It’s common advice for retirees to keep their home mortgage as a lien against their property and use their life savings to pay for their living expenses in retirement. That’s because home equity has been one of the best investments for retirees, generating income through tax-free capital gains that can be accessed through a reverse mortgage. But many retirees have no debt and are self-sufficient on a small monthly budget from investment income or pensions. They might better pay off their mortgage at retirement to avoid the added interest costs. Things to consider when you pay off your mortgage: Consider …

Are you worried about your retirement income? You’re not alone. Many people are concerned that they won’t have enough money to live on in retirement. One way to help ensure a comfortable retirement is to ensure your 401k is working for you. In this article, we’ll discuss ways to make your 401k pay off like a pension plan. We’ll also give you some tips on creating additional retirement income. So don’t worry – you can still enjoy a comfortable retirement! A 401k is a retirement savings plan sponsored by an employer. It allows employees to set aside money from their …

Don’t worry too much about the retirement age, retirement benefits, and the ways to save for that special day when it all ends. The great news is you don’t have to be ready to retire to enjoy life as long as you can live a healthy lifestyle and avoid common financial mistakes. Here’s some good news: It’s not too late to start enjoying retirement. You can make it happen, even if you don’t have a retirement plan yet. Many people are taking the plunge now because they’ve run out of options and find themselves underemployed. While it’s not advisable to …

Social Security benefits are available to most people who work in the United States. Social Security retirement, disability and dependents benefits are available to workers who have paid into the system — but only if you’re disabled, retired or caring for a child or other dependent. If you’re employed, you may be able to receive some benefits for a limited time while continuing to work. However, several rules apply in this situation. Your monthly benefit amount is based on your earnings in jobs covered by Social Security. The Social Security Administration (SSA) oversees these programs, funded by payroll taxes paid …

No one ever tells you the downsides to retirement. When you’re working, your friends and family members are always asking, “When are you going to retire?” They paint a rosy picture of retirees spending their days on the golf course or traveling. They don’t tell you that retirement can have some serious downsides. In this article, we will discuss some of the most common ones. Keep reading to learn more! One of the biggest downsides to retirement is that it can be quite isolating. When you’re working, you have a built-in social network. But once you retire, those connections are …

How much money will you need to have saved for retirement? This is a question that many people are asking these days. The answer is not always easy to determine, as many factors need to be considered. In this article, we will discuss 10 of the most crucial factors that need to be considered when determining how much money you will need for retirement. So please read on! 1. Inflation: One of the most important factors to consider when determining how much money you will need for retirement is inflation. Over time, the cost of living tends to go up, …

Retirement is a dream for most Americans. Sure, there are people like Warren Buffett who love to work whereas most people do not. If you’re one of those people who want to retire, the question arises of when a good time to retire might be. Some people will be fine retiring next week while some should wait for a few more years.  Can You Do Without Income? If you’re working a job that pays well, it’s unlikely you’ll be able to bring in as much money when retired. There are exceptions to this rule. If you’ve routinely saved half of …

Individuals who spend their lives building businesses that ultimately lead to a high income tend to be dynamic go-getters who don’t want to think about the limitations and possible incapacitations of old age. However, with smart planning in your 50s and 60s, you can protect your heirs from financial risk and even protect your business from a crippling lack of leadership.  Costs of Long Term Care  Depending on where you live, long term care can cost you anything from $54,800 to $150,200 per year. While nearly half of all those who use a long term care facility is there for …

Retirement is a time to enjoy your life, not struggle with money. It’s also a time when many people are faced with whether or not to begin drawing on their retirement accounts. You may need more income in retirement than when you were working because, unless your spouse is a high-income earner, the tax savings of two working people are now gone. If you’re looking for strategies for making more income in retirement, then read on. Save more When you’re working, you can take money out of your paycheck before taxes are taken out. At retirement, there’s no such option. …