Articles Tagged ‘retirement advice’

How to Improve Your Odds of Retiring Debt Free
Tuesday, September 30th, 2014
How to Improve Your Odds of Retiring Debt FreeWhen most people think about retirement the image that comes to mind is one of financial security, flexibility and freedom. One part of this equation is having a large enough nest egg to pay for your lifestyle and expenses during retirement. The other part of the equation, of course, is to have minimized those expenses to the greatest extent possible. A big part of reducing expenses is making sure you don’t have to service a large amount of debt while you’re living off your retirement nest egg. If you can retire without any debt, you’ll find yourself in a much...

Read More »

Lose These Six Expenses in Retirement
Thursday, September 4th, 2014
Lose These Six Expenses in RetirementWe tend to think of personal budgets and managing our household expenses as something that’s we do in order to be able to save for retirement. But it is also extremely important to be mindful of our expenses and cut costs during retirement as well. In many ways, it can be more challenging to try to balance the budget during retirement because we’re more limited on the income side of the equation. Thankfully, because a person’s lifestyle is likely to be different during retirement in a number of different ways, there should be certain categories of expense that are good...

Read More »

Why “Paying Yourself First” Should Include Your Retirement Accounts
Sunday, August 24th, 2014
Why Paying Yourself First Should Include Your Retirement AccountsThe concept of “paying yourself first” is one we’ve discussed here before, so it’s likely one you’re quite familiar with. If not, the idea of paying yourself first means that you treat your savings contributions as you would any other bill or financial obligation. In other words, rather than waiting to see what you have left at the end of the month before deciding what you’re able to save, your saving becomes a financial obligation that you fulfill along with your other obligations. Part of paying yourself first should include contributions to your retirement accounts. This is true regardless of...

Read More »

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...

Read More »

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...

Read More »

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...

Read More »

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...

Read More »

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...

Read More »

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. ...

Read More »

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...

Read More »