why young people should expect later retirements

Here’s Why Young People Should Expect Later Retirements

Though some young Americans aim to retire by age 60, statistics show that they ought to accept that they’ll probably be in the workforce for a whole decade beyond that. That means 10 more years on the clock, saving up for retirement. Due to a host of different factors, hopeful retirees will have to adjust or abandon their current plans for their golden years. Here’s just why young people should expect later retirements—and what they can to do improve their future financial standing.

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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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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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retire on time

4 Steps to Take to Retire on Time

If you’re like most of the working population, you look forward to the day that you can cease the daily grind in exchange for days spent doing the things you did not have time for when you were working full time—hobbies, traveling or spending time with family and friends. However, being able to retire on time won’t just happen out of nowhere.

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investing mistakes

5 Investing Mistakes That Can Hurt You in Retirement

We all make mistakes, but while some can just lead you to have a bad day, others can lead you to have a bad rest of your life. It sounds daunting, but making an effort to save to fund the period of your life when you are no longer working is not a task that should be taken lightly. Fortunately, the tendency for humans to repeat the same mistakes over and over helps us to be able to identify them and in doing so, prevent ourselves from doing the same. Avoid these investing mistakes to prepare yourself for a financially secure future.

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best suburbs for retirement

The 10 Best Suburbs for Retirement

During your working years, you may have decided to cut the lengthy commute to move somewhere closer to your city-based place of employment. However, with work no longer dictating your life in retirement, you have the freedom to opt for the amenities of suburban life—including a respite from the traffic, noise and congestion that often accompanies city living. If the suburbs are calling your name, consider one of these 10 best suburbs for retirement, as outlined by a GOBankingRates study that took into account taxes, living expenses, retirement income and livability.

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mistakes you cannot make in the volatile stock market

5 Mistakes You Cannot Make in the Volatile Stock Market: Part 2

In yesterday’s blog, we discussed the first three in our series of mistakes you cannot make in the volatile stock market: burying your head in the sand, always following the crowd and ignoring the experts. Each of these mistakes could lead you down a path of losing the money that will support you in retirement. By having the foresight to know what to avoid, you can prevent yourself from making costly mistakes—and secure the money you need to live the retirement you deserve. Here, we’ll look at the last two in our series of mistakes you cannot make in the volatile stock market.

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retirement living situations

6 Types of Retirement Living Situations to Consider

Making sure your retirement financials are in order well ahead of time is a critical, yet admittedly stressful, task. However, there is also a fun side to retirement planning, and that is deciding how and where you are going to spend all of your newfound free time. From traveling the world to never venturing beyond your front porch, there are a variety of retirement living situations to consider—many of which are becoming more and more feasible thanks to technology. Here are a few ways to think about spending your life in retirement.

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$1 million will be enough to live on in retirement

Where $1 Million Will Be Enough to Live on in Retirement

With inflation as a factor to take into consideration as time passes, it begs the question as to how much is enough when it comes to saving for retirement. Sure, $1 million sounds like a significant amount of money, but is it enough to cover your needs (and wants) for a potentially decades-long retirement? The real answer is, it depends on where you live. The cost of living varies from retirement locale to retirement locale, so in some places, $1 million will be enough to live on in retirement, while in others it won’t take you as far.

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