How prepared are you for retirement? Do you know when you want to do it, how much you’ll need for it, and what the possible pitfalls are, not just financially, but in terms of health, happiness, and lifestyle? According to research from Bankrate, over half of Americans don’t know how much money they’ll need for […]
Are you wealthy yet? Chances are, the answer is no. On average, Americans think you need an investable net worth (i.e., excluding equity in your home) of $2.2 million to feel wealthy. According to DQYDJ.com’s net worth calculator, just 7 percent of Americans have that much. So, not knowing anything about you, chances are better […]
We all know the importance of saving for retirement. But how much do you need exactly? The answer depends on a lot of factors, including where you’ll be spending that retirement. Your retirement funds will go a lot further in some countries, so if you’re heading towards retirement, but still have a strong sense of […]
The FIRE (Financial Independence, Retire Early) movement is gaining more attention than ever before. Most of those dedicated to achieving FIRE follow a program of aggressive saving and investment that will allow them to step back from the world of work much earlier than traditional retirement savings plans would allow. There are a few misconceptions […]
You’ve probably heard that it’s never too early to start saving for retirement, but is that really true? Should we really be focussed on retirement planning in our early 20s? Should the very beginning of our working life be when we start planning for the end of it? The answer, like the answers to many […]
If you’re far from retirement (or “work optional” as I prefer to call it), using the good old 4-percent rule isn’t a bad guideline for how much you need to save. However, as you get closer to the finish line, like me, you’re better off upping your game a few notches. And it isn’t all […]
So, you’ve been diligent and maybe even a little frugal. You’ve squirreled away money in IRAs, a 401k or two, perhaps a 403b… Hopefully, enough to enjoy a well-deserved, comfortable retirement. To reward you, Uncle Sam (and possibly your state taxing agency) gave you tax deductions to make it easier to invest for the future. […]
More than half of currently-in-work Americans say they don’t have enough saved for retirement, and those who are closest to traditional retirement age are those most likely to say they’re just not ready (financially speaking) to retire yet. There are a few reasons for this, including the phenomenon whereby people think they need more money […]
Not everyone has this choice. But you may — someday. Should you retire now or wait a few years? In the following, we look at how this choice may play out for a hypothetical Maryland couple, John and Janice Smith, both 62-years-and-one-month old. The Assumptions for Immediate Retirement The Smiths have been frugal and dedicated […]