There are more than 44 million people holding on to some piece of the $1.5 student loan debt pie. Future parents and new parents are understandably concerned about their children’s future ability to pay for college tuition, textbooks, room/board and all the other jaw-dropping expenses required to obtain a college degree nowadays. However, a new financial concern is looming on the horizon, and that's approaching retirement age with no savings. By the time you retire, perhaps your mortgage will finally be paid off and you won’t have any … [Read more...] about Should You Create a College Fund or Focus on Your Own Retirement?
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Are you getting close to retirement or still a decade or two away? Even if you plan on working for several more years, it’s extremely important to keep your retirement plans at the forefront of your mind. Ignore the excuse, “I still have plenty of time to start saving.” Don't make these retirement mistakes.
Unfortunately, this is the same logic that leaves many people with no savings upon reaching retirement age, so this long-term goal should be treated with equal or even greater importance than your short-term financial goals.
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The impossible fantasy of living forever isn’t as great as it might seem, especially when you have to account for things like bills, expensive healthcare, and living on a fixed income while your expenses continue to rise. We may not be technologically advanced enough as a society to keep people alive indefinitely, but there is a very real trend related to this issue that not enough people are paying attention to. Women are living longer than men but only saving half as much for retirement. Whether you are a woman, married to one, or have a … [Read more...] about Why Do Women Need to Save More for Retirement?
The student loan debt bubble recently approached the $1.5 trillion mark, with few signs of slowing down. This problem isn’t isolated to recent college grads and 30-somethings, either. Parents and grandparents are on the hook for millions of loans both as current and former students themselves or co-signers of loans. Even more alarming is the fact that 40% of the 65+ year-old borrowers or co-signers are in default on their loans. The personal and societal consequences student loan debt, combined with the problem of people not saving enough … [Read more...] about Should You Save For a House or Save For Retirement When You Have Student Loans?
Note - The following post is part of a military personal finance bloggers #BRSBlitz education campaign and sponsored by USAA. All opinions are my own. Time is running out for members of the military to choose whether or not they want to opt into the new Blended Retirement System (BRS). In fact, you only have until midnight TOMORROW - December 31st, 2018 to choose the BRS over the current military retirement plan, which is called the High-3 Retirement Plan. The government created and officially started automatically enrolling new members … [Read more...] about Military Blended Retirement System (BRS) Deadline Is December 31st, 2018! #BRSBlitz
We all know how important it is to save enough money for retirement, but do you know how much is truly enough? Personal finance experts are divided when it comes to the magical number you should strive for. It honestly varies from person to person. The problem is that people often make misguided assumptions about retirement, such as “I’m too young to think about retirement planning yet,” “I have plenty of time to start saving,” and even “I deserve to travel and live life before hunkering down to plan for retirement.” The most important … [Read more...] about RetirementBudgetCalculator.com Review: A Highly Customizable Retirement Calculator
Managing revenue, expenses, and taxes for a small business can be complicated enough, but what about saving for your own retirement, too? Unless you have a sizable pension from a spouse or an inheritance coming in your future, you need to make sure you’re saving as much as possible for retirement. Of course, being a small business owner without easy access to an employer-provided 401(k) plan can be frustrating. But, there are other, comparable ways to save for retirement beyond the traditional or Roth IRA options. To ensure you meet your … [Read more...] about 5 Ways Small Business Owners Plan Intelligently For Retirement
There’s plenty of doom and gloom news surrounding the Millennial Generation’s financial management. But, new reports suggest Baby Boomers aren’t doing too well either. Baby Boomers, which are those born roughly between 1946 and 1962, seem to be missing the mark when it comes to saving enough money for retirement. As MarketWatch pointed out, the average Baby Boomer has just $263,000 saved in their employer-sponsored retirement plan, despite needing about $658,000 to live comfortably on. If the math holds up, this means the average … [Read more...] about Are Baby Boomers Really Doomed When it Comes to Retirement?
It’s a common question to ask think - will I have enough money saved up to retire happily? Not having enough money to retire is a scary thought. You work almost your entire life to have your golden years free of a job. However, if you are not financially able to retire, that dream may not become a reality. No one says you have to be rich to retire (although that does help). But you do want to have enough money set aside that you won’t have to worry about whether or not you can afford to pay the bills. How to Invest in Your … [Read more...] about Invest in Your Retirement Now – Your Retired Self Will Thank You
Most know that Americans, particularly younger people from the Millennial Generation, are not saving enough for retirement these days, but another surprising group that isn’t saving is home business owners, according to CNBC. Without an employer-backed 401k or pension plan, home business owners are at a unique disadvantage when it comes to saving for retirement. Whereas you can currently contribute up to $18,000 annually to a 401k, with some employers offering a 3% to 6% match, IRAs are limited to $5,500 annually, or $6,500 if you’re 50 or … [Read more...] about Retirement Planning for Home Business Owners – How to Save for Retirement