There’s no question that the wealthy have a major advantage when it comes to retirement – but that doesn’t mean that the less affluent can’t learn a thing or two (or three) from the rich about how to achieve a financially secure – and overall fulfilling – retirement. Today’s article looks at some retirement planning lessons that can be gleaned…
You need $1 million to retire. Make that $2 million. Social Security will not be solvent much longer. Your expenses will go down in retirement. These are some of the prevalent retirement rumors the author of today’s article highlights that can have a detrimental effect on the retirement planning of those who subscribe to them. To read more – including…
If there was one simple thing that you could do that could help you be better prepared financially for – and boost your confidence in your ability to maintain your desired lifestyle in – retirement, would you do it? Well, as today’s article highlights, there is such a thing – yet less than a quarter of Americans have done it.…
Qualified longevity annuity contracts (QLACs) are still a relatively new option on the retirement planning scene, but they may be an option worth considering when it comes to hedging against longevity risk, with the author of today’s article advising one to “think of [QLACs] as insurance against running out of money if you live to be very, very old, and…
If your goal is to become a millionaire retiree, the author of today’s article recommends seeking out “stocks that consistently generate strong returns, and allow your gains to compound for decades” – and points to real estate investment trusts as being particularly good picks in this regard, noting that, due to their tax benefits, “REITs work twice as well in…
He became determined at an early age to achieve financial independence by age 37 – and now, at age 26 and with a net worth of approximately $150,000, he is on track to do just that. In today’s article, the so-called Money Wizard shares his savings strategy that he expects will result in $750,000 by the time he is 37,…
It’s a nice problem to have, but a problem nonetheless: What do you do with your windfall if you have received – or are expecting to receive – a large inheritance? Today’s article tackles the complexities of this issue, noting that “even if you have a lot of investing experience, there are plenty of tax and legal pitfalls that can…
“One of the trickier decisions of saving for retirement is determining which accounts to prioritize with your savings,” notes the author of today’s article. As such, he proceeds to outline a general recommended order when it comes to saving for retirement. Number one in that order is, of course, investing enough in your 401(k) to at least get any employer…
Your tax-advantaged retirement accounts are funds for retirement, so you should tap those funds once in retirement…right? The authors of today’s article argue that those accounts shouldn’t be relied on to fund the early part of retirement, but instead advocate a “two-phase retirement” where the first phase is funded by taxable funds and the second phase is funded by 401(k)/tax-advantaged…
If you think you’ve put off saving for retirement way too late, all hope may not be lost. Today’s article highlights research from the American Association of Individual Investors (AAII) showing that, “even starting at age 50, it is possible to save more than $1 million for retirement”. How? AAII identifies five different scenarios where, by saving from age 50…