Few things can cause as many problems for your retirement outlook as inflation. You know that when the average inflation rate increases, things get more expensive. But did you know that the types of goods and services used by the elderly are affected more by inflation than the goods and services used by younger people? That means inflation is going to pack a bigger wallop to your retirement savings than you expect to face in your golden years. As a matter of fact, seniors say that the most surprising thing they’ve discovered once in their retirement years is how much everything costs. When they started saving for retirement years ago, they knew that groceries, gas, healthcare and other expenses would […]
We’re in an era of The New Retirement, which is a mindset and a necessity, considering the unique factors that face present and future retirement outlooks. It wasn’t that long ago when people worked until age 60, then retired and collected a pension. But the dynamic has changed tremendously in the past 15 years.
You know the importance of strengthening your 401K for your retirement, but what you might not be aware of are the costly mistakes that many people make with their 401Ks. We certainly want to help you avoid short-changing your 401K – if not destroying your 401K altogether, so take a look at what we see as the most common 401K investment mistakes.
As you approach your retirement planning, and as you partner with your financial planner, you’ll discover a number of unexpected demands on your retirement funds. These unwelcome ‘surprises’ are simply realities of life in our modern times, but challenges nonetheless to your financial outlook in your retirement years.
President Obama took a shot across the bow of Wall Street recently by suggesting that big brokerage houses and insurance companies be held to the Fiduciary Standard when it comes to dealing with 401k and other types of retirement plans.
Downsizing your living arrangements has become a popular topic in the financial community and rightly so. There are many financial benefits to downsizing your home such as reduced expenses and increased cash flow. Pair those with other lifestyle benefits like freedom and flexibility to do the things you always have wanted to do, and the argument for downsizing becomes more prominent.
A 401(k) retirement plan is an employer-sponsored retirement savings program that enables employees to save for retirement by making pre-tax contributions. A 401(k) is the dominant retirement plan scheme that most people in the U.S. will use to provide a decent income once they retire.
It benefits you to broaden your perspective when planning for retirement so that you don’t get into a situation where some unexpected expense derails all of your retirement dreams. The first area to consider when planning is can you stay in your home or do you need to downsize? The sooner you decide what you need to do and do it, the better you will be financially. Listen to Part 1 of the discussion The second area people miss when planning for retirement is what if a relative needs support. If you have aging parents and you are the only child or the only one that is in a good financial position, you need to talk about the situation sooner […]
Is there an easy way to track expenses so that you can use this information for retirement planning? Tracking expenses helps you to know what you are spending to determine how long your assets are going to last you in retirement. The closer you are to retirement, the more important it becomes to understand the intricate details of your expenses. Allows you to run forecasts to see how long your money is going to last; Helps you see where you are spending your money so you can make the right decisions. When you track expenses, you normally can reduce by about 10% without changing your lifestyle. Listen to the conversation »
Do you need 75% of pre-retirement income to fund expenses throughout retirement years? Is this number realistic? Everyone’s situation is different so using a rule of thumb is a useful guideline but can be dangerous. Do people really live on less money after retirement than before? A safer assumption is to have the same amount as before. Listen to the discussion