Though Social Security helps millions of seniors stay afloat financially, living on those benefits alone could mean winding up cash-strapped in retirement. With an average monthly benefit of just over $1,500, Social Security was actually never designed to sustain seniors in the absence of other income. As such, it’s important that you line up some additional income […]
Category: Personal Finance
5 Moves to Ensure You’re a Retirement Multi-Millionaire
There’s a more foolproof way to become a multi-millionaire than playing the lottery or trying to found a huge corporation. It starts with something you probably already have — a retirement account. But just owning one and contributing some of each paycheck isn’t enough. You need to make retirement savings a priority. Here’s a look […]
3 Strategies 401(k) Investors Use to Make Millions
The 401(k) millionaires club is one of the most exclusive clubs you can join. At the end of 2019, there were nearly 250,000 Americans with at least $1 million in their 401(k)s, according to Fidelity Investments. Saving at least $1 million may sound like a lofty goal, but it’s more achievable than you might think. […]
3 IRA Moves You May Be Tempted to Make This Year – But Shouldn’t
Saving for retirement in an IRA is a good way to secure your financial future. But this year in particular, there may be a few specific moves you’re thinking of making with your IRA that could really set you back from achieving that goal. Here are three to steer clear of. 1. Taking an early withdrawal […]
Who’s Ready for a 24% Cut to Social Security Benefits?
The Social Security program has been providing a financial foundation for our nation’s retired workforce for more than 80 years. Of today’s nearly 65 million beneficiaries, 46 million of them are retirees, many of whom lean on their monthly payout to make ends meet. In April, national pollster Gallup released an annual survey concerning retirees’ […]
Considering a home purchase in retirement? Here’s how to get a mortgage
If you’re retired and are thinking about downsizing or relocating, and it involves buying a home, you might want to look into how you would finance it. You may discover that qualifying for a mortgage is different from the last time you bought a house. Not only have lenders tightened credit during the coronavirus pandemic, […]
Warning: This Social Security Full Retirement Age Trap Could Snare You
More than 60 million Americans get Social Security payments right now. Tens of millions more expect to file for benefits in the coming years. The money they’ll get from the program is vital for their financial survival. When it comes to how much you’ll receive in benefits, a lot depends on what your full retirement […]
This Outdated Rule Could Throw Your Retirement Planning Off Course
Ideally, you’ll enter retirement with a healthy chunk of savings, whether in a 401(k) or IRA. But you’ll need a plan for accessing that money. You don’t want to just randomly take withdrawals from savings, because that’s a good way to deplete your nest egg prematurely. Rather, you’ll need to establish a reasonable yearly withdrawal […]
3 Ways to Recover From a Late Start to Retirement Planning
Getting an early start at saving for retirement may be a goal you’ve had since starting your first job. But as you ventured into the world of being an adult, you may have realized that life doesn’t always work out as planned. Necessary bills — and maybe a few unnecessary ones — took priority, and […]
Open a high-yield savings account to earn more interest on your money
If you’ve been eyeballing savings accounts, you may have noticed there’s a wide range of interest rates out there. If you’re looking to grow your hard-earned money as quickly as possible, zero in on a high-yield savings account, which offers significantly higher interest rates. Moving on from a traditional savings account may give you pause, […]
Repaying Debt Vs Saving: Which Is Better?
Putting ‘spare’ cash into a savings account for life’s little emergencies is something many of us have been taught to do from an early age. But what if you also have a lot of debt to repay? Should you build up your savings or focus on paying down debt first? Here, we take a closer […]
2 biggest factors in determining your ideal retirement age
What’s the best age to retire? Is it 65, when you first become eligible for Medicare? How about 70, when your Social Security benefit maxes out? Or maybe it’s 59 1/2 — the age when you can tap into your retirement savings without paying a penalty? When it comes to retiring, there is no one-size-fits-all […]