For a lot of people, saving for retirement is one of those things they know they should be doing, but for a variety of reasons they’ve never really seriously addressed the issue. Unfortunately, this has led to many being unprepared. A recent study concluded that 57% of U.S. workers have less than $25,000 in total household savings and investments (excluding the value of their homes). That represents a significant increase over the percentage of US workers (49%) who had so little saved in 2008. Once one understands the importance of saving for retirement, the next question may be “ok, so...

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Once you enter retirement, you’ll need to begin withdrawing funds from the various IRAs, 401(k)s and other accounts you’ve accumulated over the years. And just as you planed for accumulating these retirement funds in the first place, you’ll also want to make sure you have a plan for how you’re going to make those withdrawals. After all, you want to be sure that your retirement savings last you for the rest of your life. As you research various strategies for making these withdrawals, you’re certain to come across one of the most widely known strategies – the so-called “Four Percent...

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The concept of “retirement” has dramatically changed over the past decade. While individuals in years past may have envisioned and planned for a retirement in which they move to Florida or Arizona to spend their days golfing, many new retirees have a different vision. More individuals are looking to stay more active and involved in their communities after they retire. In fact, one of the big trends of late is retirees continuing to work (on at least a part-time basis) during their retirement years. Be aware, there are numerous pros and cons to doing so. Here are some of the Pros...

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Many things will change in your life when you enter retirement. Your family structure and obligations will become different as your children move away and have children of their own. Your work life will change as you reduce your work schedule or perhaps stop working entirely. Each of these changes will require you to make a choice of how you want your retirement to be. Since you’ll always need a place to live, one of the decisions you’ll face is whether it’s better to rent or own your home during retirement. Here are some factors to consider when you’re making...

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The retirement years are supposed to be a time of relaxation, where individuals get to enjoy the fruits of their labors and spend more time with friends and family. Of course, we know that things don’t always happen that way. Unexpected financial emergencies can happen at any time, to anyone, and even the most careful of us can’t avoid these emergencies entirely. Fortunately, we can plan ahead so that the consequences of these retirement emergencies aren’t quite so dire, and don’t cause much damage to our financial health. Here is some retirement advice for protecting yourself against some of the...

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Entering retirement isn’t a single event – it’s a series of steps that are taken over time in order to transition into whatever “retirement” means to an individual. Many of these steps are ones that might be taken earlier in life, such as setting up various IRA and 401(k) accounts and contributing to them regularly throughout working years. But there will also be a number of different milestones that are passed when one nears retirement, or even already in retirement. In fact during the two decades between the ages of 50 and 70 individuals have many decisions that they need...

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Most consumers have heard the standard retirement advice so many times that they probably think they know all that there is to know about retirement planning. They know that it’s essential to start contributing to their IRAs and 401(k) accounts as early as possible in their careers, and that they should look to maximize their contributions each and every year, and take advantage of employer matching contributions. These often repeated guidelines are important because they provide a strong foundation for a retirement savings plan. There are many additional steps you can take, and tips to consider, even if you are...

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When you’re planning for retirement, you’ll find that there’s no shortage of advice on how to structure that plan. If you do a quick online search you’ll find plenty of retirement calculators showing you how much you likely need to save in order to achieve a certain level of income during your retirement years. You’ll also find a lot of generic guidance on how to allocate your investment funds among stocks, bonds and other investment types. But like other important financial decisions you make over the course of your life, sometimes you may want to get a second opinion on...

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Retirement has always been an evolving concept. Up until just a generation ago, the most common retirement expectation was that everyone would be able to stop working at age 60 or 65 and live off a pension they earned from working 30 or more years with a single employer. Those who didn’t have a pension would live off their Social Security income. But to some people in the current generation, the idea of retirement may not be seem relevant anymore. For a number of reasons, the current generation may view retirement as something that makes sense, either from a personal...

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Unlike saving up for a down payment on a new home, or saving for your child’s college tuition, retirement planning is something you’ll do for virtually your entire life. Having a long term outlook is a matter of necessity; it would be virtually impossible to save enough in just a decade or two to fully fund your retirement. But despite the important nature of retirement planning, not everyone takes it as seriously as they should. For whatever reason, too many individuals either start saving too late or don’t save enough each year. Even worse, some individuals simply haven’t started their...

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