savings
The five W’s of retirement
Today, with life expectancy statistics in mind — and depending on your health and genetics — your retirement could last 30 years or more. So, it’s imperative to prepare not only financially but emotionally as well. There are five key…
What does the average retiree have saved?
The Federal Reserve’s Survey of Consumer Finances states the average retirement savings of $426,000 for those aged 65 to 74 is $426,000, and for those aged 75 and older is $357,000, well below the recommended magic $1 million mark. However,…
Envisioning and Defining Retirement
With all the financial and economic doom and gloom news, many retirees and pre-retirees are questioning their retirement plans. However, the media focuses on how to save for retirement, not how to spend in retirement. Jamie Hopkins uses the term…
Tips for Retiring on a Budget
Most financial and retirement experts advise us to save $1 million or more for our retirement. However, many Americans fall short of this goal, but that does not mean you cannot have a comfortable retirement. Gabrielle Olya outlines a complete…
Social Security, by itself, won’t be enough
The Social Security Administration states 21 percent of married couples and 45 percent of single persons rely on Social Security for 90 percent or more of their retirement income. Based on recent polls conducted by several leading financial organizations found…
Dealing With Social Security’s Income Tax Consequences
One of the most unpleasant issues many Social Security beneficiaries encounter is the fact that their benefit may be subject to federal income tax. Not only is it unpleasant, but it’s also often not anticipated during the retirement cash flow…
How people should adjust their financial plans
There is no one-size-fits-all retirement advice for soon-to-be retirees, especially retiring in an economic recession. We all have watched our retirement portfolios take a dramatic dip this year, with all the markets down double-digit percentages. Trina Paul explains what soon-to-be…
Are you limiting your retirement savings options?
Over 40 percent of U.S. workers participate in 401(k) retirement plans which is an excellent resource for building long-term wealth. However, it is not the only retirement savings vehicle. There are several options that can offer tax advantages and more…
How much should you save for retirement?
Are you planning your retirement? Do you know how much to save? The amount you need to retire and live comfortably is a personal one. It will take patience and determination to reach your goal. However, there are benchmarks in…
Are you financially ready to retire?
Are you ready to retire; can you afford to retire? Are you prepared to enter this new and exciting phase of your life? Of course, there are no guarantees, but there are some clear signs that you are ready. What…