If you’re getting close to retirement age and you have minimal to no savings in a 401k or IRA, what should you do? Having few assets is one of the biggest retirement killers out there because Social Security payments aren’t enough for many Americans to live on – especially with average life expectancies rising each year – but if you’re in your 50s or early 60s and want to retire at some point, what can you possibly do? While it could be anxiety-inducing to come upon your retirement years with little savings to finally quit your job, remember … [Read more...] about What to Do When You Reach Retirement Age and Have No Savings
The following is a guest post by Greg PHELPS, CFP®, CLU®, AIF®, AAMS®, a CEFEX certified fiduciary financial advisor, speaker, author, and the creator of the Wealth Summit. Greg has his own financial planning practice at Redrock Wealth Management I came across this interesting concept the other day called the “retirement rehearsal”. Apparently, something like 50 billion dollars of vacation time goes unused - or lost - each year when people retire. The retirement rehearsal concept is to plan years in advance of retirement to actually … [Read more...] about How to Not Waste Your Vacation Days with a Retirement Rehearsal
Everyone dreams of achieving financial independence from work and the possibility of retiring early to focus on pursuits that are more personally fulfilling, but few people manage to actually retire before the usual range of 62-67. Why is that? One reason is the popular movement, financial independence retire early or otherwise known simply as FIRE. A number of reasons exist as to why so many Americans fall short of their retirement goals, including a lack of retirement savings, narrow margins on income-to-debt/expense ratios that … [Read more...] about What is Financial Independence Retire Early (FIRE)?
The following post is by ESI from ESI Money, a blog about achieving financial independence through earning, saving, and investing (ESI). Itís written by an early 50ís retiree who achieved financial independence, shares whatís worked for him, and details how others can implement those successes in their lives. He is also the author of a free ebook titled Three Steps to Financial Independence. Early retirement is all the rage these days in personal finance circles. And when I say "early", I mean really early. I retired at 52 and today's … [Read more...] about Top 5 Early Retirement Killers That You Need to Know
The following is a guest post by Jeannette Bajalia who is the author of Planning A Purposeful Life: Secrets of Longevity, Retirement Done Right and Wi$e Up Women and president and principal advisor of Petros Estate & Retirement Planning. If you'd like to submit a guest post to Money Q&A, be sure to check out Money Q&A's Guest Posting Guidelines. The average person spends 30-40 years working, saving, investing and dreaming about the yellow brick road of retirement. I know this because I’m a baby boomer and have … [Read more...] about Retirement Income Tips To Implement from Jeannette Bajalia
Here is the next installment in our Reader’s Questions Series, which highlight questions emailed to me by you, the readers of Money Q&A. This time we’re talking about income replacement with dividends when you retire.
Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of the best personal finance books that everyone should read. Now….on to our … [Read more...] about
The following is a guest post is by Professor William Birdthistle, author of the new book, “Empire of the Fund: The Way We Save Now". You can find out more about Professor Birdthisle and his book at EmpireOfTheFund.com. Empire of the Fund is an examination of the way we save now. For a video précis of the book, here is a short trailer: Over the past thirty years, America has embarked on a grand experiment – perhaps the richest and riskiest in our financial history – to change the way we save money. The hypothesis … [Read more...] about Three Solutions to Save Our Savings – Empire of the Fund
You see them every year, returning in the fall with their tans and highlights. They're the retirees who move to Florida for half the year. And, then there are those friends who packed up and moved to the locale of their dreams the moment they both retired. If you're nearing retirement, you might be contemplating joining them. Here's what to think about before you make the move to retire. Should you move when you retire? What Will Moving Cost You? Being retired doesn't mean you can suddenly make frivolous financial decisions. If anything, … [Read more...] about Should You Move When You Retire?
Maybe it’s because this generation makes less money than previous generations did, or maybe it’s because Gen Y burns through cash without saving much of it. But either way, millennials are not prepared long-term. This generation is pushing back the big financial decisions in life like buying a home and establishing a viable retirement plan. A new survey from the Indexed Annuity Leadership Council (IALC) reveals that 15 percent of millennials have less than $25,000 saved. One-in-three millennials say they set aside no money for retirement … [Read more...] about New Survey Shows Millennials Have Little Savings For Retirement
Your retirement account is most likely the most important investment account you’ll ever have. The reality is that we work incredibly hard to retire; spending the vast majority of our lives working and saving so that we can enjoy our golden years. However, in times of geopolitical risk, unrest, and war, several people lose everything they’ve worked for; forcing them to work long into their retirement years. The threat that geopolitical risk and unrest is becoming to retirement investments and how converting your 401k retirement plan and … [Read more...] about Is Geopolitical Risk A Danger To Your Retirement?