retirement savings

6 Successful Retirement Savings Habits

Setting yourself up for a successful retirement is all about planning ahead—and if you start early, you should have plenty of time to do so. Even if you are nearing retirement and do not feel entirely prepared financially to retire, there are retirement savings habits you can implement now to help bolster the financial structure you plan to rest on. Check out these six successful retirement savings habits, and incorporate them into your savings routine today!

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factors that will cause you to retire poor

5 Factors That Will Cause You to Retire Poor

Saving enough money for retirement is one of the most talked-about financial topics, yet it is one category in which too many pre-retirees are falling short. The majority of retirement savers say they do not feel confident about their retirement savings. According to the 2016 Retirement Confidence Survey by the Employee Benefit Research Institute, 61 percent of respondents said they were “somewhat” or “not at all” confident that they would be able to retire comfortably. Savings are personal, and therefore reasons for lacking confidence are not uniform across the board. However, these five factors will cause you to retire poor are a straight shot toward an unstable retirement.

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traditional IRA withdrawal rules

Understanding Traditional IRA Withdrawal Rules

A traditional IRA can be an effective means of accumulating retirement savings being that the money grows tax-deferred. This means you do not pay taxes on the money in your IRA until you make withdrawals in retirement, allowing your dividends, interest payments and capital gains to compound each year without being affected by taxes. An important part of retirement planning is understanding the rules the IRS sets in relation to traditional IRAs. These traditional IRA withdrawal rules exist in an effort on part of the government to make sure IRA money is used specifically for one’s retirement.

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retirement as a journey

Exploring Retirement as a Journey

It is natural for us to think about retirement as something that happens at the end of our lives. While it’s true the retirement chapter does happen on the second bookend of life, it does not mean retirement in itself is an end. In looking at retirement as a journey, it can help you think about the 10, 20 or 30 years you will spend in retirement as a continuation of time in which you get to plan for the type of life you want to lead.

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Baby Boomer retirement mistakes

Avoid These 8 Baby Boomer Retirement Mistakes

Baby Boomers are retiring or are fast approaching retirement age, but many experts are speculating they are simply not ready. As America’s most affluent generation to date, Baby Boomers may think they have it all figured out when it comes to retirement, but several Baby Boomer retirement mistakes are currently trending that indicate they are not as prepared as they anticipated. As new technology and an ever-changing economic climate affects the way people prepare for retirement, Baby Boomers must adapt in order to make sure their retirement is financially stable.

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financial needs in retirement

Distinguishing Financial Needs in Retirement from Financial Wants

Part of creating a balanced budget in any situation is being able to separate your needs from your wants—and allocating more money to your necessities. In essence, the money you forgo spending on your wants now becomes the savings that will take care of your necessities later in life. When you are living off of those savings, distinguishing financial needs in retirement from financial wants is the key to making sure your money lasts you for the rest of your life.

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facts about 401(k) plans

Fast Facts About 401(k) Plans

As the most commonly-used retirement savings vehicles in the United States, the 401(k) takes precedence for many who are planning for their retirement. According to The Motley Fool and data released by the Federal Reserve in 2013, in 2010 there were 88.7 million workers in the United States who had a 401(k) plans that comprised approximately $4.5 trillion in assets. In addition, more than 638,000 different types of 401(k) plans were being used. With a myriad of 401(k) options available to today’s workers, sometimes it’s easy to lose your grip on some of the basics. Refer to these fast facts about 401(k) plans to make sure you know how to stay on top when it comes to your retirement finances.

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making missteps in retirement

3 Ways to Avoid Making Missteps in Retirement

Plans exist to help us stay on the right path when trying to reach our intended goal—and to help us avoid taking a wrong turn along the way. The decades that you spend as a retired person represent a unique time of your life—one in which being able to live knowing that you have enough money to support your lifestyle when you no longer have a steady stream of income proves critical. Having a plan can help you avoid making missteps in retirement and ultimately free you of the anxiety that will burden you if you attempt to face retirement without a solid savings and income strategy in place.

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