Key Ideas: Many dream to build wealth that lasts for generations.Are you taking the traditional road to retirement?What is the smartest money decision you’ve made so far? I was reading about the wonderful English royal church that is Westminster Abbey when my eyes spotted a familiar name... Thomas Parr. Old Tom Parr, as he was fondly called, attained legendary status for one reason: He … [Read more...]
How A Broke Entrepreneur Became A Multi-Millionaire In Just a Few Years
Entrepreneurs often go through struggles to make it to the top. That was the case for Justin Goff who is the founder of the Copy Accelerator. Justin has understood from a young age that he wanted to be an entrepreneur, but the road has had challenges. His current role is based on coaching online marketers and helping them grow their businesses. Goff lost 90% of his income at one point and almost … [Read more...]
Retirement Debt – How to Manage Your Debt in Retirement
Retiring without a debt is everyone’s dream, but for many people carrying debt into retirement is a reality. There are steps you can take in order to trim your debt in preparation for your golden years. First, retiring without a debt is not always practical or desirable. Some debt may be welcomed if the funds freed up by that debt are used for high-return investments. Reducing the debt and … [Read more...]
Will You Pay Taxes During Retirement?
For retirement planning, one of the important financial questions is the question of taxes. Not every income is taxable and not every state tax that income at same levels. Understanding the implications is important, because it is the taxes that determine the level of disposable income you will have on hand. Social Security is common source of income many retirees count on. Depending on your … [Read more...]
How to Turn Retirement Savings into Retirement Income
If you are considering retirement, then you may want to figure out how to turn your savings into income once the time comes. You shouldn't just have one retirement account, you should have an array of different things that allow you to save as much as possible, and now is the time to regroup and take a look at your retirement profile. If you have a 401k you should consider and IRA since there are … [Read more...]
Boost Your Retirement Income in 3 Steps
These are critical times that we now live in and finding ways to save money for retirement are sought after now more then ever. This can be accomplished in three easy steps. You may want to start with reducing your monthly expenses. It may not seem like much per bill but it all ads up as a whole. If you are an investor then you may want to find ways to reduce your taxes by giving to charity to … [Read more...]
Retired and in massive debt? Do this
Retirees are encouraged to have as little debt as possible going into retirement. There is a man that has six hundred thousand in debt, because of credit cards and because of a mortgage. The best advice to give to someone like that is to not doing anything hasty, definitely don't borrow more to accommodate the debt as that will just lead to more. The only thing that will help this is to stay on … [Read more...]
Workers Need Help on Retirement Income
According to a Charles Schwab 2020 survey, about 33% of retirement plan participants don't know just how long their savings will last them. Of those unsure, 40% are women and 25% are men. Only 26% contribute the max amount of money allowed by the IRS to their 401Ks. Participants surveyed estimated that Social Security would cover 17% of their retirement income, and the rest would come from … [Read more...]
3 Outdated Retirement Rules That Could Cost You
There are a few rules that you will want to go without when you retire that have been around for quite a while, and they aren't the best advice you could be given. The four percent rule, for example, says that you can pull out of your savings at a four percent rate the first year and adjust every year after that. It's a good starting point, but inflation doesn't always follow the rules, and you … [Read more...]
Policy Basics: Top Ten Facts about Social Security
There is a lot of mis-information regarding social security. It's not just a retirement program as it also provides protection as a kind of life insurance. One fifth of people who take advantage of this are people who are victims of a deceased family member. The benefits work to replace around forty percent of a person's average income and this number could slip down to thirty five percent in … [Read more...]