- More Than 12,000 Americans Will Turn 65 Every Day in 2024. Are You Ready for Retirement?
The U.S. population is approaching a landmark sometimes called Peak 65, the point next year when more than 12,000 people will start turning 65 each day, hitting an estimated total of 4 million for the year, according to U.S. Census Bureau figures. By the end of 2030, all Baby Boomers – those born between 1946 and… read more…
- 5 Rules of Thumb for Retirement Savings
Saving for retirement can be a daunting challenge for many. The landscape is filled with many retirement plans and investment companies vying for your attention, along with complex contribution restrictions, tax rules and paperwork. Overcoming these challenges becomes achievable when you utilize proven rules of thumb to set yourself on the path toward a financially… read more…
- How Much Should I Withdraw From My Retirement Account? Edward Jones Says Start With These Percentages
One of the most important decisions in retirement is choosing how much to withdraw from your savings. You need to take out enough to meet your spending needs, but not so much that you end up running out of money. While there’s no real consensus on a safe withdrawal rate, a recent report from Edward… read more…
- Retirement Savings Milestones
Retirement planning is a process that begins as soon as you start contemplating the financial consequences of ending work and extends for the rest of your life. While every retirement planning process is unique in the specific details, most retirement savers encounter some common milestones along the way. Looking ahead to these milestones and what… read more…
- How to Catch Up on Retirement Savings
Accelerating your retirement savings is a good idea. One of the biggest problems with retirement advice is that it’s usually prophylactic. That is, the most common advice when it comes to building a nest egg is “start early.” And to be fair, that’s true. By far the best way to build a strong retirement portfolio… read more…
- Investment Strategies for Your Retirement Plan
In a perfect world, we could point you to a single set of assets that would maximize safety, growth and cash flow all in one neat basket. Unfortunately, unless you’re lucky enough to have a generous pension fund, that asset class doesn’t exist, as virtually all investments offer some form of tradeoff. Below we detail… read more…
- Retirement Plans for Young Adults
Young adults have many priorities, from advancing their careers to planning for a family, which often leads to saving for retirement being placed on the back burner. However, being a young adult offers a significant advantage when it comes to building wealth for retirement due to the advantage of time. The power of compound interest… read more…
- Don’t Forget to Build This Into Your Retirement and Estate Plans
Most people will, sooner or later, want – or need – to surrender control of their finances. One of the lesser-known aspects of retirement planning is lining up someone known as an agent or fiduciary. This is someone who can take control of your finances if you experience cognitive decline or are otherwise incapacitated. This… read more…
- What Is the Advantage of Investing Early for Retirement?
Investing early for retirement can seem like a daunting task. But it’s a crucial step towards securing your financial future. Kickstarting your savings with enough time will help you build a nest egg that is large enough to pay for your retirement. Let’s break down the potential benefits and obstacles that you could face when… read more…
- Is $5 Million Enough to Retire at 30?
Retiring at 30 requires extraordinary planning, discipline and often unconventional career or investment success. While it shares similarities with the FIRE movement (Financial Independence, Retire Early), retiring at 30 takes that concept to the extreme. To retire at 30, you need more than just a high savings rate. You’ll need a plan that accounts for… read more…
- Passive Income Ideas to Boost Your Retirement
Planning for retirement can be a daunting task, especially considering the unpredictability of the market. The 2008 financial crisis serves as a stark reminder of the perils of putting all your eggs in one basket. Many who solely relied on their stocks saw their retirement savings drastically diminish during the crisis. However, a diversified passive… read more…
- Why Is It So Hard to Sell a Home Before Retirement?
Retirement means leaving your job behind, but unfortunately, selling your home can feel like your toughest task yet. From targeting the right buyers to outshining new developments and tackling community restrictions, it’s no easy feat. However, you can unravel the challenges and find solutions to sell your home in a tight market. There are certain… read more…
- Do You Need a Retirement Coach?
While undertaking a life transition, it helps to have a personal cheerleader and mentor. Retirement is jarring, thrilling and intimidating, and it’s perfectly normal to feel overwhelmed or uncertain about the road ahead. That’s where a retirement coach comes in, offering practical guidance and support to help you navigate this new chapter like a pro.… read more…
- How to Plan for Retirement as a Single Person
Planning for retirement as a single person involves a unique set of challenges. But, with a clear understanding of your finances and an individualized approach to financial planning, you can secure a comfortable retirement. Here’s a breakdown of what you should consider when planning for retirement. A financial advisor can help you create a financial… read more…
- Retirement Planning Strategies for Single Women
General financial advice can apply to many people. But as an individual, there are unique financial challenges that will be specific to you. According to a 2021 Fidelity study about women and investing, almost seven in 10 women feel confident about managing their household budget, but only 31% are confident about planning for their financial… read more…
- What Is a Good Monthly Retirement Income for a Couple?
For a married couple approaching retirement, few things carry more significance than knowing how much income they’ll need to maintain financial stability and live comfortably after they stop working. Budgeting for retirement involves estimating your post-retirement income and calculating your essential and discretionary expenses. This approach helps you to avoid financial pitfalls and increases the… read more…
- How Long Will $100,000 Last in Retirement?
Approximately 41% of Americans have no retirement savings, so if you’ve managed to save $100,000, you’re ahead of many, but still behind others. The big question is: How long will $100,000 last in retirement? The short answer is that it could last for quite a while, but likely only if you’re prepared to stick to… read more…
- How Long Will $8 Million Last in Retirement?
If you have enough money in the bank to last the rest of your life, you can retire. If you don’t, you can’t. It’s as simple as that, although, of course, nothing about retirement is actually simple. Planning out your retirement means making educated guesses about issues well outside your control, from how the market… read more…
- Study Says 40% of Workers Forced Into Early Retirement: Here’s How to Stay Ahead of the Curve
How would you handle early retirement? Instead of having years of investment and growth left, what if you had to start living on your retirement accounts tomorrow? More importantly, what if you had no choice in the matter? A financial advisor can help you prepare for life’s curveballs, including forced retirement. Find a fiduciary advisor… read more…
- The Hidden Retirement Expenses You Should Be Planning For, According to Schwab
Despite your best planning and efforts to prepare for retirement, you’re still likely to encounter some kind of unexpected challenges after you stop working. According to Charles Schwab, there are five retirement surprises, which might come as a financial shock to many older workers. However, if you’re prepared, you can avoid allowing seeing these disruptions… read more…
- 8 Strategies for Generating Retirement Income
Aging gracefully is a common goal, but more and more Americans are discovering that the key to a satisfying retirement typically lies in a diligent financial planning process. Finding the right strategy can often lead to more retirement income and give you the golden years you’ve hoped for. This is why we’ve put together a… read more…
- Is $2.5 Million Enough to Retire at 50?
Whether $2.5 million is enough to retire at 50 depends on your situation, financial goals and expected lifespan. Other factors like healthcare costs, inflation, market downturns and estate planning needs will also factor into the equation. We’ll look at the key factors and how someone retiring at 50 with $2.5 million might build a sustainable… read more…
- Pros and Cons of Downsizing in Retirement
The decision to downsize to a smaller home for retirement is a highly personal one, depending largely on the individual’s financial goals and desired lifestyle. Downsizing can lower your cost of living so you can pursue a better lifestyle. However, it can also be a difficult adjustment, with potential impacts to your tax situation and… read more…
- How Long Will $150,000 Last in Retirement?
Getting a head start on saving for retirement is a good idea if you want to enjoy a comfortable lifestyle. However, that’s not always realistic and it’s possible that you might be retiring with little savings. For example, you might only have $150,000 or $200,000 saved. How long will $150,000 last in retirement? The answer… read more…
- How Long Will $1 Million Last in Retirement?
One million dollars is a lot of money for most people and you might be hoping to retire with that amount in the bank. But how long will $1 million last in retirement? The answer can depend on the age at which you retire, your life expectancy and the kind of lifestyle you plan to… read more…