Putting away $500,000 for retirement seems like a lot, but it may not be enough to sustain you during your golden years. That’s an eye-opener for sure, one that will become more common thanks to the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act. Signed into law by President […]
Running out of money during retirement is a major concern. You can do your best to save a bundle in a 401(k) or IRA, only to misjudge your future expenses and wind up cash-strapped down the line. Here are a few reasons why you may be at risk of depleting your nest egg prematurely — and […]
Deciding how much to save for retirement can be complicated. One common technique to simplify things is to invest a percentage of your income. Traditionally, financial experts often recommended setting aside 10% of earnings for your later years, but thanks to lengthening life spans and lower projected returns, it’s usually better to aim for about […]
It’s easy to assume that those people who retire with $1 million or more in savings earn a lot of money during their careers or come from rich families. The reality, however, is that many retirement millionaires achieve that milestone not by commanding huge salaries or inheriting windfalls, but by making smart choices that enable […]
There are many financial pros and cons to getting married, but for those close to retirement who have been dating for a long time, there are several federal laws that provide some good financial reasons to give it some serious consideration. Inheriting IRAs: Marriage Makes a Big Difference If you are married, you can roll […]
Sixty-four percent of Americans are expected to retire with less than $10,000 in their retirement savings accounts. And in their 60s, 70s and beyond, as many as 539,000 will die of heart disease, somewhere around 550,000 will die of cancer and around 300,000 folks will die of diabetes (probably underreported) every year. Collectively, cardiovascular disease, […]
Many people dream of early retirement, and if you make that a goal, there’s a good chance you’ll achieve it. But is retiring early a good idea? On the one hand, you get to enjoy the freedom that comes with not having a job ahead of your peers. On the other hand, you take on […]
You probably have a retirement age in mind, but how likely are you to actually retire then? A recent TD Ameritrade survey crunched the numbers on this and found that the average chosen retirement age among adults 40 to 79 was 67, but the likelihood of actually retiring at that age was only 67%. That means about […]
When you think of early retirement, you probably picture yourself traveling the world, having ample time for hobbies, and enjoying a life of leisure. The only problem is, retiring ahead of schedule isn’t always all it’s cracked up to be. In fact, if you don’t have enough money or your plans for how to spend […]
Think twice before celebrating that large refund check from Uncle Sam. The IRS had doled out 45.5 million refunds as of Feb. 28, with the average refund check totaling $3,064. That amount is just $4 less than last year’s average refund. Filers have reasons to celebrate their small windfall. Most have ambitious plans for their small windfall, including shoring […]
As you may have heard, our nation’s most successful social program is in a bit of a bind. Every year since 1982, the Social Security program has generated a net cash surplus. By bringing in more revenue than is paid out in benefits each year, the program has been able to build up a $2.9 […]
If you have access to a 401(k) at work, chances are that this will be one of your most important retirement accounts, if not the most. Many workers put most or all of their retirement savings into a 401(k), which can make sense because it’s convenient, comes with generous tax savings, and often offers an […]
