save $100,000 for retirement in your 30s

7 Ways to Save $100,000 for Retirement in Your 30s

The saying, “The earlier, the better,” when it comes to saving for retirement couldn’t be any truer. The idea is simple: the longer your money has to compound and grow, the more of it you will have to support you in retirement. With Americans’ retirement savings statistics proving more than bleak in the present and past years, solidifying a smart savings strategy early on becomes all the more critical. If you’re looking to save $100,000 for retirement in your 30s, here’s what it will take.

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Americans tap into their retirement savings early

The Most Common Reason Americans Tap into Their Retirement Savings Early

Ideally, your retirement savings grow and grow untouched in the process of accumulating a substantial nest egg to support you during the years when you are no longer working. Sometimes, however life gets in the way, and we unfortunately start to view our retirement savings as a bail-out of other financial stresses. There are several reasons why Americans tap into their retirement savings early, but there’s one that’s more common than all the others.

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money quotes

10 Money Quotes to Inspire Your Financial Life

Whether we like it or not, money is a major influencer both in the way we live our everyday lives and the long-term. Most of us strive for financial freedom, which means being out of debt, having enough money to fund the lifestyles we want to live and being well-prepared for a retirement minus steady career income. As we do our best to get it right, consider these money quotes to inspire your financial life!

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living beyond the 4 percent rule in retirement

The Case for Living Beyond the 4 Percent Rule in Retirement

Save, save, save. This is what we’re told as we make our way through our working years—in preparation for the time in our lives when our regular paychecks stop showing up in our bank accounts. Saving is certainly solid advice, but some of the “tried and true” historically-accepted ideas about retirement saving are no longer as tried and true as we once thought them to be. Take the 4 percent rule, for example. This rule states that you should take out 4 percent of your retirement savings to live on annually in retirement. If your total retirement savings is $1 million, then 4 percent of that would be $40,000 to live on each year. For many, $40,000 a year sounds adequate enough, right? However, there is a case for living beyond the 4 percent rule in retirement

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mistakes on your 529 plan

Don’t Make These Mistakes on Your 529 Plan

Saving for retirement isn’t the only major life event that you need to set money aside for. There are many other defining moments along the way that cost money—buying a house, opening a business and for many—your children’s education. The government offers the 529 plan to help you start saving for your child’s education early. It is a savings account that offers federal and sometimes state tax benefits while minimizing the impact of financial aid. The 529 plan was originally and still is mainly intended to address post-high school education, but you are also now allowed to put money into the plan for K-12 education costs. However you take advantage of it, make sure to avoid these mistakes on your 529 plan.

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trends facing our retirement futures

3 Unfortunate Trends Facing Our Retirement Futures

Ask anyone about the retirement outlook for the majority of Americans, and most of your answers will probably be to the effect of, “It’s pretty bleak.” A 2016 survey conducted by financial firm Allianz found that more than 60 percent of baby boomers actually fear running out of savings in retirement more than they fear death. That’s a pretty serious sentiment. Though individually, some workers have established the financial security they need to retire well, as a whole, our country is struggling—and these trends facing our retirement futures are to blame.

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Social Security for Millennials

Social Security for Millennials: Will It Be There in Retirement?

From June 2016 to June 2017, more than 2.9 million Americans signed up for Social Security benefits. On average, these people received $1,413.08 in monthly benefits—with women receiving less on average when dividing that group up between genders. For many attempting to maintain a certain standard of living in retirement, Social Security alone will be inadequate; however, that’s not to say it will not help as a supplemental form of income. That being said, as we look toward the future, the concept of Social Security for millennials is still somewhat questionable.

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women to improve their financial security

6 Ways for Women to Improve Their Financial Security

It’s no secret that women face a certain set of challenges when it comes to their financial situations, especially owing to the fact that females are still significantly underpaid compared to their male counterparts. Another common obstacle is due to the fact that many married women rely on their husbands to manage the money, and when and if the time comes that they need to take care of it on their own, they are left feeling overwhelmed and underprepared. This is exactly why, however, women should be more proactive when it comes to their finances. Consider these ways for women to improve their financial security as they move through life.

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today's retirement

7 Things to Know About Today’s Retirement

As society changes over time, so does the reality of retirement. Whereas our parents’ retirements may have come after entire careers spent at the same companies with cushy pensions as rewards, most retirements today and in the future are looking quite different. Here are seven things to know about today’s retirement.

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behind in saving for retirement

Behind in Saving for Retirement? Here’s What to Do

If you feel that you are behind in saving for retirement, you are not alone. According to recent data from Northwestern Mutual, one-third of Americans have less than $5,000 set aside for retirement. In addition, 21 percent of Americans have no retirement savings to speak of.

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