Retirement

  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 good standard is, if you hope to retire in your 50s or 60s, then you should have at least 30 years’ worth of expenses saved up before quitting your job. Other … Read more

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 waste. Now is the best time to start planning what you’ll do during retirement, instead of focusing 100% on saving money. That’s not to suggest … Read more

Planning for retirement can be stressful, especially if you’re unsure whether you’ll have enough money to retire permanently. If you’re looking for easy ways to reduce your expenses and boost your income during retirement, then you can’t afford to ignore the rewarding opportunities Airbnb can offer. As of 2018, there are more than four million Airbnb listings worldwide. In fact, 191 countries participate. There are more than 200,000 senior hosts on Airbnb, and the company says the 60+ crowd is the fastest-growing demographic using the platform for both traveling and hosting. If you’ve considered joining Airbnb as a soon-to-be or current retiree, then here are some useful strategies for maximizing the value you get from the short-term rental platform. Making … Read more

A common myth about retirement planning is that 401k accounts are always superior to IRAs. On its face, this myth appears true. You can contribute significantly more to a 401k each year than an IRA. You can contribute $18,500 to your 401k, versus $5,500 to your IRA for workers under 50 years old. That contribution limit rises to $24,500 for your 401k versus $6,500 for your IRA for workers ages 50 and above. 401k contributions lower your tax burden year-after-year. Some employers even offer matching contributions of up to 3-6% for 401k accounts. However, the math behind the 401k versus IRA debate is much more complicated, as recent tax reform efforts might suggest. Investing in both your 401k and a … Read more