stay on the right financial track for the rest of 2017

Take These 7 Steps to Stay on the Right Financial Track for the Rest of 2017

Believe it or not, we’re more than halfway through 2017. That being the case, it’s a good time to take a look at the goals you set at the beginning of the year and evaluate the progress (or lack thereof) you have made on them. Did you pledge to lose 20 pounds? Or maybe to finish that home project you’ve been working on? Or perhaps your goals were more financially-oriented. If you made it a point to make sure you were on the right track financially at the start of the year—or even if you just want to get started now—consider taking these seven steps to stay on the right financial track for the rest of 2017.

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teach your teens about finances

5 Ways to Teach Your Teens About Finances This Summer

It’s officially been summer on the calendar for about a month, and despite early advertisements for back-to-school sales, there’s still time to make summer count. Though your teen-aged kids or grandkids most likely want to spend their time at the pool or seeing movies with friends, the summer months are still a good time to squeeze in some education—when children are not distracted by their busy school schedules. Taking some time to teach your teens about finances may seem futile, but you never know what could sink in and stick—and in thinking about establishing smart financial habits, it’s never too early to start.

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drawbacks of early retirement

4 Drawbacks of Early Retirement

The prospect of retiring early can be an exciting one: eliminating the nine-to-five, living life less the pressures of a high-stress job, having time to explore your interests and do the things you’ve always wanted to do. While it’s true that this is the ultimate dream for many workers looking forward to retirement, stopping work before your “official” retirement age is not entirely a bed of roses. Not only can retiring early disqualify you from receiving certain government benefits, but it also makes it more challenging to stretch your savings over the duration of a longer retirement. Consider these drawbacks of early retirement.

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retirement saving for young adults

Factors that Affect Retirement Saving for Young Adults

Entering the young adult stage of life, getting a handle on one’s finances is one of the defining steps people take in transitioning from one phase to another. This transition may involve cutting off financial dependence on parents or guardians and branching out into self-supporting mode. In making sure that transition happens smoothly, saving for retirement is often the last thing on young adults’ minds. However, the spending and savings habits that you define early on will affect you for the rest of your life. Being aware of some of the factors that affect retirement saving for young adults can help you secure your financial well-being early on.

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having good credit can help you in retirement

How Having Good Credit Can Help You in Retirement

You’ve likely heard it time and time again—don’t carry large amounts of credit card debt into retirement. In fact, we’ve discussed how doing so is one of the biggest obstacles that retirees are currently facing. While exorbitant amounts of credit card debt will not help you when it comes time to retire, simply having good credit can help you in retirement.

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ready to retire

Are You Ready to Retire? Ask Yourself These Questions

Though it would be nice to think of retirement as entirely a personal decision, in reality deciding whether you are ready to retire comes down to whether you are financially able to retire. Mentally, you may be ready to retire 10 years before your official retirement age—but you can only do that if your financial state at that time is such that you will be able to support the lifestyle you want to maintain for the next few decades in retirement.

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build a $1 million retirement fund

How to Build a $1 Million Retirement Fund

Yesterday, we discussed whether or not $1 million is enough money to live on in retirement. The general consensus was—it depends on the person, but that for most people to be able to enjoy the type of lifestyle they would like to lead in retirement, it will take more than $1 million. However, if you are feeling behind—or just starting out—in regard to retirement saving, then $1 million is a good initial goal to have. You will not go hungry with $1 million in your retirement fund (though expensive meals spent overseas may not necessarily be on your agenda). So how do you build a $1 million retirement fund? Here are a few strategies that can help.

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$1 million retirement fund

Can You Retire with a $1 Million Retirement Fund?

One million dollars has a nice ring to it. When we think of millions, most of us envision lavish lifestyles spent cruising on yachts, driving fancy cars and lounging poolside with one’s extravagant mansion as a backdrop. While this may reflect the millionaire lifestyle for some, in general $1 million today will afford you a lot less—and may not even be enough to fund your retirement. A $1 million retirement fund may sound like enough—but is it?

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what to do with your 401(k) when changing jobs

What to Do With Your 401(k) When Changing Jobs

Changing jobs can be an exciting—yet stressful—endeavor. A 2012 report by the U.S. Department of Labor indicated that the average American worker holds 11 jobs from age 18 to age 46. When you have become used to your routine, shaking things up by starting a new routine takes some adjusting. Typically though, this is a welcomed adjustment—especially if you are advancing in your career and advancing monetarily. Part of the transition from one place of employment to another is deciding what to do with your 401(k) when changing jobs.

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retirement shortfall

Making up for a Retirement Shortfall: What You Can Do

Prudent retirement planners determine well ahead of time approximately how much money they will need to live comfortably in retirement. However, because of the multitude of factors that can affect how much one’s retirement will cost—and how much one is able to save—plus the fact that you are planning for something happening decades down the road—it is not uncommon to miscalculate. If you are approaching retirement, and you realize you are coming up short in terms of your savings meeting the number projected to cover your needs for the rest of your life, don’t fret just yet. There are several ways you can go about making up for a retirement shortfall, which may be even  more effective when used in tandem. Consider these methods for making up for a retirement shortfall.

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