retirementincome
During retirement, you can relax, enjoy your hobbies, and spend time with family and friends. Without proper planning, however, it can be a difficult time financially. Because of this, it’s important to begin planning for your retirement income sources as early as possible. Depending on your individual circumstances, you can choose from a variety of options. But, how much do you actually need to live comfortably in retirement? There is a long-standing rule of thumb that you should retire with $1 million saved. In contrast, many retirement experts advise saving 10 times your pre-retirement sala...
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In a time of economic uncertainty and fluctuating stock markets, people often ask me how to handle their 401(k)s. As you know, we are living in crazy times and continue to live in crazy times. As a result, this question is relevant for many people right now who are investing in their 401(k)s. However, there are 8 things you shouldn’t do with your 401(k) — despite the crazy times we are living in. 1. Not habitually contributing to your 401(k).Insufficient contributions, inconsistent contributions, and failure to increase your contributions in line with salary increases will all come back to hau...
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The notion of working in retirement may seem paradoxical, but it is not. Although you may have moved beyond your primary career, you should still devote a part of your week to some type of money-making activity. It is possible to round out your schedule and add satisfaction to your retirement through part-time, freelance, or consulting work. Furthermore, there are financial benefits as well. To that end, here are nine reasons to consider reentering the workforce. 1. Additional financial stability.In most cases, retirees have sufficient savings and income from their retirement plans to meet the...
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Future retirees have a lot to look forward to. Besides traveling, spending time with family, or picking up new hobbies, the number of U.S. centenarians increasing from 53,000 in 2010 to over 90,000 in 2020. In addition, we’re likely to see 130,000 Americans celebrate their 100th birthday by 2030, according to the U.S. Census Bureau. Considering that, what does it mean for how we fund retirement? It’s essential to invest in a nest egg that will last us a lifetime, as we have a lifetime ahead of us and more passions to pursue. With that said, the right retirement annuity can help you prepare for...
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The promise of lifetime income from annuities has been around for centuries dating back to Ancient Rome. Originally, annuities were just simple instruments that guaranteed a steady stream of income. But, things got more complicated as the years went by. For instance, in the late 1980s, variable annuities became popular when mutual fund subaccounts promised higher returns. During the following decade, index annuities provided conservative investors with a safe market participation method. In general, all types of annuity contracts offer several key benefits, such as: Contributions to non-indivi...
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When it comes to retirement, there is no one size fits all approach. For instance, some people have decided to join the F.I.R.E. Movement in order to retire early — sometimes in their 30s or 40s. In contrast, others continue working until their 60s or 70s before they retire. According to the Social Security Administration, workers are eligible for full Social Security benefits between the ages of 65 and 67, depending on their birth year. And, at 65, Medicare benefits begin. Most people cannot afford a comfortable retirement on Social Security alone, even if they delay their benefits. Why? Well...
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Taxes can be a major burden for retirees and people saving for retirement, so choosing the right investment vehicle is essential. However, once you retire, one of the most important things to consider is how you will receive your income. Many people choose to annuitize their retirement savings, which can be a great way to let their savings grow tax-deferred and guarantee a steady income stream during retirement. However, there are a few things you need to know about annuities and taxes before making your decision. This post will explain how annuities are taxed and offer some tips on avoiding p...
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If you retire from your current employer, will you receive a monthly payment for life? If yes, then go ahead and do a little jig. This is a rare arrangement these days. As of March 2020, 67% of employees in the private sector had access to employer-sponsored retirement plans, states the Bureau of Labor Statistics. Of these, 52% were defined contribution plans. Additionally, 12 percent had access to both defined contribution and defined benefit pension plans, while 3 percent had access only to defined benefit plans. Even if your company doesn’t offer such plans, you can still have your ownpensi...
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An annuity is a contract between an individual and an insurance company in which the individual pays a lump sum or series of payments to the insurance company in return for periodic payments for life or a specified period. How much income annuities pay can vary depending on the purchaser’s age, gender, and other factors. But, regardless of that, annuities provide retirees with a stable source of income that can help them maintain their standard of living during retirement. But, exactly how much do you have to put upfront to maintain that standard of living? In this blog post, we will discuss h...
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I recently caught up with my Uncle David at a family wedding. While shooting the breeze, he told me that he had just retired. He reminded me, after all, that he had just turned 65. However, he was concerned about outliving his retirement income — a common concern amongst most retirees. As far as my uncle goes, I get his concern. He’s in great health and our family has excellent genes. So, I recommended that he purchase an annuity. Before I could go any further, he told me that he had already done his research and annuities are appealing. But, he’s not exactly sold on them just yet. If my uncle...
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