retirementplanning
Many American savers are caught between paying off their mortgage before retirement or taking that money and putting it towards growing their retirement savings. Sure, having more money during your golden years could help provide you with more financial security when you’re not working anymore, but carrying long-term debt can be a cost burden and quickly drain a person’s savings. Unfortunately, there isn’t some magical formula for deciding which option would suit you best. Each person’s financial situation is different, and it is important to remember that not everyone shares the same financia...
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When you think of retirement, what comes to mind? Are you looking forward to a time of freedom, relaxation, and pursuing your passions? Regardless of what springs to mind, some planning must be done before you chillax on the beach. At the very least, this can be about your future income streams, healthcare, and how you’re going to spend your newfound free time. Lucky for you, there’s a wealth of knowledge at your fingertips in the form of books. For retirement planning, here are 15 must-read books: 1. Retirement Planning for Beginners: A Comprehensive Guide to Building Savings, Maximizing Inco...
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As you approach and ultimately enter retirement, you’ll need to reduce the risk of your investment portfolio gradually. But what exactly does that mean? And what steps should you take to make your portfolio less risky? The Basics of Investment RiskIn the investing world, risk is simply a measurement of the chances that the outcome of a given investment will differ from the expected outcome. For example, when most people buy stock shares, they anticipate their prices going up over time. If the price remains the same or drops, it will result in losses and/or missed opportunities. Risk is importa...
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We picture retirement as a time for relaxation, travel, and hobbies. Without a great deal of planning, however, this idyllic picture can quickly go south. While numerous factors play a role in ensuring a secure retirement, investing is paramount. After all, there are many common investing mistakes that even well-intentioned investors can make, which can ruin their golden years. In this article, we will examine seventeen key retirement investing mistakes and the strategies for avoiding them. 1. Not planning for the future.A financially secure retirement won’t just happen on its own. You have to...
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For many of us, the thought of retiring can be stressful and even daunting. The first step towards retirement is understanding how much money you need. Despite the fact that everyone has a different vision of retirement and a different number of financial freedom, there is a bare minimum amount of money required to retire in every state. Below are some statistics compiled from a variety of sources, including GoBankingRates, WalletHub, and Bankrate to name a few, that might surprise you. Fortunately, most states do not require more than $1 million in savings to retire for those who aren’t high-...
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In the world of personal finance, the term 401(k) retirement plan often pops up. Despite its common usage, many individuals remain in the dark about what it is, how it functions, and why it’s so crucial. This article aims to shed light on the 401(k) plan, offering a comprehensive understanding of this essential financial instrument. Understanding the 401(k) planA 401(k) plan is a retirement savings account that permits employees to contribute a portion of their pre-tax salary. The name ‘401(k)’ originates from the section of the U.S. Internal Revenue Code that outlines this type of retirement ...
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Cryptocurrency has become an increasingly popular investment vehicle for American retirement savers willing to leverage new market opportunities while simultaneously bolstering their retirement funds. For many young people, this provides them with the chance to gain a head start on their savings. Several reports from recent years show that younger generations are falling behind on their retirement savings as costs continue to climb and interest rates remain historically high. For instance, 25 percent of Generation Z — the oldest of which will turn 26 this year — haven’t started saving anything...
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The United States Social Security system, a critical pillar of the nation’s social safety net, is facing an impending crisis. According to the government’s own Social Security website, starting in 2034, the system will only be able to pay out 80% of what was promised to hardworking Americans who were compelled to contribute. This looming shortfall is a cause for concern for millions of Americans who rely on these benefits for retirement security. Understanding the root causeThe root cause of this crisis lies in the structure of the Social Security system itself. To understand this, let’s consi...
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Reaching millionaire status in retirement is a dream for many. However, in reality, a Boston College Center for Retirement Research study reveals that 50% of Americans cannot afford their lifestyle in retirement. Does that mean you can’t achieve your goal of reaching a millionaire status in retirement? Not exactly. In the words of Francis of Assisi, “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” When it comes to retirement planning, though, it requires careful planning and disciplined execution. In order to help you along the way, this gu...
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Many retirees want to leave the world a better place than the one that existed when they arrived. But that sometimes feels impossible with all the negative headlines about environmental or social issues in the world today. It’s no wonder that impact investing has emerged in recent years as a way for people to align their financial goals with their personal values. When you put your money into companies and funds that have a positive impact, you put your money where your ideals are. So, let’s look at the basics of impact investing, how it came to be, and how you can incorporate it into your ret...
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