Retirement
Retirement may be more of a fantasy than a dream for many Americans. Less than 36% of Americans believe that they are prepared for retirement or are on the right track. Here are four ways to save for retirement that is a decade away. IRA catch-up contribution An IRA, or individual retirement account, lets workers […]
Retirement can become an unreachable dream when unmanageable debt becomes a nightmare. More than 61% of elderly Americans owe $31,000 or more in various debts. In 1989, the average retiree owed about $7,500. If you don’t eradicate debt before retiring, then retirement can become a self-defeating effort. Here are three ways to reduce debt years […]
A popular retirement myth that won’t die is the idea that one needs at least $1 million dollars to retire comfortably. The $1 million retirement myth probably got started in the 1980s as a generalized retirement goal to motivate the growing middle class of the era. However, a retirement number is not a one-size-fits-all metric […]
The high cost of living in the United States has many retirees looking to move abroad. But retiring abroad has its challenges. Retirees have to learn new languages, adjust to new cultures and environs, and financially adapt to new currencies. However, there are three countries where American retirees are welcomed, English is spoken, and the […]
Retirement savings across the United States is largely invested in 401(k) plan. That’s because contributions that you may make to a 401(k) bring down your taxable income today. However, it is important to remember that when you make withdrawals from your 401(k) after retirement your distributions will be subject to income tax. Instead of putting […]
An early retirement gives you an excellent opportunity to pursue your passion by starting your own business. Now that you are no longer bogged down by the daily grind. You can afford to take risks, set your own terms, and do something that excites you. The profits from your business can supplement your retirement savings […]
Is retirement feeling like a distant dream, unaffordable and unrealistic? Perhaps there is a better way. In his book The 4-Hour Workweek, Tim Ferriss coined the term “mini-retirement” to describe another approach to retirement. The idea being that instead of taking one final retirement at the end of life, you take a series of meaningful intermissions […]
Annuities can be an appropriate retirement savings vehicles for those individuals with specific needs and investment objectives. There are a dizzying array of annuities marketed by financial advisors. Regrettably, over the years, unscrupulous financial planners, motivated by the high commissions paid, have sold annuity products to individuals for whom the product was clearly unsuitable in […]
Some Americans nearing retirement are facing a harsh reality. They haven’t saved nearly enough for retirement and must now decide how to address the looming shortfall. The following is a list of suggestions for helping those nearing retirement to increase the amount of disposable income necessary to insure they don’t outlive their projected income stream. […]
The average American has about $73,000 saved and more than $98,800 set aside for retirement. Yet the hard truth is that most Americans couldn’t save for retirement, even if they wanted to. For example, the average American household owes over $92,700 in debts. Meanwhile, the typical American worker is only making about $48,700 annually in […]
