There is one important retirement risk that often goes unnoticed by retirees. It’s inflation, which is the incremental increase in the price of goods and services on a year-to-year basis. Inflation is easy to ignore because it’s often modest on a year-to-year basis. Over time, though, inflation can have a sizable impact on your spending […]
Are you one of the millions of Americans who uses an employer 401(k) as your primary retirement savings vehicle? The 401(k) is a widely-used retirement savings vehicles. Most 401(k) plans offer tax-deferred growth and matching employer contributions. Those two elements can help you quickly accumulate retirement assets. If you leave your employer with vested balance […]
Common resolutions include things like losing weight or quitting a bad habit like smoking. You may resolve to keep in better contact with family and friends or perhaps perform better at work. As you’re sorting through potential resolutions, don’t forget about retirement planning. Nearly two-thirds of Americans say they are concerned about not having enough […]
It doesn’t have to be this way. Just because you haven’t started saving yet doesn’t mean you can’t save enough to someday retire or at least scale back to part-time work. In fact, time may be your greatest asset. If you’re decades away from retirement age, you still have time to save and grow a […]
What should be the saving priority? If you’re like many families, there are only so many dollars left every month for saving. You have to pay everyday expenses such as housing costs, debt payments, utilities, food and more. There are also those discretionary costs that help you and your family enjoy life. After you pay […]
Are you facing a divorce late in life? According to new research, you’re not alone. The Pew Research Center recently found that divorce rates for people age 50 and older have doubled since 1990. Divorce rates among those over age 65 have tripled during that same period.1 There are a variety of reasons why couples […]
While seemingly small lifestyle changes, like eating out less often, can have a big financial impact, it’s often ill-advised large purchases that can do the most damage. By simply avoiding these large-scale cash outlays, you may be able to significantly reduce your risk of running out of money in retirement. Are you one of the […]
As you approach retirement, you’re likely looking for ways to reduce your expenses and maximize your income any way you can. You may be considering downsizing, delaying Social Security or even working part time in retirement to improve your financial stability. There’s one other strategy you may want to consider, especially if you have a […]
A major expense in retirement is taxes. Many retirees assume their taxes will go down once they stop working. The truth is that you could face taxes on nearly every source of income you have, including Social Security, pension benefits, qualified retirement plan distributions and more. One of the most critical factors in a successful […]
Imagine getting in your car to start a long road trip. Before you leave, you probably enter your destination in the GPS. As you drive, you pay attention to the device and follow all of its instructions. And yet, you somehow end up at the wrong destination. How does that happen? Pretty easily if you […]