Articles Tagged ‘retirement advice’

Retirement Advice on Whether it is Better to Pay Off Your Mortgage Early or Save More For Retirement
Monday, June 23rd, 2014
Retirement Advice on Whether it is Better to Pay Off Your Mortgage Early or Save More For RetirementMany individuals have a strong picture of what they want their retirement to look like, and in many cases that picture includes not having to make a mortgage payment each month. Owning your own home without any outstanding mortgage can provide a great boost to your personal budget by freeing up a significant amount of cash each month. But the money to pay off your mortgage early has to come from somewhere, and for most people that generally means investing less or saving for retirement. Here is some retirement advice on whether it is better to pay off your mortgage...

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Are You Ready for the Real Health Costs in Retirement?
Wednesday, June 18th, 2014
Are You Ready for the Real Health Costs in RetirementHow much of your retirement nest egg have you accumulated to cover health care costs during your later years? According to a recent study, the average 65-year-old couple retiring in 2013 would need approximately $220,000 to cover their medical expenses throughout retirement. For the most part, this figure has increased steadily over the past decade. As uncertainty continues to loom in the business and political aspects of the health care industry, it’s unlikely that this figure will decrease significantly in the coming years. Furthermore, this figure is only an average, so your expenses may be much higher if you...

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Pros and Cons of Home Care vs. Assisted Living Retirement Facilities
Wednesday, June 4th, 2014
Pros and Cons of Home Care vs. Assisted Living Retirement FacilitiesThe majority of the planning that we do for our retirement years involves various aspects of finances. We focus on paying down our debts, putting our children through college without breaking the bank, and accumulating enough of a nest egg that we’ll be able to continue living comfortably even after we stop working. But there are other aspects of retirement that we should be considering besides just personal finances. One important aspect of retirement is where we’ll be living, and whether we’ll need assistance with certain aspects of our daily lives. Most often this means home care or some type...

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Success Secrets from Early Retirees
Thursday, May 22nd, 2014
Success Secrets from Early RetireesFrom time to time we hear about individuals and couples who seem to have hit the jackpot: not in the literal sense of having won the lottery, but having figured out a way to retire at age 55, or maybe 50, or perhaps even younger than that. At first glance this might seem too good to be true. After all, many of these early retirees spend their working years at jobs and careers that aren’t particularly high paying. How is it possible that these people can retire after spending fewer years in the workforce than the average worker. Here are...

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Should You Take a Retirement Test Drive?
Tuesday, May 13th, 2014
Should You Take a Retirement Test DriveIt’s a fairly common practice for some people that before they make a major purchase, they do whatever they can to try things out first. Sometimes this is literally a “test drive,” as one would do before buying a new automobile. Some individuals might even try to rent a home in a new neighborhood before committing to move there and buy one. This same “test drive” concept can even be applied to various types of life decisions as well. For example, some young couples choose to live together before deciding whether or not to get married. You can even...

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Pension Decision #1 – Lump Sum or Monthly Payments?
Thursday, April 24th, 2014
Pension Decision 1 – Lump Sum or Monthly PaymentsIf you have a pension that you’ll be able to draw upon during retirement, then there’s a good chance that you’re in a better financial position with respect to retirement than many others. The more sources you have to draw upon for retirement income; not just pensions, but also Social Security benefits, as well as your IRA and 401(k) accounts; the better. But many pensions provide their beneficiaries with a choice on how to receive their benefits: either to receive monthly payments for the rest of their lives, or to receive a single lump sum as soon as they retire. ...

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5 Questions to Ask to Better Determine Your Required Retirement Savings
Tuesday, April 8th, 2014
5 Questions to Ask to Better Determine Your Required Retirement SavingsFor many individuals, saving for retirement is a somewhat unusual concept. On the one hand, the general concept of saving for retirement is easy to understand – you’ll need a lot of money to live off of once you stop working, so you need to be sure to save throughout your working years in order to accumulate enough money. On the other hand, knowing how much is “enough” and the best path to get there can be quite difficult to figure out. There is no one-size-fits-all approach that will work for everyone, so the way to find the best solution...

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What is a myRA?
Monday, March 31st, 2014
What is a myRAMany economists believe that one of the big financial “ticking time bombs” in the U.S. is the fact that current levels of retirement savings are very low, and that the Social Security retirement program – which was never intended to be the primary source for an individual’s long-term retirement income – is under stress. In an effort to get more people saving, the President in his 2014 State of the Union Address proposed the creation of a new retirement savings vehicle. This new account structure has tentatively been designated the “myRA” (short for “My Retirement Account”). While it’s still likely to...

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5 Steps for a Retirement Savings Tune-Up
Tuesday, March 25th, 2014
5 Steps for a Retirement Savings Tune-UpLike any other personal finance goal, getting to retirement with a healthy nest egg requires long-term planning and effort. But the plan you might have come up with early in adulthood might no longer be the best way for you to reach your retirement savings goals. It’s important to remember that you need to revisit your long-term financial plans from time to time, and make changes to that plan if necessary. Fortunately, you may not need to start over from scratch – instead, you simply may need a retirement savings tune-up. Here in some retirement advice on five steps...

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The Most Important Retirement Planning Questions You Need to Ask
Thursday, March 13th, 2014
The Most Important Retirement Planning Questions You Need to AskEffective retirement planning is much more than just plugging a few numbers into an online calculator in order to come up with an amount that you need to save each month. Unfortunately, it’s easy to fall into a mindset of thinking that coming up with a long-term retirement plan is just that simple. The retirement planning process is actually highly individualized, and the best way to come up with a plan for reaching your goals is to avoid taking a “cookie cutter” approach. Instead, you can start by asking yourself the following most important retirement planning questions, then using...

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