Articles Tagged ‘retirement planning’
Top 5 Retirement Myths Debunked
Tuesday, September 13th, 2011
Retiring is something that most of us plan to do someday. But relatively few of us understand what we need to do to retire comfortably. Lots of workers who are approaching retirement age have only a fraction of the money they’ll need to get through the years after they stop working.
Too many people learn the things they need to know about retirement too late. This can result in running out of money when you need it the most, and possibly the loss of non-monetary assets.
Here is some retirement advice on five myths about retirement and why they aren’t...
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Tags: retirement advice, retirement planning, social security
Posted in Planning | No Comments »
Tapping Your Retirement Funds for an Emergency
Monday, June 27th, 2011
As any financial advisor will tell you, it’s important to have some savings set aside just for emergencies. But what if an emergency happens before you’re able to get adequate savings together? Or what if you have an emergency fund, but your emergency turns out to be bigger than your fund is?
If you have a retirement fund, you can withdraw money from it. But this should only be done in the event of a true emergency, because it depletes your retirement savings and may expose you to tax penalties. Still, it’s good to know that those funds are available...
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Tags: emergency fund, retirement advice, retirement planning
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Retire Your Debt Before You Retire
Monday, June 13th, 2011
In the movies, retirement is a carefree time, filled with vacations and leisure activities. In real life, it’s not always that simple. Financial problems are quite common among retirees, because they usually have substantially less income to work with. For those who retire in debt, making ends meet can be very difficult.
Retiring debt-free can make your retirement years less stressful and more enjoyable. It will leave you with more disposable income, allowing you to do more of the things you looked forward to doing when you no longer had to work.
If you like the idea of eliminating your...
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Tags: pay off debt, retire debt, retirement advice, retirement planning
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Check if Your Company’s Pension Plan Is Safe
Tuesday, May 24th, 2011
Once upon a time, workers who spent many years employed by one company could count on a nice pension once they retired. The longer they stayed at their jobs, the bigger their pension check would be. But these days, pension plans that guarantee a set amount per month upon retirement (known as defined benefit plans) are becoming quite rare, and the more common benefit is now the 401(k) plan. And many of the pension plans that still exist are on shaky ground.
Pension plans can go south in a couple of ways. Many companies have frozen their pension plans, which...
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Tags: pension, pension plan, retirement advice, retirement planning
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Retirement Tips for Baby Boomers Hitting 65
Monday, May 9th, 2011
Retirement is supposed to be something to look forward to. Yet some baby boomers that are approaching retirement age are doing so with a sense of uncertainty. Do they have enough saved up to make it through their retirement years? How will they keep themselves occupied? What happens if they need long term care?
Even if you’re excited about retiring, it’s crucial that you plan for it properly. Failure to do so could leave you scrambling to make ends meet at a time when going back to work is not an option.
Here is some advice and tips that will...
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Tags: baby boomer, baby boomer retirement, retirement advice, retirement planning
Posted in Planning | 2 Comments »
How to Stretch Your Retirement Savings
Thursday, April 14th, 2011
The average retiree doesn’t have nearly enough money in his retirement fund to make it all the way through retirement. Even above-average retirees often have trouble making ends meet at some point. So unless you’re independently wealthy with no worries except for who to leave your money to when you’re gone, you’ll probably want to stretch your retirement dollars as far as possible.
Most retirees have already paid off their mortgages, which substantially lowers their monthly expenses. But estimates of how much money you’ll need to retire on usually account for that, so don’t count on it to make too...
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Tags: retirement advice, retirement planning, retirement savings
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Should You Delay Retirement?
Friday, March 25th, 2011
There was a time when we frequently heard about workers taking early retirement. But these days, it’s pretty unusual. In fact, even retiring on time is becoming less and less common. For various reasons, many senior workers are opting to stay in the workforce longer.
Some who are approaching retirement age fear that they will become bored and depressed if they stop working, so they stay on. Studies have shown that many individuals are happier and healthier with the continuous challenges and structure of their jobs and careers.
But in most cases, the decision to delay retirement is mostly about finances....
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Tags: delay retirement, retire, retirement advice, retirement planning
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How to Retire Sooner Than You Thought Possible
Friday, March 11th, 2011
Early retirement is a dream for many workers. Unfortunately, it becomes a reality for relatively few. Unless you start planning for early retirement at a young age, achieving it will be extremely difficult. And unless you win the lottery or create the next Facebook or Google, it won’t be easy under any circumstances.
If you really want to retire while you’ve still got plenty of time to enjoy it, it can be done. But it will take lots of hard work and dedication. Here are some steps that can help show you how to do it. There’s certainly no...
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Tags: retire young, retirement advice, retirement planning
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Pay Off Debt or Save for Retirement?
Wednesday, March 2nd, 2011
There’s no doubt that saving for retirement is one of your most important financial concerns. But when you are struggling with debt, finding a way to put money away for something that won’t be happening for years often takes a back seat. This leads to an age-old dilemma: should you pay off your debts before you worry about saving for retirement?
Financial advisors hear this question all the time, and there is no one-size-fits-all answer. When deciding whether you should focus on your debts or your retirement fund, ask yourself these questions. Your best course of action will depend...
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Tags: paying off debt, retirement advice, retirement planning, retirement savings
Posted in Planning | 1 Comment »
Choosing a Second Career over Traditional Retirement
Friday, February 18th, 2011
Believe it or not the concept of retiring is a relatively new phenomenon, beginning in the middle of the last century. Retirement began as a proclamation that work should stop at a certain age. Today it has become a symbol of reaching that place where you can finally take off and relax.
Many retirees today are going back to the old way of doing things. Instead of packing it in when retirement ages comes around, they are packing up and moving on to new careers. Choosing a second career over traditional retirement allows you to explore your passions...
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Tags: retirement advice, retirement planning, second career
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Solo 401k for Entrepreneurs
Monday, February 14th, 2011
One of the perks of working for some companies is the ability to make use of a 401k plan. Entrepreneurs and self-employed individuals have often missed out on these investment opportunities, but they don’t have to there are ways to take advantage of going out on your own.
Starting a solo 401k for entrepreneurs sets the stage for retirement planning. It also provides a little safety net for future finances. The investment benefits of a solo 401k make it something every small business owner and entrepreneur should consider.
Here is some advice on the benefits for investing in a Solo 401k:
Higher...Read More »
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Tags: 401k advice, 401k solo, retirement advice, retirement planning
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