Most Americans are woefully unprepared for retirement. A 2019 report by Northwestern Mutual showed that 22% of Americans had less than $5,000 in a retirement fund. The study also found that more than 56% of Americans have no idea how much money they needed to fund their own retirement. Another 45% ominously predicted that they […]
Many Americans rely on Social Security alone to get them through retirement. Preparing and saving money for retirement can be a daunting task for many Americans. It takes decades and prudent financial planning to prepare for retirement. You could probably get by on Social Security alone, but you would have no room for financial error. […]
Inflation is like rust, an endless, tireless gnawing at the purchasing power of your dollars. Over half of Americans are struggling with retirement and inflation has a lot to do with it. Fixed incomes are not usually adjusted to the inflation rate or adjust at a very low historic rate. If there are intermittent spikes […]
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 […]
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 […]
The United States often has millions of jobs vacant, even if millions are out looking for work. That means if you are retired and looking for work, your odds of finding something usually are pretty good. However, there are three ways you should consider how your retirement might be affected by going back to work. […]
Is your goal to retire with $1 million? That’s a goal for many, and not an unreasonable goal to have. After all, $1 million is likely to generate about $40,000 a year as a safe withdrawal rate. Add to that the typical Social Security payout of about $19,000 and you have an annual income that’s […]
Securing your retirement future will take sacrifice. And not just the financial sacrifice of prudently saving for it over a number of years. You should practice frugality and fight the impulse to waste money impulsively throughout your retirement. As human beings, though, we usually waste money without knowing it. The hard truth is that to […]
