How many retirement accounts do you and your spouse have? Do you both have Roth IRAs and a 401k retirement plan at work? Or, old ones from a former job? You may find out after closer inspection that your separate plans do not mesh well with each other. In fact, you may find yourself poorly diversified with a lot of fund overlap if you are not too careful. You may want to add several checks to your annual investing portfolio rebalancing this year to synchronize your entire family’s retirement plans. Here are some things to … [Read more...] about Are Your Family’s Retirement Plans Fighting Each Other?
Retirement
Should You Take Social Security Early After All?
One of the most common pieces of financial advice given to 50 and 60-somethings is that you should wait until you’re at least 65-67 to take out Social Security. However, new research from the Journal of Aging Studies found that seniors who had filed for Social Security benefits early expressed remarkable satisfaction with their decisions to file early (about 45% of the focus group respondents had filed at age 62; the rest filed before Full Retirement Age at 65-66 years old). This new study contradicts everything you might have heard about … [Read more...] about Should You Take Social Security Early After All?
How to Return to the Workforce If You’re Running Out of Money During Retirement
Millions of Americans are reaching retirement age each year, yet a majority of them feel financially unequipped to handle the potential costliness of long-term care combined with a permanent loss of earned income. Some folks barely have anything saved for retirement by the time they reach their 50s and 60s, which means they’ll likely be working well into their 70s and possibly 80s to pay the bills. If you’re concerned about running out of money during retirement, then rest assured, you’re not alone. Many older Americans – retired and … [Read more...] about How to Return to the Workforce If You’re Running Out of Money During Retirement
The Best Passive Income Ideas for Retirees
Whether you’re 10 years away from retirement or retiring this year, money management and saving doesn’t stop when your regular job income does. In fact, financial management in retirement can be a stressful experience if you don’t plan carefully beforehand and continue your saving habits during your golden years. To avoid the panic-inducing question of whether your current nest egg will last as long as you do, there are several retirement mistakes to avoid. Mistakes such as increasing your spending, ignoring potential income … [Read more...] about The Best Passive Income Ideas for Retirees
3 Big Money Mistakes American Workers Are Making
We all make mistakes with our finances. I’m not talking about making hard decisions and choosing which bills to pay and which to leave for another month. These are simple financial choices and the biggest money mistakes American workers are making with their paychecks. The economy is still struggling, and far too many employees are turning away free money and lending other money from their hard-earned paychecks to the government free of charge. Three Biggest Money Mistakes... 1. Not Capturing Their Employer Match According … [Read more...] about 3 Big Money Mistakes American Workers Are Making
How to Protect Your Retirement Savings from Market Losses
Since the 2008 meltdown, adults of all ages have been justifiably concerned about their retirement plans and wondering what they should do if the markets head south again as they approach retirement age. While volatility in the markets is inevitable, there are ways to protect your retirement savings even if there’s a downturn (or even a recession) during your retirement years. If you’re currently saving for retirement but haven’t fine-tuned your portfolio’s asset allocations to pre-emptively shield yourself against a market downturn, then … [Read more...] about How to Protect Your Retirement Savings from Market Losses