- 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
The concept of semi-retirement offers a unique alternative that balances the desire for more leisure time with the benefits of continued income and engagement. Learning how to semi-retire early can open doors to a lifestyle that combines the best of both worlds: the freedom to pursue personal interests and the security of a steady, albeit… 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 aiming to retire in five years, now is the time to get your financial plan firmly in place. The specific steps you’ll need to take will depend on factors like your age, current savings, expected retirement expenses and overall financial goals. Whether retirement is just around the corner or still several years away,… 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…
- 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?
Reaching your mid-40s often brings a heightened awareness of retirement planning and financial security. As you approach this significant milestone, you might find yourself wondering: How much should I have saved by age 45? While there’s no one-size-fits-all answer, financial experts typically suggest having about four times your annual salary tucked away by this 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…
- 7 Steps to Consider Immediately If You’re 55 With No Retirement Savings
Turning 55 with no retirement savings can feel overwhelming, but it’s not too late to take meaningful action. While the timeline may be shorter, the right steps taken now can dramatically improve your financial future. With focused planning, disciplined saving and smart use of available tax advantages, you can still build a workable retirement strategy.… read more…
- 8 Ways to Protect Your Retirement Income
You’ll spend decades – if not your entire career – saving for retirement. But saving enough money is only a piece of the retirement planning puzzle. Protecting your retirement income against the test of time and an ever-changing economic landscape is equally critical. Whether it’s optimizing annuitized streams of income like Social Security, planning for… read more…
- How Much Money the Average Person Has Saved at 50
Reaching the age of 50 marks a significant milestone in one’s financial journey. With retirement potentially just a decade or two away, many people wonder if their savings are on track compared to their peers. Understanding how much money the average person has saved at 50 can provide a helpful benchmark for evaluating your financial… read more…
- We Have $1.2M in an IRA, Plus Another $750k and Social Security. Should We Shift Assets to a Target Date Fund or an Annuity?
Annuities and target date funds are popular assets for households who are either saving for retirement or already in their golden years. How useful each may be for you depends on your financial goals and where you are on your path to retirement. For example, John and Susan are both 67 and recently retired. They… read more…
- I Have $500k in a Roth IRA, and Will Receive a Combined $2,000 a Month From a Pension and Social Security. Can I Retire at 62?
Figuring out when you can afford to retire often comes down to determining whether your assets will produce enough annual income to support your lifestyle and spending needs. If you need help deciding when to retire, connect with a financial advisor and have them build you an income plan based on your unique financial situation.… read more…
- Guide to Retirement Planning for Millennials
Members of the Millennial generation face special challenges including high levels of student loan debt and inflated housing costs when it comes to planning for a secure retirement. However, by taking proactive steps now, Millennials can set themselves up for a comfortable and secure retirement. Keys include budgeting, saving and making the most of tax-advantaged… read more…
- We’re 66 With $1.4 Million in IRAs, and $4,100 Monthly From Social Security. What’s Our Retirement Budget?
Say that, as a married couple, you have $1.4 million in your IRAs and, at age 66, expect about $4,100 per month in Social Security. Based on some typical rules of thumb, you might be able to plan on about $108,000 per year of retirement income, but how much you actually need and will be… read more…
- What Is a Retirement Visa?
The allure of living abroad can promise a better climate, a lower cost of living and a higher quality of life, if you find the right country to move to in your golden years. But you can’t just pick up and move wherever you want, whenever you feel like it, without the required documentation. One… read more…
- What Is a Retirement Accumulation Plan?
The accumulation phase is the period in your working life when you’re saving money for retirement. It starts from your first paycheck and continues until you retire. During this phase, your primary objective is to grow your retirement savings through your contributions to retirement savings accounts, the selection of investments and the use of other… read more…
- A Successful Retirement May Hinge on Avoiding These Careless Mistakes
Deciding to retire can feel a bit unnerving. Retirees have plenty to potentially worry about – some of which they have no control over – like how the market will perform and how fast prices at the supermarket will increase. But regardless of the economic environment, simple mistakes can prove costly for retirees. Here are… read more…
- 6 Financial Planning Tips for Retirees
The key to maximizing your retirement will depend on your ability to select financial planning resources that align with your specific goals and finances. Here are six general tips that can help you meet needs at every stage of your retirement planning. For help creating a long-term financial plan, consider working with a financial advisor.… read more…
- What to Know Before Hiring an Advisor for Your Retirement Plan
Financial advisors who offer retirement planning services play an important role in the financial services industry. From devising tax-efficient income strategies to managing investment portfolios with an eye on mitigating risks, these advisors work to ensure that your money lasts through your golden years. However, there’s a lot to consider before settling on a retirement… read more…