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
One of the most important considerations when it comes to retirement planning is determining how much money you’ll need to live comfortably on for the rest of your life. Even if you max out your IRA every year or contribute thousands of dollars to your employer-provided 401k each year, it would be a huge mistake to assume you have enough money to retire. A major early retirement killer is poor planning, so it’s crucial that you figure out your retirement income gap as early as possible and develop strategies to minimize that gap. After all, … [Read more...] about How to Figure Out Your Retirement Income Gap
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?
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