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Mar 06, 2017 A traditional individual retirement account (IRA) is one tool that savers can use to prepare for retirement. It allows you to sock away funds for the future and whatever you save can potentially lessen your tax bite. But the IRS limits how much you can contribute to these retirement accounts each year. Read on to find out the IRA contribution limits for tax year 2017.
Mar 14, 2017 Plenty of the most quotable individuals have weighed in on the topic of retirement. Some praise retirement while others say it's the beginning of the end. Looking for the perfect retirement quotes to put on a card or just look at to keep yourself motivated? We've got you covered with our round-up of wit and wisdom about our post-work years.
Jul 05, 2017 Wondering how your retirement savings stack up to other Americans' nest eggs? Or whether your income in your post-work years will be enough to keep you afloat? It's normal to be curious about the average retirement income in the U.S. Just remember that you need enough in your retiree days to meet your own needs, not to keep up with the Joneses.
Jan 26, 2017 Folks at all income levels dream of the chance to retire with enough money to live comfortably. And retiring early, when you're young enough to fully enjoy it, is an especially enticing prospect. In order to live that dream, early retirees need to track their money carefully making sure no dollar is wasted. But money isn't early retirees' only concern. Access to medical care and general quality of life are also important. We looked at these and other factors to see which were the best cities for an early retirement.
Mar 14, 2017 You may be planning to spend your retirement playing golf or traveling the world. But if a financial disaster strikes, you'll have to find a way to bounce back from it. While you can't necessarily prevent an emergency from happening, there are ways to prepare yourself for a rainy day. Let's look at some situations that can derail your retirement plans and the steps you can take to deal with them.
Jul 26, 2017 Each year millions of Americans put away their work clothes for the final time and call it a career. But many of these retirees don't just retire and stay put. Many venture off to the warmer climes of Arizona or Florida to take advantage of year-round heat and relatively low costs of living. These retirees bring with them hard earned, and carefully saved, retirement income. This makes retirees an important part of any local economy in which they arrive.
Jun 30, 2017 The title of certified financial planner® (CFP) carries a lot of weight. It indicates that the bearer has put the time and work into obtaining CFP certification. Anyone can say they can help you with your finances, but only a select group of financial advisors obtains CFP certification. How does CFP certification work? Let's take a closer look.
Jun 29, 2017 Looking for a financial advisor can be a tricky task. It's hard to know what kind of financial advice you need, and how much you should pay for that advice. One important distinction to understand is the difference between financial counselors and financial planners. Let us explain.
Jun 23, 2017 Private wealth management is a hot field these days. Wealth managers at small boutique firms and big-name firms like Goldman Sachs help wealthy individuals, couples, families and small foundations to manage their assets and plan for the future. What distinguishes private wealth management from other forms of financial planning? Let's take a closer look.
Jun 01, 2017 Self-employment or working for a small business may sound like a dream. However doing so can take a lot of planning. For one, you have to take care of health insurance by yourself. You will also have to consider and plan your retirement strategy early on. A $3,000 annual IRA contribution likely isn’t enough to reach your saving goals, but there are other options. That’s where the Keogh (pronounced KEY-oh) plan can come in.
May 25, 2017 Financial topics aren't always easy to understand. It can be hard to make a decision when it comes to our own finances. For example, you may not have known the difference between a Roth IRA and a traditional IRA. Or maybe at some point you decided to roll over your traditional IRA assets to a Roth IRA, but later regretted that decision. Luckily, you have the option to undo that transaction through a process called recharacterization.
May 24, 2017 With so much talk surrounding Medicare these days, it’s important to know how Medicare applies to you. Medicare benefits isn't an easy topic to tackle, and it is relevant to you regardless of your age. If you're 62, you're probably preparing for retirement and wondering when your benefits will kick in. But even at 20 years old, it helps to know what the Medicare eligibility age is so can better plan for your retirement future.
May 19, 2017 You know how important it is to save for retirement (or at least we hope you do!). Whether you put your money into a 401(k), a traditional IRA or a Roth IRA, there are a number of options available to you. One of these options is a gold IRA. If you’re picturing a savings account filled with gold, you’re on the right track. Let’s take a look at what exactly a gold IRA is and how to get one.
May 04, 2017 The U.S. unemployment rate was 4.5% as of March 2017, according to data from the Bureau of Labor Statistics. But in many states the jobs that are currently available and growing are not necessarily the ones that have traditionally been available. With the economy doing relatively well, SmartAsset took a look at the fastest-growing jobs in different parts of the country.
Apr 18, 2017 When you're ready to tap into your retirement accounts, it's best to avoid doing so haphazardly. If you're strategic, your savings may last throughout the course of your lifetime. If you have an individual retirement account, you can take your distributions in the form of cash. You may also be eligible for qualified charitable distributions. Read on to find out what that means.
Apr 13, 2017 At some point, older adults may need help completing basic activities like getting dressed and taking baths. Unfortunately, health insurance plans don't exactly cover this kind of care. This is where long-term care insurance comes into play. If you're not sure how it works, here's everything you need to know about the best time to apply for long-term care insurance and why you might need coverage.
May 25, 2017 Many Americans are expected to sign up for health insurance during the open enrollment period that falls between the beginning of November and the end of January. But that's not the case for everyone. If you're applying for Medicaid or insurance through CHIP, for example, you can sign up for coverage anytime. And if you're eligible for Medicare, you'll have a different enrollment period from everyone else. Here's the lowdown on when you should apply for Medicare.
Mar 29, 2017 There's a reason that annuities are appealing financial products. They take the uncertainty out of retirement income by guaranteeing an annual sum. But do the costs outweigh the benefits? Let's take a closer look at indexed annuities and what experts say about them.
Mar 29, 2017 Planning to spend your golden years catching up on sleep? That might not be a good idea. A recent study from the National Institutes of Health found that physical activity may increase one's life expectancy by as many as four-and-a-half years. Of course, your ability to remain physically active in retirement may depend, in part, on your environment. Some cities simply make it easier for retirees to live active lifestyles.
Mar 27, 2017 Planning for retirement can be challenging. Figuring out exactly how much you need to sock away can be tricky, even if you use a retirement calculator. And many retirees are concerned about running out of savings. If thinking about your financial future makes you nervous, you may want to purchase an annuity. Here's a look at what an immediate annuity is and what to consider before buying one.
Mar 23, 2017 When's the best time to retire? Should you wait until your full retirement age? Or should you leave the workplace as soon as possible so you can trek across the globe or start the business you've always dreamed of owning? It's up to you. But if you're planning to rely on Social Security benefits as a source of income, you may want to wait until you reach your normal retirement age. Let's look at what the full retirement age is and why it matters.
Mar 20, 2017 The last Social Security privatization proposal with legs came in 2005. Former President George W. Bush proposed a system of voluntary investment accounts. These accounts would contain money from workers' payroll taxes. Since that failed, no other privatization proposal has gotten as far. But could that change? Let's talk about what privatized Social Security could look like.
Mar 16, 2017 Most retirement advisors will tell you saving early and leveraging the power of compound interest makes for a smoother road to retirement. But what if you're unable to save in your younger years, what will you do in retirement? That is the question facing millennials in America today. Student loan payments, skyrocketing rent and extremely competitive international labor markets are all obstacles in the way of today's millennials and their retirement.
Mar 09, 2017 Many adults look forward to retirement. And some wouldn't mind leaving the workforce ahead of schedule. But few people think about the drawbacks of retiring early. Few realize that an early retirement might affect their long-term financial plan and their access to certain benefits. Read on as we look at the impact of retiring early on collecting Social Security.
Mar 08, 2017 If you're a millennial, it probably won't shock you to learn that the average salary of a millennial today is an estimated 20% lower than the average salary that a baby boomer had at the same age (in real terms). What's more, today's millennials are deeper in debt than their parents were at their age. Let's take a closer look at the average salary of a millennial.
Mar 07, 2017 If you follow business and technology news you probably hear about blockbuster IPOs. Does this news leave you wondering if you should invest in an IPO? Are you afraid of missing out on the potential for fortune-making returns from an IPO? Read on to learn more about investing in an IPO and how to separate the hype from the reality.
Mar 01, 2017 Not all companies have employer-sponsored retirement plans. In fact, if your job offers a 401(k), a 403(b) or a 457 plan, you're one of the lucky ones. And if your employer agrees to match a portion of your contributions, consider yourself even more fortunate. But there's a catch. If you leave your company before you're fully vested, you may not be able to take all your matching funds with you. Confused? Here's a breakdown of how vesting works and what it means to be fully vested in a retirement plan.
Mar 01, 2017 We all know that it's hard to become a high-earner in this country without a college degree. Access to the middle class is increasingly reserved for those with some higher education under their belts. Let's take a closer look at the average salary by education level to see what dividends education pays.
Feb 24, 2017 You may have heard talk of "block granting" Medicaid in the news or in House Majority Leader Paul Ryan's outline for a replacement to the Affordable Care Act. What exactly does "block granting" mean and how does it work? How would it affect healthcare access for the low-income and elderly Americans who currently rely on Medicaid for health insurance? Let's take a closer look.
Apr 21, 2017 How much money is enough? Some people answer this question by comparing themselves to others in their age group. No one likes to feel like they're at the back of the pack. To help you get a sense of where you stand, let's take a closer look at the average salary by age for full-time workers in the U.S.
Mar 02, 2017 Does retirement sometimes seem like a pipe dream? It’s true that incomes and jobs aren't what they once were. Plus, planning for something 20, 30 or 40 years in the future can be difficult. But with careful planning and financial management, it's possible to save enough to enjoy retirement. Depending on where you hope to live, early retirement may even be possible. We looked at data on the 15 largest cities to help you figure out how early can you retire?
Feb 20, 2017 Retirement is supposed to be the time when seniors finally get a chance to relax after working for decades. But sometimes, having no job at all doesn’t work out for retirees. Some may need extra income, while others may simply want to remain productive. If you're looking for a temporary gig or side hustle, here are 12 part-time job opportunities for retirees.
Feb 15, 2017 The average salary of a flight attendant is $44,860 per year. The job of a flight attendant has a certain glamour to it. Flight attendants get to travel extensively and meet people from all walks of life. But the job has its difficulties, too, and turnover can be high. Let's take a look at the average salary of a flight attendant and where flight attendants earn the most money.
Feb 14, 2017 The Fed’s decision to raise rates at the end of 2016 sparked much speculation about what that would mean for everyday Americans. While the rate hike will benefit savers by boosting their interest rates, it'll hurt borrowers by making it more expensive to take out a loan. But the rate hike may have a much larger impact on retirees who rely on savings and investments to live. Let's look at how rising interest rates could affect seniors across the country.
May 08, 2017 While preparing for retirement is a good idea, having a plan in place for how to withdraw your savings is equally important. Without considering how you'll use the funds in your accounts, you could run out of money or lose most of your savings to taxes. Here's how to develop a strategy that'll allow you to withdraw your retirement assets as efficiently as possible.
Feb 10, 2017 The official unemployment rate is quite misleading. While it's considered to be a good indicator of where the economy stands, there's a lot that it won't tell you. Looking at the unemployment rate won't tell you how long people without jobs haven't been able to find work. And it doesn't reveal anything about the number of people who are underemployed. Let's look at the underemployment rate and what it means for the economy.
Mar 09, 2017 Many of us often dream (or stress) about the day when we can finally leave our full-time jobs behind and treat every day like it's a Saturday. Some of us, though, are thinking about ditching our 9-to-5 routine sooner rather than later. What does it take to retire early? Let’s take a look.
Apr 27, 2017 The average salary of a police officer is $58,320. You may think of police officers as having blue-collar jobs. However, the average salary of a police officer is higher than you might expect. Being a police officer comes with risks, but it can also be a financially rewarding career. Let's take a closer look at the average salary of a police officer and where officers make the most.
Feb 07, 2017 You’ve worked hard for 40-odd years and now you are ready to ready to enjoy a long relaxing retirement. But where should you live? You probably want to be somewhere affordable to get the most out of your retirement savings, but you may also want to be somewhere with warm weather and relaxing activities. It may also be important that you retire to a place where the stress of potential crime is far from your mind. Below, we used these and other metrics to determine the best places for a relaxing retirement.
Jan 04, 2017 If one of your New Year's resolutions is to finally start saving for retirement, an individual retirement account may be just what you need. IRAs offer a tax-advantaged way to save for the future but they're not all created equal. If you're planning to open your first IRA in 2017, we'll help you get started. Here are three tips you'll need to consider.
Dec 08, 2016 Many people look forward to the day they can hang up their work clothes for good and enjoy their golden years. For most people, retirement occurs sometime in their late 60s or even their 70s. However with careful planning and prudent financial management, it is possible to retire even earlier. There are many factors at play when determining whether a place is suitable for an early retirement. First and foremost are financial concerns.
Nov 11, 2016 The governor of California recently signed the Secure Choice Retirement Savings Act into law. This legislation creates a new state-sponsored program that intends to improve retirement savings options for private sector workers in California. If you work in the Golden State, read on for a breakdown of how the new program will work and who it will affect.
Nov 03, 2016 Deciding where to stash your retirement savings can be difficult. Should you save your money in a 401(k), an IRA or both? Should you open a Roth IRA? Your answers to these questions will depend on your financial situation and in some cases, you might have more retirement savings options than you think. If you don't know whether you need to participate in a non-qualified deferred compensation (NQDC) plan, we'll help provide you with more information. Read on as we explain what NQDC plans are and how they work.
Dec 19, 2016 Your credit score can affect many different aspects of your financial life. If you're hoping to buy a home, refinance your student debt or get a new credit card, your credit is going to come into play. One thing you may not automatically connect your credit score with, however, is your retirement plan. You may be surprised to learn that your score can influence how financially sound you are after you stop working.
Oct 20, 2016 The so-called gig economy is reshaping the way companies sell products and services and it's having an impact on how its workers plan their financial futures. While freelancers and independent contractors may have more flexibility, their jobs typically don't come with built-in retirement plans. If you're part of the gig economy, here's how you can plan for retirement.
Mar 29, 2017 Not everyone leaves the workforce at age 65. Some people decide to retire before they reach full retirement age, even if they have to miss out on some of the Social Security benefits they're entitled to receive. Others try to keep working for as long as they can because retiring early isn't possible or they're afraid of outliving their retirement savings. For the second year in a row, SmartAsset took a look at how the average retirement age varies across the country.
Oct 04, 2016 Part of planning for retirement is deciding when to leave your job behind. But sometimes plans go awry. If a sickness prevents you from working or your company downsizes, you could be forced to retire months or years ahead of schedule. If you haven't saved enough money, there's no need to panic. Here are five steps to take when you're forced into an early retirement.
Sep 26, 2016 Saving for retirement can be a daunting task and it's hard to do it without a road map. Maxing out your employer-sponsored plan (such as your 401(k) account) can be a great starting point. But there's more than one way to pad your retirement accounts. If you're looking for creative ways to boost your savings, here are some ideas that you can begin to implement.
Sep 23, 2016 SEPP stands for substantially equal periodic payment. Setting up a series of substantially equal payments is a little-known maneuver that can enable you to withdraw money from your retirement accounts before age 59 1/2 - without paying an early withdrawal penalty. Often an SEPP comes as a result of a lay-off. Want to learn more? You're in the right place.
Sep 23, 2016 Knowing that you should save for retirement and actually doing it are two different things. If you never got around to building a nest egg, you run the risk of going broke in retirement. That could be a problem if you have a lot of unpaid debt and financial obligations. But luckily, there are ways to stay afloat when you run out of savings. Here are three ways to cope when you come up short.
Mar 09, 2017 By the time you turn 60, you may be ready to leave the workforce for good. But some seniors aren't in the financial position to quit their jobs. While working in retirement won't prevent you from claiming your Social Security benefits, it could affect your benefit amount. If you're planning to work after you retire, here's what you'll need to consider before taking Social Security.
Sep 08, 2016 Worrying about having enough retirement savings can keep you up at night. If you've barely put anything away, it's easy to panic or give up on saving altogether. But there's a third option: You can find ways to funnel a few extra bucks into your 401(k) account or your IRA. If you're ready to put more effort into saving, here are seven easy ways to fill your retirement accounts.
Sep 07, 2016 Married couples have to figure out how to merge their assets. And whether they're managing budgets or mapping out a plan to eliminate debt, it's important for both people to be on the same page. That's particularly true when it comes to planning for retirement. Whether you're a newlywed or you've been hitched for decades, here are some issues that you can't afford to overlook.
Sep 06, 2016 If you're young, your retirement healthcare needs are probably the last thing on your mind. But even if your golden years are decades away, it might be a good idea to start thinking about how you're going to pay for your medical bills and medications. The average 65-year-old couple who retired in 2015 can expect to spend a total of $394,954 on premiums, co-pays and out-of-pocket healthcare expenses by the time they turn 85, according to a recent report.
Aug 29, 2016 The November election is drawing nearer and speculation about who will be the nation's next president abounds. A recent survey from the Pew Research Center found that the economy is the number one issue American voters are concerned about. Many of the respondents said that Social Security was also an important issue that would likely influence their vote.
Aug 26, 2016 If you're thinking about retiring, you may want to consider how leaving the workforce might affect your adult children. Many millennials live at home with their parents. And a large percentage of those who live on their own rely on their parents for financial support. Before you give up your career, check out some of the factors you'll need to discuss with your kids first.
Aug 15, 2016 October 15 marks the beginning of the annual Medicare open enrollment period. If you're a senior, you'll have until December 7 to make changes to your existing coverage or enroll in Medicare for the first time. While navigating the maze of healthcare options can be tricky, you can't afford to make any mistakes. Here's what you need to know in order to prepare for open enrollment.
Aug 02, 2016 An emergency fund can go a long way in keeping you from running out of cash when you lose your job or you're forced to cover the cost of an emergency expense. Once you retire, you may think that you no longer need a rainy day fund, but that's not necessarily the case. Here are five reasons why having an emergency fund can come in handy after you decide to leave the workforce.
Aug 03, 2016 There are lots of reasons why you might consider buying a home overseas. Perhaps you've found the ultimate vacation spot and you want a permanent place to park your stuff. Or maybe the idea of spending your golden years someplace warm and sunny appeals to you. Either way, buying property in a foreign country is going to be a different experience than buying a place on your home turf. Before you fall in love with that Italian villa or a Mexican hacienda, here are five things to take into account.
Aug 03, 2016 One million dollars is often cited as the amount that most people should use as their benchmark when trying to figure out how much they need to save for retirement. But you may be able to retire on less than a million dollars, depending on your financial situation. While having a lot of money in the bank is always a plus, you don't have to be rolling in dough in order to retire comfortably.
Aug 03, 2016 Retirement is supposed to be a time when you can sit back and relax. But for some seniors, their golden years aren't as bright as they anticipated. According to a recent report from the Employee Benefit Research Institute (EBRI), the number of retirees who say their retirement is "very satisfying" declined by nearly 12% within a 15-year period, while the number of those who say it's not satisfying at all has increased by nearly 3%.
Jun 30, 2016 Most people assume that once you hit retirement, it's time to pack up and move someplace sunny. But surprisingly, many American seniors aren't interested in straying too far from home. A survey from The American College of Financial Services found that 83% of retirees or near retirees had no plans to relocate in their later years.
Jun 27, 2016 Full retirement age is now 66 or 67, depending on the year you were born. But a recent survey revealed that one in four workers don't plan to retire until after their 70th birthday. While some people may choose to work longer out of a desire to stay active, others may have to do so in order to keep up with their expenses. If you're thinking about putting off your retirement, here's a look at some of the pros and cons of working until age 70.
Jun 27, 2016 Cutting the apron strings is an important rite of passage for many parents but one thing that many of them fail to do is cut the purse strings while they're at it. According to a recent survey, 6 in 10 Americans provide financial support to their adult children and in doing so, they may be putting their retirement security at risk.
Jun 24, 2016 Getting married means more than merging your lives - it's also about joining your finances together. Handling money as a married couple can be challenging at any age but it can be especially tricky for retirees who are concerned about keeping their nest egg secure. If you're a senior who's planning on walking down the aisle again or for the first time, here are some important rules to keep in mind.
Jun 20, 2016 Planning for retirement involves more than just mapping out your savings strategy. You'll need to know how much you can afford to spend once you leave the workforce. In the past, some financial experts recommended that retirees stick with the 4% rule when making retirement withdrawals. But it may not be the best guideline for everyone. Here's what you need to know about the rule.
Jun 16, 2016 Retirement can be a hotly anticipated stage of life. But things are changing. With people living longer and the Baby Boomers retiring, there are important things we all might forget about retirement. We can't forget about how Social Security works, how much health care is going to cost and, of course, we can't forget that saving for retirement early is one of the most important things we can do to prepare.
Jun 15, 2016 More and more seniors are staying in the workforce in their 60s and beyond. Some keep working out of financial necessity. Others want to wait to retire until age 70, when they'll receive the maximum in Social Security income. Still others stay in the labor force because they derive satisfaction and enjoyment from their jobs. Here are the best cities for a "worktirement" in 2016.
Apr 11, 2017 Saving for retirement is a common financial goal, but it's often easier said than done. A new survey suggests that despite the pressure to plan for the future, retirement savings rates have dropped. Meanwhile, concerns about not having enough money in retirement have risen. If you haven't saved much for your golden years, keep reading to see how you compare to the rest of the country.
Feb 07, 2017 Traveling and volunteering are both great ways to spend your golden years. But some seniors are more interested in starting the businesses they've always dreamed of founding. Donning a small business owner's hat later in life can be rewarding, but it comes with a certain degree of risk. Before you get started, it's a good idea to consider the following financial tips.
Mar 09, 2017 Social Security benefits supplement existing savings in retirement and while they're valuable to many seniors, they're often misunderstood. In a recent survey, only 28% of participants earned a passing grade when quizzed on their knowledge about Social Security. Here's a look at the most common things seniors get wrong when it comes to Social Security.
May 18, 2016 One of the most challenging aspects of raising teenagers is helping them develop good money management skills. Teaching them how to budget and save can help them build a solid financial foundation. Setting up a custodial IRA can help them start preparing for retirement. Basically, it's a traditional or Roth IRA that you'll maintain control of until your child becomes an adult. If your teen doesn't have one, here are three reasons to consider opening a custodial IRA.
May 10, 2016 Tying the knot means making a commitment to share every aspect of your life with your significant other. As you begin merging your money, one area that requires special attention is your retirement planning strategy. Building a nest egg as a team can be easier than doing it alone if you know which steps to take. Here are four retirement planning moves for newlyweds.
May 09, 2016 Everyone wants to be able to retire comfortably, but making that dream a reality is easier said than done. Even if you're socking money away here and there, there's no guarantee that you'll have enough cash for your golden years. In fact, you could be sabotaging your long-term financial goals without even realizing it. Here are five mistakes that can leave you feeling the pinch in retirement.
May 04, 2016 As the baby boomer generation ages into their 60s and 70s, the number of retirees in the United States is going to increase. So too will their economic sway. Many retirees, no longer anchored to a city or region by their job, choose to pack up and leave. Some seek a lower cost of living. Others want beautiful scenery, warm weather or both. Some are looking for lower taxes on their retirement income.
Apr 29, 2016 Opening an individual retirement account (IRA) can be an excellent way to supplement your 401(k) or another employer-sponsored retirement plan. A traditional IRA offers tax-deferred savings while a Roth IRA allows for tax-free withdrawals in retirement. In some scenarios, your financial advisor may recommend converting your IRA into an annuity. This type of savings vehicle offers a consistent stream of income but it isn't right for everyone. Before you convert your IRA, let's take a look at the pros and cons of doing so.
Apr 28, 2016 Retirement planning is a hot topic and the research suggests that Americans are overwhelmingly unprepared. According to the Employee Benefits Research Institute, only 22% of workers say they're very confident about their ability to save enough for a comfortable retirement. Seventeen percent said they're not too sure they'll be able to meet their basic expenses once they retire.
Mar 29, 2017 What’s your ideal retirement? For the couch potatoes among us, it probably involves lots of big books, television shows and classic movies. Beach bums might envision a spot in the sand with a cool drink and a bit of shade. Others prefer the purpose (and income) provided by entrepreneurship or a part-time job. For many, however, the perfect retirement isn’t about relaxation or economic productivity. It’s about staying active, staying fit and getting some fresh air in the process.
Nov 04, 2016 In the final stretch of his presidency, Obama has made it his mission to encourage states to make it easier for workers to save for retirement. Currently, there are almost 70 million Americans without employer-sponsored retirement plans. While many states are making an effort to develop new savings vehicles, five of them are ahead of the curve. Read on to find out which ones have already created their own retirement savings programs for their residents.
Feb 22, 2016 If retiring rich is one of your financial goals, one of the best ways to make that happen is to study the habits of wealthy savers. When it comes to money, the rich know a thing or two about growing it and making it last, both of which are evident in the way they build their nest eggs. If you want to enjoy a lavish post-work lifestyle, here are three retirement planning rules you can put into practice.
Feb 19, 2016 You probably understand that saving for retirement is important, but you might not know exactly how to get started. Whether you're able to participate in an employer-sponsored plan or not, contributing to an individual retirement account (IRA) can be a great way to prepare yourself for the future. Check out our beginner’s guide to getting started with an IRA.
Feb 04, 2016 Participating in a 401(k) plan is one of the simplest ways to start planning for retirement. Unfortunately, not all employers offer this tax-advantaged savings plan. If you don't have the opportunity to invest in a 401(k), you may need to convince your employer to provide this benefit. Check out three tips that can improve your odds of getting the retirement support you need for your future.
Feb 02, 2016 For many people, turning 50 signals a shift in the way they approach their finances. If you have kids, they're probably preparing to leave the nest and you may just be hitting your stride in terms of your earning power. With retirement looming, now's the time to amp up your efforts to save. Whether you're a late bloomer or you've been socking money away steadily over the years, here's what you can do to enjoy a rich retirement.
Feb 01, 2016 When it comes to saving for retirement, you might have unintentionally put it off. Luckily, the government gives older savers the chance to catch up before they reach retirement. So whether you're trying to boost the savings you already have or you've just recently started saving, here's everything you need to know about catch-up contributions.
Feb 01, 2016 Saving for the future can be intimidating. But you don’t want to put it off or settle for strategies that save you very little. There are plenty of ways to take charge of your finances now in order to enjoy a big payoff later in retirement. So whether you've recently started your career or you're counting the months to freedom, here are three simple ways to grow your nest egg.
Jan 29, 2016 As you head into your 60s, you reach the point where retirement is very much a reality. Just because you're close to leaving your job behind for good, however, doesn't mean you can slack off when it comes to getting your financial ducks in a row. In fact, the years leading up to retirement can be crucial to your long-term outlook. If you want to enjoy your golden years, here are the retirement planning mistakes you'll want to avoid in your 60s.
Jan 25, 2016 A 401(k) account is one of the most powerful tools you can have when it comes to saving for retirement. If you're not using yours wisely, however, you could be putting your savings in jeopardy. When you're focused on creating sustainable, long-term wealth through your 401(k), there are certain pitfalls that you need to watch out for along the way.
Jan 22, 2016 If your retirement is in the works for the new year, you don't want to wait until the last minute to prepare yourself for your new lifestyle. Putting your financial house in order sooner rather than later can help you make a smooth transition out of the workforce. Not sure where to start? Here's a checklist of the bases you'll need to cover if you'll be retiring in 2016.
Jan 19, 2016 When saving for retirement, it's common to have overlapping goals. Most of us want to 1) save enough to generate a comfortable monthly income, 2) avoid outliving our savings and 3) leave something for our heirs. A variable annuity is one product marketed at people balancing these objectives. But do the costs outweigh the benefits? Here's our take on the pros and cons of the variable annuity.
Jan 18, 2016 It's best to have a solid grip on your retirement planning strategy by the time you reach your 50s. If you've been saving steadily throughout your 30s and 40s, the next decade or so will hopefully be a cakewalk. But you can't afford to leave room for error. As you get closer to retirement age, it's important to make sure you're avoiding these potentially costly mistakes.
May 25, 2017 Maxing out your IRA each year is a smart move when you're focused on growing your retirement fund but contributing too much money can result in a tax penalty. Regardless of how you ended up with excess contributions, it's important to make sure you correct your mistake and minimize the financial damage. If you've got too much money in your IRA, here's what you can do about it.
Jan 04, 2016 Building wealth takes time. Your approach will depend in part on the stage of life you're in. The way you handle your money as a 40-something is likely a bit different than the way you managed your finances in your 20s and your 30s. If retiring rich is your ultimate goal, here are three ways to work toward making that happen as you hit your midlife stride.
Dec 29, 2015 Most of us start each new year with a list of resolutions. Some of us focus on fitness, others on career goals. Unless you're financially flawless (good for you!) you may also have some money-related resolutions. We here at SmartAsset know that when it comes to our finances there's always room for improvement. Here's a sampling of the SmartAsset team's 2016 financial resolutions.
Dec 20, 2016 While you're making your New Year's resolutions, it might be a good idea to set aside time to map out your retirement strategy for the year. And that includes taking a look at where you currently stand with your 401(k) contributions. January is the start of a new contribution year. So if you want to make the most of your 401(k) retirement account this year, here are five steps you can take.
Dec 23, 2015 When it comes to building your nest egg, you can't afford to make any mistakes, especially if your retirement is right around the corner. If you're in your 40s, your window for saving is starting to narrow. So it's important to commit to setting aside as much money as possible. Make any of these serious blunders and your retirement-planning strategy could veer wildly off course.
Nov 18, 2015 Once you enter your 50s, the pressure to make sure you're ready for retirement starts to increase. If you've been saving diligently up to this point, you might not be feeling too stressed. But if you haven't put much effort into building your nest egg, there's no time to waste. Check out some steps you should consider taking now to make sure your golden years look bright.
Nov 13, 2015 The government recently announced that there will be no cost of living adjustment for Social Security in 2016 due to falling gas prices. This is the third 0% COLA increase in the last 40 years, but the first time in half of a decade. No Social Security COLA means that 30% of Medicare participants will see their premiums rise.
Nov 05, 2015 Saying goodbye to your 20s and hello to your 30s might mean making some slight adjustments to how you manage your money on a daily basis. That can include putting saving for retirement on your financial to-do list. If you're a 30-something saver, there are several retirement planning mistakes you'll likely want to steer clear of when you're in the process of building your nest egg.
Mar 29, 2017 Choosing the right retirement age is as difficult as it is important. Retiring too early could leave you short on savings years into your retirement. A premature retirement can also cost you a chunk of your annual Social Security income.
Oct 26, 2015 Your 40s are a transitional period financially. Instead of attacking student loan debt, you might be looking for ways to pay down your mortgage faster. If you've got kids who are planning to go to college, saving for their tuition might also be on your radar. As far as retirement goes, you still have time to save but the countdown clock is likely ticking a little more loudly. If you haven't squirreled away as much as you would like or you haven't started saving yet, here's what to focus on.