Note - The following post is the 2nd in a series of retirement education blog posts on Money Q&A and sponsored by USAA. Be sure to check out the 1st article, “Am I Saving Enough for Retirement?”. Like always, all opinions are my own. If you’re worried that you’re doomed when it comes to retirement, then you might be surprised by how many options there are for supplementing and stretching your retirement income. Now that you’ve put a great deal of thought and planning into your retirement investing, as you start to look at retirement … [Read more...] about How Long Will My Retirement Savings Last?
Note - The following post is part of a series of retirement education blog posts on Money Q&A and sponsored by USAA. But, like always, all opinions are my own. There’s a lot of doom and gloom reporting these days about Baby Boomers not saving enough for retirement. The lack of savings is only expected to get worse for Millennials, who are saddled with comparatively more student loan debt and struggling with slower rates of wage growth compared to their parents and grandparents’ generations. Whether you’re trying to save … [Read more...] about Am I Saving Enough for Retirement? Here’s How to Find Out
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 in Retirement
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?
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
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?