Saving for retirement is one of the most important things you can do with your money. Unfortunately, most Americans don’t think they’re doing it very well. In fact, according to a recent TD Ameritrade study, the majority of Americans would give themselves a grade of C or lower on their retirement savings. Sadly, the number […]
Taxes are an unpleasant — but essential — part of life. And unfortunately, you won’t be able to escape them even in retirement. Not only could you be faced with income taxes if your savings are stashed in a 401(k) or traditional IRA, but you may also have to pay taxes on your Social Security […]
When you’ve spent the majority of your adult life working, you may be eager to retire as soon as possible. Maybe you have a long bucket list of activities you can’t wait to enjoy, or perhaps you’re just ready to sit back and enjoy a life of leisure. Regardless of how you choose to spend […]
Preparing for retirement is hard, and for most Americans, the money they get from Social Security will be critically necessary to help them make ends meet. The typical retired worker has to get by on just over $1,500 a month from Social Security, and while that’s better than nothing, it still leaves most people needing […]
Royals aren’t the only ones leaning on family. As Prince Harry and Meghan, the Duke and Duchess of Sussex, struggle to become financially independent and forgo public funds, they are even more like the rest of us. More than half of millennials over 21 are receiving financial help from a parent or guardian, according to […]
Tax season is here, and whether you’re 23 or 53, it’s a good time to think about tax-saving strategies, particularly when it comes to retirement. While the biggest mistake is not having in place an overall financial plan and a risk management plan, there are smaller missteps you can easily correct that will help you […]
Everybody likes to get money back from the IRS, and as tax season has finally begun, millions of Americans hope that they’ll be able to get tax refunds after they file their returns this year. With more than 70% of taxpayers for the 2018 tax year having received refunds, it’s not uncommon to expect to […]
Social Security benefits in the United States aren’t well-understood by many pre-retirees. The benefit formula is a bit complex, and many people simply don’t have any idea how much they should expect to get. To look at one example, let’s say that you make $100,000 per year. Here’s a rundown of what this means in […]
The FIRE movement, short for “financial independence, retire early,” has many people dreaming of an early retirement. But while some people think “early retirement” means calling it a career at 55, some have far more ambitious retirement goals, aiming to retire as young as 40. But could you really have enough retirement savings to retire at 40? And […]
Today’s workers have their work cut out for them when it comes to preparing for retirement. Pensions are a thing of the past at most companies, and Social Security benefits are only intended to replace around 40% of your pre-retirement income. That means a significant chunk of your money in retirement will need to come […]
You have 15 or fewer years until retirement, you have a sound retirement financial plan that is adequately funded, and you’re counting down the years. And then, out of the blue, you’re let go. Your retirement financial plan becomes suddenly irrelevant, since it had assumed several more years of peak earnings, along with commensurately larger […]
It’s the gift that everybody wants: the ability to get a do-over when you make a mistake. In golf, it’s called a mulligan, or the chance to redo a stroke. With Social Security, it’s called a withdrawal of application. However, the circumstances under which you can exercise this option are limited. And you only get […]
