There’s no denying the importance of investing for maximum long-term returns. But, when people are confronted with credit card balances and other forms of debt with 20% or more interest rates, it can be difficult to decide which financial strategy to prioritize. On the surface, it may seem that debt repayment should come first in order to get your finances out of the red and back on track to continuous growth. However, when you calculate the potential long-term benefits of pouring at least a chunk of your money into compounding investments, you … [Read more...] about 5 Ways to Balance Your Investment and Debt Repayment Strategies
Retirement
Should You Have a Backup Plan Before Retiring Early?
When it comes to planning for the future, one of the biggest concerns people face is the possibility of running out of money during retirement. Since you may have access to monthly Social Security or pension checks, this doesn’t mean literally running out of money altogether, but rather losing the ability to cover your expenses without taking on a part time or full time job to make ends meet. If you plan to retire in your 50s but you’re concerned about the long-term sustainability of your retirement strategy, it’s important to develop back-up … [Read more...] about Should You Have a Backup Plan Before Retiring Early?
Top 4 Retirement Mistakes That Could Derail Your Retirement
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. Planning and … [Read more...] about
Three Diversification Strategies for a Perfectly Balanced Portfolio
The following is a guest post by Dan Kent, owner and writer for Stocktrades.ca. For more information about guest posting on Money Q&A, check out our guest posting guidelines. I deal with a lot of new investors. Those who are attempting to leave their banks or fund managers and instead take control of their own finances. As such, the question that frequents my inbox the most from those who are looking for advice is “how do I construct an investment portfolio?” I’ve often stated that building a portfolio is the most difficult … [Read more...] about Three Diversification Strategies for a Perfectly Balanced Portfolio
Why Do Women Need to Save More for Retirement?
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?
Should You Save For a House or Save For Retirement When You Have Student Loans?
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?
Military Blended Retirement System (BRS) Deadline Is December 31st, 2018! #BRSBlitz
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
RetirementBudgetCalculator.com Review: A Highly Customizable Retirement Calculator
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
5 Ways Small Business Owners Plan Intelligently For Retirement
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
Are Baby Boomers Really Doomed When it Comes to 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?