Retirement

Articles on Money Q&A about retirement and how it affects and interacts with personal finances.

Blooom Review – A Robo Advisor to Manage Your 401k Plans Easier

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Using Blooom with My 401k

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 earlier. For this reason, the founders of Blooom started their company to offer affordable 401k planning services to the 99% (according to their website). With Blooom, you don’t need … Read more

Top 5 Smart Ways to Avoid Running Out of Money During Retirement

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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. You can still earn retirement income. 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, then you might wonder whether you’ll have enough money to live on in your golden years. This thought can create a … Read more

Top 4 Ways to Save for Retirement as a Job Hopper Now

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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 for retirement may not be worth it for a lot of folks. People already tend to struggle with saving for retirement. A 2016 survey found the average Baby Boomer has just $147,000 saved for … Read more

Top 5 Ways to Start to Saving for Retirement in Your 20s

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Make Retirement Less Stressful

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 today’s economy and the uncertainty of social security, if you wait, you’ll likely find yourself way behind when you reach retirement age. If you’re … Read more

Selling Your Home to Fund Retirement – 5 Factors to Consider

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12 Things You Should Know Before Buying A House

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 to Consider When Selling Your Home to Fund Retirement 1. The True Value of Your Home If you … Read more

How to Figure Out Your Retirement Income Gap

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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, nobody likes the idea of potentially experiencing a lower standard of living than they currently have. How to Figure Out Your Retirement Income Gap What’s … Read more