A lot of us dream of being able to save enough money to retire in our 50s, or even earlier. But, the reality is that the average American retires around age 65. Since the average lifespan has increased as a result of advanced medicine and technologies, 65 might not sound too old until you realize that many Americans are retiring without enough money to sustain their lifestyles until they die. According to some research, American households have, on average, just $120,000 saved for retirement. Calculations may vary, but a … [Read more...] about Is It Really Possible to Retire in Your 50s Now?
Whether you’re 10 years away from retirement or retiring this year, money management and saving doesn’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. Mistakes such as increasing your spending, ignoring potential income … [Read more...] about The 3 Best Passive Income Ideas for Retirees
The following is a guest post by Ramona, a freelance web designer and personal finance blogger with PF Today. If you'd like more information about submitting a guest post on Money Q&A, check out our Guest Posting Guidelines.
Retirement was easy decades ago. At least that's what my grandmother used to tell me:
You worked until you were 55, then retired. The state would pay a pension that was enough to live off. And you were also paid that pension for as long as you were alive. Guaranteed.
Times have changed now.
We can't work for 30 … [Read more...] about
The Dow Jones Industrial Average recently experienced the largest single-day drop in history, but it bounced back relatively quickly. Ever since then, the markets have been swinging up and down so much that some economists have wondered whether a recession is on the horizon.
For the average American who’s saving for retirement, this economic news probably sounds terrifying. Saving for retirement is hard enough, now we have to deal with crazy market fluctuations, too? Fortunately, there are several ways you can protect your retirement nest … [Read more...] about
Whether you’re planning to retire in your late 60s or you’re aspiring to retire early, it’s important to remember that retirement is more than just financial planning and preparing to quit your job. You need to enjoy retirement. Far too many people actually hate it in the end because they weren't prepared for the reality of retirement. It’s interesting how we all dream of quitting our jobs and living in luxury some day, but when retirement finally becomes a reality, a lot of people experience bouts of boredom.
Don’t let your golden years go to … [Read more...] about
There’s no such thing as a perfect retirement plan, but there are certainly common mistakes you should avoid at all costs. Although saving for retirement is obviously important, you’d be surprised by how many people are barely saving or not saving at all. Don’t risk having to work indefinitely by procrastinating on your retirement planning. Retirement Mistakes Everyone Makes Waiting for the ‘Perfect Moment’ to Start Saving The last thing you want to do is reach retirement age with no savings. The problem with retirement is that we tend … [Read more...] about 5 Retirement Mistakes Everyone Makes