enough to fund a comfortable retirement by age 25. Nor is it feasible to wait until you’re about to turn 65 to start putting money away. Mid-way through this process, by around age… read more…
- I’m 65 and Retiring Soon. How Should I Structure My $1.1 Million Portfolio?
Your financial objectives and risk tolerance will primarily dictate how you structure your portfolio. But you’ll also want to consider taxes and fees, your potential lifespan, need for long-term care and desire to leave an inheritance behind. A financial advisor can help you identify the right portfolio construction strategy for your situation. Connect with a… read more…
- 6 Steps to Consider Immediately If You’re 55 With No Retirement Savings
When you find yourself later in life without any retirement savings, you can feel like you’ve made a mistake or that the amount you need to make up is too great to make a dent. However, there is plenty you can do to help your finances get back on track and help you maximize your… read more…