Becoming an entrepreneur is something that many people would like to try, but they often doubt their abilities, or even worse, they think this is a talent you are born with. Most of us do have a mindset of an employee, and in order to transition to entrepreneurship that mindset needs to change. The fundamentals of the business are in the realization that your income is generating through meeting … [Read more...]
Planning for Retirement? Remember These Five Principles | TechBullion
Planning for retirement requires some careful and timely considerations. This is an important part of your early life that should bear fruit in the latter stages. The importance is only emphasized by the fact that fewer companies offer any variant of the traditional pension plan. When deciding on the plan for retirement, remember that time is your ally and it will allow for correction of missteps … [Read more...]
If you’re in your 50s or 60s, consider these moves to avoid higher taxes in retirement
One of the most important considerations when it comes to the retirement planning is an issue of taxes in retirement. In general, most people would be paying either higher or lower taxes than they currently do, and, depending on which group you belong to, the financial moves are different. In either case, considering the levels of national debt, it is expected that the tax rates will be increasing … [Read more...]
Saving for Retirement vs. Paying Off Debt: Which Should You Do First? | The Motley Fool
Saving for retirement while you're paying down debt can be tough for some people to pull off. If you're living paycheck to paycheck and don't have much cash to spare, then retirement saving may seem out of reach.Retirement should be a time to kick back and relax, whether that means traveling the world or staying at home to play with the grandkids. Prioritizing retirement savings is essential to … [Read more...]
Retiring With Debt? Here’s How to Manage It
In our current low-interest rate environment, mortgages and many car loans can be very manageable. It's hard to reach any financial goals, such as a down payment on a home, putting a kid through college, or even buying a nice new car, if you're saddled with debt. To keep your mortgage as affordable as possible, start by applying only once your credit score is high enough to secure a decent rate. … [Read more...]
At what age should you stop saving for retirement?
Fidelity Investments has said in their 2021 State of Retirement Planning Study than more than 8 in 10 Americans have said that their retirement plans have been effected by the events that have happened this past year. Most believe that it is going to take them 2-3 years to recover but 82% believe they will still achieve their retirement goals. When it comes to retirement, you want to have 10-12 … [Read more...]
Are you worrying too much about running out of money in retirement?
Saving for retirement is the most important part of financial planning for most households in the U.S., but many still arrive at retirement without meaningful savings. One of the issues is the paralysis that prevents us from making sound and disciplined investments. That paralysis is caused by worrying too much about the ways to actually save and the amount needed for comfortable retirement, as … [Read more...]
The Consequences of Claiming Social Security Benefits at Age 62
There are a few things you should know about before you claim your social security benefits at age 62. When people claim social security at age 62 they tend to have a lower amount of household income throughout their 60s and 70s compared to those who retire at a later age. They also tend to have less liquid wealth than retirees who claim at a later age. Finally, there is no measurement that shows … [Read more...]
Why Older Americans Are Taking on More Debt
As we near the retirement, the common wisdom says that we should be having less and less debt. However, new study shows that the trend among Americans in this age category is reversing. This is, from the point of view of personal finance, troubling reversal. Now, more than ever, Americans nearing retirement upgrade the houses, with even smaller down payments resulting in high mortgage payments. … [Read more...]
Should you convert your IRA to a Roth if Biden’s infrastructure plan passes?
Those with high financial literacy and awareness are already wondering what the impact of the proposed infrastructure bill would be on their personal financial situation. It is expected that some taxes will increase which leads some Americans to think about Roth accounts and retirement investment conversion. The advantage of Roth accounts is that funding comes from money that is already taxed, … [Read more...]