Articles Tagged ‘retirement advice’

Pros and Cons of a Roth IRA
Tuesday, December 2nd, 2014
Pros and Cons of a Roth IRAWhen saving for retirement there are many choices to make. One of those choices is to decide between a Roth IRA and a Traditional IRA. Both have their distinct advantages and disadvantages. A Roth IRA offers lots of significant benefits, including flexibility on distributions and withdrawals. Unfortunately, some people choose one of the other based on misinformation. Before deciding if a Roth IRA is better, or a Traditional IRA is the way to go, it’s important to know how to compare the two. Then you can begin to ask yourself the questions that matter and impact your present...

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The Three Biggest Retirement Planning Myths
Wednesday, October 29th, 2014
The Three Biggest Retirement Planning MythsThere is plenty of good information about retirement out there to help you identify your priorities, set realistic goals for yourself, and come up with a plan for achieving those goals. It can take a bit of time to research in order to find those resources, but rest assured that you’re not alone when planning for retirement. Unfortunately, there is also a lot of unhelpful or even harmful information out there as well. This misinformation about retirement can cause you great setbacks on your path to retirement, and make it harder for you to reach your goals. Here are three...

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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...

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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...

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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...

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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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