Retirement
When it comes to tax planning, finding legitimate strategies to reduce your tax burden is always a welcome opportunity. One often overlooked but highly effective method is to open a donor-advised fund (DAF). Not only does a DAF allow you to support charitable causes, but it also provides you with significant tax advantages. In this […]
A retirement savings plan can seem overwhelming, especially when you don’t know where to start. Using the 4% rule, a popular guideline for determining how much money you’ll need to retire, you can actually figure out how much money you’ll need and how to get there. The 4% rule means you can withdraw up to […]
Downsizing for the sake of your finances and your retirement can be the hardest sacrifice you ever make. From the hardcore minimalist to the most dedicated materialist, human beings are psychologically hardwired to buy, collect, and sentimentalize things. For many people, life is equal to the number of things they possess just as much as […]
Retirement planning gives you the freedom to live life to the fullest. You can afford to have all the necessary comforts and amenities of life, go on a vacation occasionally, spend time at leisure with friends, and pursue your hobbies and interests that were probably neglected while you were working full-time. Financial experts recommend starting […]
Most retirees live on fixed incomes and have limited savings, so renting vs. owning in retirement is a real debate. Home ownership and maintenance, especially during the retirement years, can be mentally, physically, and financially exhausting. Retirees who own a home are essentially tying themselves down to one location for the foreseeable future. Retirees are […]
The number of baby boomer student loan debtors is set to mushroom in the coming years. Paying down student loans often becomes an obstacle to saving more for retirement. Do not ignore your debt, and avoid defaulting at all costs. Instead, talk to your lender about your situation. Student loan debt after retirement is increasingly […]
Social Security is a crucial source of income for many retirees. However, simply relying on Social Security alone may not provide enough income to cover all expenses in retirement. Fortunately, there are several strategies you can use to get more from Social Security in retirement. These strategies can help increase your benefit amount and provide […]
In a 2019 Charles Schwab survey, Americans guessed that they would need $1.7 million to retire. However, only half of the same people who took that poll contributed less than 10% of their earnings to a workplace retirement fund, or less than $9,000 annually. It’s never a good idea to guesstimate a retirement plan. Here […]
Most Americans are struggling to retire in the United States financially comfortably and on their own terms. So, the idea of retiring in Europe may seem impossible to many. However, there are countries in Europe with an amazingly low cost of living where Americans can retire. You may need to work at least part-time or […]
You should begin saving money for retirement as early in life as possible. However, that is easier said than done and a cruel fact of reality — sometimes the banal enjoyments of youth must be sacrificed to ensure retirement. The average person aged between 20 to 24 years old is lucky to make $30,000 annually. […]
