- How to Retire at 58: Step-by-Step Plan
Retire at 58, and you may have a retirement lasting four decades or more. Planning for that span of time means accounting for inflation and healthcare costs before Medicare. You’ll also face a delay in Social Security benefits. Meanwhile, consider how early withdrawals from retirement accounts are taxed and whether your savings can sustain growing… read more…
- How to Retire at 70: Step-by-Step Plan
While many people dream of retiring as soon as possible, others love their jobs and want to keep working. Workers who want to retire at 70 have multiple advantages over others who retire earlier. If you’re still working past the traditional retirement age, or just considering it, there are a handful of steps you should… read more…
- How to Retire at 64: Step-by-Step Plan
In many Americans’ minds, the traditional retirement age is 65. But often people want to wrap up their career sooner than that. According to a 2021 report from Natixis Investment Managers, younger generations plan to retire earlier. Members of Generation Y… read more…
- Questions to Ask a Financial Advisor About Retirement
Planning for retirement can be overwhelming, because it involves figuring out a plan for your money that is supposed to have last you for a long period of time, and often involves sorting things out now for a point time… read more…
- How to Retire at 60: Step-by-Step Plan
The traditional age of retirement is 65, but it’s possible to retire at age 60 with planning. Obstacles to early retirement include lack of access to Social Security benefits and Medicare. However, on the plus side 60-year-olds can withdraw from… read more…
- How Prepaying Your Mortgage Can Boost Your Retirement
Paying off your mortgage early, especially before retirement, is a worthy financial goal. But doing so in lieu of investing isn’t the best decision for everyone, according to a recent study from Fidelity. Using a 27-year time horizon, Fidelity pinpointed the thresholds at which paying off your mortgage is wiser than staying invested and vice… read more…
- Ready to Ditch Your 60/40 Retirement Portfolio? Do This Instead
Perhaps no topic is more hotly debated in retirement planning circles than the viability of the 60/40 portfolio. This investing strategy, which calls for 60% of a portfolio’s assets to be invested in stocks and the remaining 40% in bonds, has been the gold standard for retirees and those approaching retirement for decades. But a… read more…
- You Need to Save This Much For Medical Care in Retirement: Here’s How to Start
How much money will you need to cover your medical care in retirement? The answer may surprise you, especially if you haven’t begun to plan for these future medical expenses. A recent study from the Employee Benefits Research Institute found that a couple with median prescription drug expenses will need $296,000 in savings to nearly… read more…
- How to Retire at 57: Step-by-Step Plan
Retiring at 57 is a dream for many. It offers the promise of more time to pursue passions, travel, or simply enjoy a slower pace of life. Achieving this goal requires careful planning and a strategic approach to financial management. The journey begins with understanding your financial needs and setting clear retirement goals. It’s crucial… read more…
- How to Retire at 59: Step-by-Step Plan
Retiring at 59 can feel like striking the perfect balance, early enough to enjoy your freedom while you’re still active, but close enough to traditional retirement age that Medicare and Social Security are on the horizon. Still, stepping away from a paycheck six years before Medicare eligibility requires careful coordination of income, healthcare coverage and… read more…
- Can You Contribute to an IRA After Retirement?
An IRA (and its corollary, the Roth IRA) is a form of tax-advantaged retirement account that lets you save money during your working years so you can withdraw it during retirement. There is no age limit to contributing to an IRA, meaning that you can do so at any point in life. However, you can only… read more…
- Need Cash From Your IRA Before Retirement? This New Rule Can Help
The costs associated with withdrawing money from a 401(k) or IRA early are well-known. Doing so before age 59.5 means paying a 10% penalty on top of ordinary income tax. However, there is a lesser-known way to avoid this steep penalty when withdrawing money early from a qualified retirement plan. The Internal Revenue Service permits… read more…
- How to Retire at 65: Step-by-Step Plan
The age of 65 is the traditional time when people stop working and retire to live off the fruits of their labor. That doesn’t mean 65 is the ideal age for everyone to retire, though. In order to retire at age 65, you’ll want to evaluate your current assets and their income-producing potential, as well… read more…
- How to Retire at 30: Step-by-Step Plan
For many Americans, the prospect of retiring at or near 30 is a thrilling idea. Although it is possible to do, it takes a monumental amount of work and planning to accomplish. According to a 2021 PWC report and data from… read more…
- This Strategy Can Preserve Your Retirement Savings in a Down Market
The primary risk that retirees and those approaching retirement face is an obvious one: running out of money. However, a study published in the Journal of Financial Planning suggests reverse mortgages can help retirees protect their portfolios from market dips and extend their savings. Rather than relying exclusively on distributions from investments, retirees can temporarily… read more…
- How to Retire With $4 Million
Most people aim to enter retirement with enough savings to maintain a comfortable standard of living. However, if you’re accustomed to a higher-cost lifestyle, reaching that goal may require more than a baseline retirement target. A portfolio valued at $4 million can support substantial annual income, cover routine expenses and provide flexibility for discretionary spending… read more…
- Understanding Delayed Retirement Credits
Delayed retirement credits, which lead to larger Social Security benefits in the future, can be a financial windfall for individuals who earn them. They may be earned by deferring your Social Security benefits past your full retirement age, something you can do until you turn 70. Delayed retirement benefits are a motivation to go as… read more…
- Why You May Need to Save Twice As Much for Retirement As Your Parents
How much will you need to save before you can retire? It’s a simple question at the root of most people’s plans for their golden years. Answering it, however, can be far more complicated. Using research that reexamined the viability of a popular retirement planning strategy known as the 4% rule, a Morningstar portfolio strategist… read more…
- The Real Reason Index Funds Belong in Your Retirement Portfolio (It’s Not Because They’re Cheap)
John Bogle, the father of index investing and founder of the Vanguard Group, revolutionized the investment industry when his company rolled out the world’s first index mutual fund in 1976. Since then, these passive investment vehicles have steadily grown in popularity, largely due to their consistent returns and low expenses compared to actively managed funds.… read more…
- New Research Shows Why You Should Rethink This Popular Retirement Strategy
Is the 4% Rule no longer a viable strategy for withdrawing retirement savings? That’s the question Morningstar researchers asked when they reexamined this well-known rule of thumb. Developed in the 1990s, the 4% Rule stipulates that a retiree should withdraw 4% of their savings in their first year of retirement and adjust subsequent withdrawals for… read more…
- What Is a Continuing Care Retirement Community?
Most seniors would prefer to stay in the comfort of their own homes. But at a certain point, it just might not be feasible. The average person 65 and older has almost a 70% chance of requiring long-term care, according to the Administration for Community Living (ACL) and the Administration on Aging (AoA). So, it’s… read more…
- You Need to Know This About Phased Retirement
There are several types of retirement just as there are various times to retire. Choosing the right time to retire can be challenging, as it often means balancing your desire to leave work behind with your financial ability to do… read more…
- Pandemic Offers This Silver Lining For Retirement Savers
From doctors visits to business meetings, the COVID-19 pandemic has shifted so many of our everyday interactions from in person to online. One silver lining of this dramatic change has been increased engagement when it comes to people learning about their retirement savings. Transamerica, an investment solutions, retirement and insurance company, has seen a significant… read more…
- SECURE 2.0 Act: What It Means for Your Retirement
The 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act brought key changes to laws governing retirement plans. Among other things, the Act eliminated the age cutoff for traditional IRA contributions and increased the age for required minimum distributions… read more…
- U.S. Drops in Global Retirement Rankings: These Countries Do It Better
The U.S. has plenty to improve upon when it comes retirement. While Iceland is rated as the top country for retirement security for the third year in a row, the U.S. dropped to No. 17 in the 2021 Global Retirement Index… read more…