Retirement

You’re never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them
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By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television
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You may be mentally and physically ready to retire, but are you financially ready to retire? Don’t just automatically assume that your current nest egg is sufficient because you’ve reached a certain age. Assess your financial readiness, starting with these five questions. 1. What Are Your Retirement Goals? – Typical advice suggests aiming for 80%
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You must maximize your retirement funds to increase your chances of enjoying a comfortable retirement, so it’s important to avoid unnecessary fees that take a bite out of your nest egg without providing value in return. Consider these five retirement expenses that are generally avoidable if you pay attention and properly plan your finances. 1.
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For millennials who are just stepping into their workaday world, planning for retirement is definitely not something they seem to have on their mind. However, as Social Security benefits are sure to scale back over the next two decades, retirement planning has become a must for every millennial who wants to maintain the same standard
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Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level? Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any
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How would you like to retire early? Millennials certainly like the idea, according to a recent survey from Bankrate.com. Millennials identified the perfect retirement age as 61 – a full six years before their full retirement age (FRA) as defined by Social Security and one year before they can even claim reduced Social Security
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Are you familiar with the 4% rule and how it relates to retirement? Let’s find out. Choose one of the options below. The 4% rule refers to… a) The average amount of your retirement time you’ll spend looking for something you misplaced. b) The average annual amount of time you’ll spend getting medical care. c)
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If you are one of the fortunate few who have a defined benefit retirement plan, you have more predictability in your retirement income than most. You can calculate your combined pension benefits and any Social Security benefits that you have earned and have a clear idea of your annual income throughout retirement – assuming you
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Did you realize that not all financial advisors are obligated to act in your best interest? Financial professionals are obligated to offer products and advice that are suitable for your needs, but not all of them are obligated to offer the best advice possible. Two standards govern financial advisors – the fiduciary standard and the
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Retirement has finally arrived. You’re ready to start drawing on your retirement income sources. Enjoy this new phase of your life. Unfortunately, you haven’t been able to retire from taxes – and your taxes will enter a new phase as well. You don’t have an employer to hold out taxes on your salary anymore. You’re
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By Eric Olsen, Executive Director HELPS Nonprofit Law Firm Affordable transportation is often a concern for senior citizens. Some seniors go without basics to make car payments they can’t afford for a car with little or no equity. Others need affordable replacement transportation but don’t have the income to finance a car. What are
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It takes solid planning and fiscal discipline during your working years to enjoy a financially comfortable retirement. But how can you properly plan if you don’t really understand how to manage your money to maximize retirement benefits? Even if you pay a financial advisor to assist, in the end, the decisions are still yours to
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How’s your retirement plan holding up? If you are a woman, you’re probably having more difficulty with retirement plans than your male counterparts. Despite advances, women still face lower average salaries – 82% of the average man’s salary, according to the Pew Research Center. Fewer working years on average, often due to time off for
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Who would turn down free money? According to the Motley Fool, approximately 20% of workers with matching 401(k) retirement plans are effectively dismissing free money by making a significant mistake with their contributions. Approximately three-quarters of companies with 401(k) plans offer a matching program where the employer contributes an equal amount to the employee’s contribution
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