One of the most significant problems with most people’s retirement plans is that they do not account for changes in spending levels over the years. Most people with an intelligent plan will take into account inflationary adjustments, but is it really reasonable to think that your inflation-adjusted costs for property taxes, healthcare, income taxes and more will all remain the same? If you have ever opened an old budget file on your computer that you created years ago, you may be well aware that budgets can change very dramatically from year to year. With this in mind, the best planning …
Are You Thinking of Upsizing Your Home in Retirement?
The 2020 pandemic has taught many of us that being self-sufficient is the best way to stay healthy. This means that you need to be able to work, work out, eat well and be entertained all in one space. Upsizing your home is one way to make this happen. Build In Ease Whether you choose to expand your current home or move, keep an eye on your access to necessities. From doing laundry to carrying in groceries, now is the time to make changes that make it both easier and safer to take care of chores without incorporating too many …
How Do You Know You Are Ready To Retire?
It’s impossible to know when you’re ready to retire. Few individuals choose to retire at a certain age, such as 60 or 65, and others set a financial target, like $1 million in a pension plan. Some indicators and milestones may indicate that you are ready to retire, but they aren’t solely based on your age and the amount of money you’ve saved. Here are six signs you are prepared to retire. You’ve Planned Your Finances You might have a good idea of your retirement expenses and where you will find the money to fund them. Retirement preparation is not …
Will You Have Multiple Sources of Income In Retirement?
When it comes to planning for a more comfortable and secure retirement, a robust and well-balanced investment portfolio is not an asset that should be taken lightly. Relying solely on federal-assistance programs and pension plans in order to provide income after retiring from the workforce may prove to be nothing short of a disaster, especially for retirees who may require additional funds and financial resources in order to enjoy a more comfortable standard of living. Finding and selecting the right investments is something that should be done as early as possible in order to ensure that long-term financial plans are …
How to Reduce the Risk of Outliving Your Money
Americans are living nearly as long as ever. With a life expectancy of 78.4 years, there is good reason for any American to believe they will need to save for a long post-retirement life. However, this begs the question: How can you be assured that you will have sufficient money to maintain your lifestyle after you stop working? Luckily, there are a few easy steps to ensure that your bank account’s demise doesn’t precede your own. Don’t do debt Dave Ramsey, a nationally syndicated talk show host, has built a career out of a singularly simple maxim: Don’t fall …
Life Insurance – It’s Not For You, It’s For Them!
Life insurance is one of those things that many people prefer to avoid thinking about because it often conjures up dark images. While we all know that our end will come, it may be difficult to realistically imagine that time. Many people are jarred into realizing the importance of buying life insurance after a close friend or family member has passed away, or even after hearing a news story about a tragic death that hits close to home. The reality is that we are all mortal and there will come a time when your loved ones will be left to …
Retirement Should not Scare Women
When it comes to retirement, statistics have shown that on average, women face greater hurdles than men in securing their retirement. However, this can be mitigated with the right information and a proactive plan to take advantage of the opportunities out there. Retirement should not scare women when they have the right resources. More years of retirement and with fewer assets The deck is stacked against most women before they even think about enjoying their first day of retirement. Some of the factors include: • Longer life expectancy • Greater likelihood of being the surviving spouse • Wage gap as …
Ladies, Should You Leave Financial Decisions To Your Spouse?
Are your finances currently controlled by one person? It is rare for both parties in a marriage to handle the finances together. In an overwhelming number of cases, the wife leaves the husband to handle all financial issues. This may be common but it is not exactly a sound approach to managing the money inside of the home. Difference In Opinion The trouble that tends to stem from this type of one-sided financial domination is that there are often differences in opinions on things, and the person that is ruling the checkbook is typically going to have the final say. …
What To Know Before Moving Homes In Retirement
In the past year, many have spent more time in their homes than ever before. This has gotten some thinking about moving or a second home. Building your dream home for retirement is not an uncommon goal many Americans have. However, just because it’s a common dream doesn’t mean it’s an appropriate dream for a large portion of the population. Sure, you may have several hundred thousand or a couple million in your retirement accounts but you’ll still want to think before you build your retirement dream home. Think Location Three of the most important considerations to take into account …
Baby Boomers Bomb This Question
With all of the day to day demands on your finances, sometimes it is difficult to have a strong grasp on what your overall financial picture really looks like. While many people may be very in tune with one segment of their financial life, you may be inadvertently neglecting other parts. One often overlooked financial aspect is retirement savings. In fact, you may be surprised to know that according to the Motley Fool, 42% of baby boomers cannot answer the question of “How much have you saved for retirement?” While this revelation may seem shocking, it is a reality that …