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?
It’s a common question to ask think - will I have enough money saved up to retire happily? Not having enough money to retire is a scary thought. You work almost your entire life to have your golden years free of a job. However, if you are not financially able to retire, that dream may not become a reality. No one says you have to be rich to retire (although that does help). But you do want to have enough money set aside that you won’t have to worry about whether or not you can afford to pay the bills. How to Invest in Your … [Read more...] about Invest in Your Retirement Now – Your Retired Self Will Thank You
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 or … [Read more...] about Retirement Planning for Home Business Owners – How to Save for Retirement
There are plenty of ways to make retirement planning less stressful. But, people are oftentimes too caught up in saving for vacations or paying off debts to dedicate much effort to prepare for retirement. Considering the significant income drop you’ll experience after retiring from your current line of work, planning for retirement is one of the most important things you’ll ever do in your life! The last thing you want to do is reach your 60s with little saved for retirement. To clear up any confusion about retirement planning and help … [Read more...] about Top 4 Common Retirement Mistakes and How to Avoid Them
Note -This post may contain affiliate links or links from our sponsors. All opinions are my own. 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 … [Read more...] about Blooom Review – A Robo Advisor to Manage Your 401k Plans Easier
Planning for retirement isn’t easy for anyone. It doesn't matter if you’re a 20-something with student loans or a 50-something who doesn’t think they’ll have enough saved up to retire by their mid-60s. It’s normal to feel frustrated when it comes to saving for retirement, but this doesn’t mean you should avoid the issue altogether until you’re “old enough” or “making enough money” to start saving. The best time to start saving for retirement is right now. If you waited until your 30s or even 40s and 50s to begin saving for retirement, … [Read more...] about Top 5 Smart Ways to Avoid Running Out of Money During Retirement
Young adults seem to have no problem “hopping” from job to job in search of better opportunities and higher pay. But, is job-hopping really worth it if you’re potentially hurting your retirement savings? Whether you’ve recently graduated from college or you’re in the middle of a late-career job transition, it’s important to be aware of the upsides and downsides to job-hopping.
While higher pay, better benefits, and cooler workplace perks may be advantageous to some workers, the trade-off of lower job security and fewer opportunities to save … [Read more...] about
The earlier you start saving for retirement, the better. When you’re in your 20s, saving for retirement in your 20s may feel like it’s a long way off, but it’s one of the most important steps you can take to ensure that your later years are comfortable. A GoBankingRates survey conducted in 2018 found that the majority of young millennials, referring to those who are between 18 and 24 years old, had less than $1000 saved, and nearly half hadn’t saved anything at all. While many people put off saving until they reach their 30s, with … [Read more...] about Top 5 Ways to Start to Saving for Retirement in Your 20s
How prepared are you for retirement? If you assume that your monthly expenses will decrease in your post-working life, then you might be surprised to learn that many retirees experience the exact opposite. Instead, their expenses go up. How can that be? If you pay off your mortgage before retiring then perhaps your monthly budget will be noticeably lower. But, it’s not reasonable to expect your current lifestyle will drastically change in a more frugal direction upon retirement. There are many ways we psychologically approach retirement, but … [Read more...] about Why Your Spending In Retirement May Actually Increase
If you are ready to retire, you may wonder if what you have saved up over the years will cover all your costs. A 2018 report revealed that many Americans have less than 15 percent of the amount needed to retire comfortably; however, while this can be a troubling thought, there are a few ways you can boost your savings. One popular way for many people to fund their retirement is to sell their home, and if you are considering this course of action, there are a few factors you may want to think about before making a final decision. Top 5 Things … [Read more...] about Selling Your Home to Fund Retirement – 5 Factors to Consider