Saving for retirement is tough, and once you reach retirement age you may think the hard part is over. However, you have one more challenge — making sure your savings last as long as possible. Regardless of how much you have saved for retirement, it won’t matter unless you manage your spending appropriately. If you […]
For a long time, becoming a millionaire has been synonymous with becoming wealthy. While $1 million doesn’t go nearly as far as it used to, it’s still a generous sum that can help set you up for a secure retirement. But saving so much money may seem like a pipe dream for many, especially for […]
Though the COVID-19 crisis has wrecked the U.S. economy on the whole, small businesses have taken an exceptionally hard hit. Many were forced to close their doors earlier on in the year, when much of the country was on lockdown, and some might never recover from those weeks of lost revenue. Thankfully, small businesses did […]
It’s a sad fact of life that many people develop age-related ailments and need more medical care as they get older. Even if you stay healthy, visiting the doctor and taking medications as prescribed may be key reasons for that good health. Unfortunately, because your medical care needs may increase as you age, you’ll likely […]
The COVID-19 pandemic has had a profound financial impact across America, and retirees aren’t immune to its consequences. In fact, as many as one-in-four retirees have indicated COVID-19 may force them to start working for a paycheck again. If you’re one of the seniors considering returning to work, it’s important to realize that this decision […]
FOR MANY AMERICANS who’ve lost work during the coronavirus pandemic, the $600 weekly unemployment insurance boost has been a lifeline. Tens of millions of Americans, perhaps more than 20 million, are tapping unemployment benefits, according to some estimates. And for many of them, that extra $600 makes a significant difference in the amount of money […]
Whole life insurance has several benefits. There is a guaranteed savings account (also known as cash value). Whole life also provides long-term death benefit protection. While there are many reasons to purchase a whole life policy, currently low interest rates are making it challenging for existing whole life policyowners. If you have a whole life […]
Months of economic uncertainty have driven people to turn toward a normally forbidden pot of cash: their retirement savings. The CARES Act, which President Donald Trump signed into law this spring, allows individuals affected by the pandemic to take emergency withdrawals of up to $100,000 from their retirement plans. Savers under age 59½ can now […]
If you’re not good at maintaining a household budget, you’re not alone. Many families operate without a spending plan, and even those who think they are budgeting may not actually be doing so. Nearly 60% of people say they don’t track spending, and 2 in 5 have never had a budget, according to a 2019 […]
It’s the $1 million question for those nearing retirement. How much can you spend each year without running out of money? It’s a question I examine in my book, Retire Before Mom and Dad. The answer most commonly cited is 4%. Based on a 1994 paper published by William Bengen in the Journal of Financial Planning, […]
Here are common retiree regrets to avoid: 1. Moving on a whim: The lure of warmer climates has long been the siren call of many who are approaching retirement. But test the waters before you make a permanent move. Too many folks have trudged off to what they thought was a dream destination only to find […]
The $600 boost to weekly unemployment benefits will likely end in a matter of days. That will slash household income for millions, potentially jeopardizing their ability to pay for bills like rent and groceries. In May, the average American got $321 a week in unemployment aid, according to U.S. Labor Department data. (That’s without the […]
