There are approximately 12 million stay at home parents in the U.S. , 1.9 million of which are stay at home dads. Some of those stay at home parents raise children as their jobs. Other stay at home parents have telecommuting jobs that allow them to work from home. Either way, there are a few unique financial considerations to make when your own income is absent or irregular. Retirement Savings Options Rather than avoiding retirement planning altogether or risking a lack of diversified retirement portfolios, here are a few retirement … [Read more...] about Retirement Savings Options for Stay at Home Parents
Did you know that one in four workers have less than $1,000 saved for retirement? Yikes. Many people put off saving for retirement because of credit cards or student loan debt. They may also prioritize lifestyle over savings, deciding to live at one’s means instead of below. Often times people just don't' know where to start, even when they want to save for retirement. If your employer offers a 401k, that's great, you should probably take advantage of that. But, even if they don't there are still plenty of ways to save for … [Read more...] about Retirement Mistakes You Should Avoid at All Costs
No matter how much you save for retirement, it always seems like it doesn’t hurt to sock away a little bit more. It’s understandable given how many people are living paycheck to paycheck. The Economic Policy Institute (EPI) recently found about half of Americans have nothing saved for retirement. How to Make Retirement Less Stressful Financially The whole process of retirement planning can be stressful, but taking control of your financial future is also empowering. Taking the time to create a comprehensive plan can go a long way in easing … [Read more...] about Top 5 Ways to Make Retirement Less Financially Stressful
If you’re getting close to retirement age and you have minimal to no savings in a 401k or IRA, what should you do? Having few assets is one of the biggest retirement killers out there because Social Security payments aren’t enough for many Americans to live on – especially with average life expectancies rising each year – but if you’re in your 50s or early 60s and want to retire at some point, what can you possibly do? While it could be anxiety-inducing to come upon your retirement years with little savings to finally quit your job, remember … [Read more...] about What to Do When You Reach Your 50s and Have No Retirement Savings
The following is a guest post by Greg PHELPS, CFP®, CLU®, AIF®, AAMS®, a CEFEX certified fiduciary financial advisor, speaker, author, and the creator of the Wealth Summit. Greg has his own financial planning practice at Redrock Wealth Management I came across this interesting concept the other day called the “retirement rehearsal”. Apparently, something like 50 billion dollars of vacation time goes unused - or lost - each year when people retire. The retirement rehearsal concept is to plan years in advance of retirement to actually … [Read more...] about How to Not Waste Your Vacation Days with a Retirement Rehearsal
Everyone dreams of achieving financial independence from work and the possibility of retiring early to focus on pursuits that are more personally fulfilling, but few people manage to actually retire before the usual range of 62-67. Why is that? One reason is the popular movement, financial independence retire early or otherwise known simply as FIRE. A number of reasons exist as to why so many Americans fall short of their retirement goals, including a lack of retirement savings, narrow margins on income-to-debt/expense ratios that … [Read more...] about What Is Financial Independence Retire Early (FIRE) Exactly?