Retirement planning is one of the most important aspects of adulthood. If you don’t save for retirement as early as possible, then you risk not being able to retire from your job at all due. For single parents, planning for retirement might seem even more daunting because you’re playing the role of breadwinner and care provider for your family while trying to plan for your own future all at the same time. It can be exhausting trying to make enough money to meet your family’s needs, let alone have leftover money to put into … [Read more...] about A Single Parent’s Guide to Saving for Retirement
Retirement
Top 3 Best Passive Income Ideas for Retirees
Whether you’re 10 years away from retirement or retiring this year, money management and saving don’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. Don't increase your spending, pay attention to potential income opportunities, and … [Read more...] about Top 3 Best Passive Income Ideas for Retirees
Tax Deductions for 401K Retirement Accounts Explained
A common myth about retirement planning is that 401k accounts are always superior to IRAs. On its face, this myth appears true. You can contribute significantly more to a 401k each year than an IRA. You can contribute $18,500 to your 401k, versus $5,500 to your IRA for workers under 50 years old. That contribution limit rises to $24,500 for your 401k versus $6,500 for your IRA for workers ages 50 and above. 401k contributions lower your tax burden year-after-year. Some employers even offer matching contributions of up to 3-6% for 401k … [Read more...] about Tax Deductions for 401K Retirement Accounts Explained
Retirement Planning for Home Business Owners – How to Save for Retirement
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 … [Read more...] about Retirement Planning for Home Business Owners – How to Save for Retirement
Why We Tend to Save for Vacation and Not for Retirement
Americans are often supposed to be too hard-working. Half of the workers do not use all the vacation days they have. According to NerdWallet research, we prefer getaways, but before it, we should plan our long-term finances. Nowadays more than 63% of Americans want to go on vacation in the following half a year. In 2009, this figure was 33%. That year was a year of Great Recession, but it shows us anyway how far we are from this point. Skipping the relaxation seems to be boring, but some data show that your overall happiness increases … [Read more...] about Why We Tend to Save for Vacation and Not for Retirement
Retirement Savings Options for Stay at Home Parents
There are approximately 12 million stay at home parents in the U.S. , 1.9 million of which are stay at home dads. Some of those stay at home parents raise children as their jobs. Other stay at home parents have telecommuting jobs that allow them to work from home. Either way, there are a few unique financial considerations to make when your own income is absent or irregular. Retirement Savings Options Rather than avoiding retirement planning altogether or risking a lack of diversified retirement portfolios, here are a few retirement … [Read more...] about Retirement Savings Options for Stay at Home Parents
Retirement Mistakes You Should Avoid at All Costs
Did you know that one in four workers have less than $1,000 saved for retirement? Yikes. Many people put off saving for retirement because of credit cards or student loan debt. They may also prioritize lifestyle over savings, deciding to live at one’s means instead of below. Often times people just don't' know where to start, even when they want to save for retirement. If your employer offers a 401k, that's great, you should probably take advantage of that. But, even if they don't there are still plenty of ways to save for … [Read more...] about Retirement Mistakes You Should Avoid at All Costs
Top 5 Ways to Make Retirement Less Financially Stressful
No matter how much you save for retirement, it always seems like it doesn’t hurt to sock away a little bit more. It’s understandable given how many people are living paycheck to paycheck. The Economic Policy Institute (EPI) recently found about half of Americans have nothing saved for retirement. How to Make Retirement Less Stressful Financially The whole process of retirement planning can be stressful, but taking control of your financial future is also empowering. Taking the time to create a comprehensive plan can go a long way in easing … [Read more...] about Top 5 Ways to Make Retirement Less Financially Stressful
Blooom Review – A Robo Advisor to Manage Your 401k Plans Easier
If your company provides a 401k plan for its employees, are you getting the best returns possible on your 401k? The upside to 401k retirement planning is that you have some level of flexibility when it comes to deciding who will manage your investments until you’re ready to retire. Unfortunately, many experienced investment advisors are too expensive for everyday folks who just want to maximize their savings so they can retire by 65 or earlier. For this reason, the founders of Blooom started their company to offer affordable 401k planning … [Read more...] about Blooom Review – A Robo Advisor to Manage Your 401k Plans Easier
What to Do When You Reach Retirement Age and Have No Savings
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