Category Archives for Finance

Avoid these 7 common retirement planning mistakes

retirement-1350003

Once you’re near retirement, you’re on the home stretch and the finish line is in sight. But while for many people this is a time to relax and pursue your favorite hobbies, it isn’t a time to ease up on your planning. On the contrary, managing your savings and your time becomes more crucial as you approach and transition into retirement. Here are some common mistakes to avoid.Continue reading

5 ways to save on retirement healthcare costs

pills-1239867

Healthcare is already a significant part of many people’s expenses in retirement, and costs are rising. The average couple retiring in 2015 could plan on spending $245,000 on healthcare, according to Fidelity. This represented an increase from $220,000 in 2014, and a 29 percent increase since 2005. Here are some ways to save on healthcare in retirement.
Continue reading

5 commonly overlooked threats to your retirement

warning-1444247

You’ve saved diligently for retirement. You’ve selected the right mix of stocks, bonds, and savings accounts to provide a comfortable income in your golden years. You’ve set up an emergency fund for unexpected bills. But have you accounted for these contingencies? Here are some often-overlooked situations that could derail your carefully laid plans.Continue reading

7 reasons this isn’t your parents’ retirement

69-years-apart-1507247

It seems every generation has claimed not to understand the generation that comes after it. Certainly there are marked differences between Traditionalists, Baby Boomers, and Gen Xers. When it comes to retirement, people reaching their golden years today will definitely face a different future than retirees in years past. Here are some reasons why that’s both bad and good.Continue reading

Buy or rent after retirement? 6 things to keep in mind

rentvsbuy

After retirement many people think about relocating or downsizing, both to save costs and for a change of scenery. With no job to go to anymore, many look forward to ditching the snow and cold for the sun and beach. Moving to a neighborhood or state with lower taxes and living costs certainly can help your retirement dollars go farther. When you’re moving to a new home as a retiree, should you buy or rent? Increasing numbers of seniors are choosing to rent. Here are some things to factor into your decision.Continue reading

6 things to consider about long-term care insurance

wheelchair-1576246

It inevitably happens to all of us. As we grow older, our bodies simply don’t work quite as well. Our joints become less flexible, our reaction times increase, and our vision is not as keen. At some point, many of us will need assistance with everyday tasks of life. More than 70 percent of people in the U.S. over the age of 65 will need some form of long-term care assistance during their lives, according to the U.S. Department of Health and Human Services. That’s why long-term care insurance enters the minds of many people. But only 13 percent of people actually purchase LTC insurance. Are they making the right decision? Here are some considerations.Continue reading

6 retirement planning lessons from Bruce Lee

bruce lee

The legendary martial arts master, teacher, and actor has had an influence far beyond his brief life – and far beyond martial arts. Many people who have trained in martial arts or self-defense have found striking parallels between the principles of martial arts and those of other fields. In honor of the martial arts and show business pioneer, who would have turned 76 this year, here are a few things we can learn about retirement planning from Bruce Lee.Continue reading

7 ways to cut your tax bill in retirement

As a retiree, you’re undoubtedly concerned with keeping as much of your hard-earned retirement savings and income as possible. A big part of this is keeping from paying more in taxes than you have to. In addition to taking the exemptions and deductions that are appropriate to you, there are other ways for retirees to minimize their tax bite. Here are a few ideas.
Continue reading

5 retirement savings options if you’re self-employed

business-man-1241495

If you’re self-employed, it’s easy to put retirement planning on the back burner, with everything else you have to deal with on a daily basis. This may explain why about 55 percent of self-employed Americans say they are behind on retirement savings, according to a TD Ameritrade survey. But retirement planning is as important for you as it is for everyone else. And, being your own employer, you have more choices. Here are five of them.
Continue reading

7 ways to protect yourself against a market downturn

market-movements-1-1057073

With the recent decline in the stock market to start 2016, both in the U.S. and overseas, many retirees and soon-to-be-retirees are understandably nervous. After all, in retirement you’re dependent on your savings, which means you’re dependent on the unpredictable vicissitudes of the markets. If your nest egg takes a serious hit, that often produces a lot of fear and worry. Here are some things you can consider doing to protect yourself.Continue reading

4 ways to work part-time in retirement

school-project-1466017

If you’re approaching retirement and need a little more funds for a comfortable one, what do you do? One choice is to work part-time in retirement. Many retirees choose to work, partly for the income, and also for the opportunity to remain productive and active. A Merrill Lynch survey found nearly half of retirees either have worked or plan to work, and 72% of pre-retirees over age 50 say they would like to keep working after they retire. Fortunately, the options are more abundant today than ever before. Here are some good ones.Continue reading

6 ways to deal with debt before retirement

cut-expenses-1-1236901

Before retiring, it’s important to eliminate or reduce debt as much as you can. When you’re no longer receiving a working paycheck your income will be more limited, and any money paid to service debt is money not available for you to live on. It’s also money you can’t put in your retirement accounts to grow over time. Carrying substantial debt into retirement increases the risk that you won’t be able to sustain a comfortable lifestyle in retirement. Here are some ways to handle debt before retirement.Continue reading

6 ways to catch up on retirement saving

not-much-money-1057131

If your retirement stash isn’t quite as sizeable as you’d like, you’re not alone. A 2014 survey by Bankrate.com found more than one-third of Americans, including more than a quarter of those age 50 to 64, don’t have anything saved for retirement. While many plan to address this situation by simply delaying or foregoing retirement and staying on the job, the reality is that may not always be possible. Here are some ways to start making up a retirement shortfall.Continue reading

Planning to work in retirement? There’s something you need to know

older worker

Many workers plan to continue working in their retirement years. A 2015 poll by the Transamerica Center for Retirement Studies that two-thirds of workers age 50 or over plan to work beyond age 65 or don’t even plan to retire at all. But is working beyond retirement age a realistic plan? The numbers suggest maybe not.Continue reading

7 ways to mess up your retirement

i-myself-1515970

You’ve worked hard for most of your adult life, and finally the time has come to retire. But a simple mistake or oversight could mess up your golden years. Here are some common mistakes in retirement planning and suggestions to avoid them.Continue reading