It is possible to retire with millions even if you don't earn a six-figure salary. The first step is to begin contributing to an IRA or 401(k) early in life. Moreover, contributions should be made consistently. Automatic savings can help in this regard. Another key step is to invest aggressively in stocks. Although volatile, they deliver high returns over time. If you can save 15% of a $50,000 … [Read more...]
How Much You Should Have in Your Retirement Fund at Ages 30, 40, 50 and 60
The thing about retirement and planning your finances for this part of your life always feels like a race. If you think you are not quite prepared, you are certainly not alone, but that does not mean that your perception is true. Even if it is, there are steps you can take to alleviate the problem and still improve your financial future. By the time you hit 30, your retirement saving should … [Read more...]
6 Things to Consider Before Joining the Great Resignation
When pandemic hit our society last year, many people lost their jobs. The hardest hit employees were those working in the service sector. As the economy started it recovery and unemployment help set to be phased out, it was expected that people would be returning to their old jobs. However, for many, this has not materialized and it is an intentional decision. Those that plan to stay put for a … [Read more...]
Couple with under $200K in assets needs to pay down debt to make retirement math work
Assuming that as a couple, you are looking up the road, happily, at the day you plan to put the work years behind you and retire, can you make that work? One couple with 200K in assets accrued asked themselves that critical question. They realized, quite quickly, that even with the assets in place, the math to getting to a successful retirement only worked if they could figure out how to start … [Read more...]
3 Surprise Expenses That Could Haunt Your Retirement
As the day you plan to put the work years behind you approaches, it's wise to review the situation carefully. Even with a strategy in place, surprises can happen that can significantly halt progress, or skew the results. Motley Fool, income advisors par excellence, suggest at minimum three to keep in mind. For example, not every senior realizes that it is possible to be taxed on their social … [Read more...]
If I Were Behind on Retirement Savings, This Would Be My Game Plan
Thinking about retirement can bring a lot of anxiety to many people. This is unfortunate, because it should be a part of your life where you can relax and truly enjoy every day. The main cause of this anxiety are finances and worries about adequate preparation. The truth is that the best retirement outcomes happen to people who started saving at some point early in their career, but no matter when … [Read more...]
When planning for retirement, start planning ways to have fun
It's normal to start early to gather your retirement pennies and strategize as to how you will make ends meet when you put work behind you. You want to clear the decks of the detritus of credit card debt, mortgages and loans. Good for you. But what's retirement for if you're just gonna ruminate about your piggy bank? It defeats the point of having an extra two to three decades of living, which is … [Read more...]
Nearly 10 Million Homeowners 65 And Older Are Still Saddled With Mortgage Debt
It is assumed that people approaching retirement would have their mortgages nearly or completely paid off. Yet, when we look at the data, the number of mortgage holders that are at least 65 years old is close to ten million. The reasons for having a mortgage at this age can vary, but the data is still troublesome. Most of these homeowners are concentrated around LA and Miami, which suggests that … [Read more...]
5 Signs You’re Really Ready to Retire
It's rather pointless to work all your life and not retire successfully and enjoy the fruits of your labor. But how do you know that it's time and you can make that leap successfully? Motley Fool is an online income advisor with a stellar reputation. They have tips. Motley suggests the biggest tipoff you can pull of the retirement leap with finesse is that you have accrued a nest egg of some … [Read more...]
3 Financial Habits to Adopt Before Retirement | The Motley Fool
Comfortable retirement requires careful planning and financial discipline. Managing your money can be a daunting task, but it need not be. What few advisors tell you is that some of the habits you adopt when it comes to managing your money before you actually retire, should still be pursued once you enter your retirement years. For example, creating and sticking to the budget is one of those … [Read more...]