retirementplanning
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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For many older Americans, the dream of a peaceful and worry-free retirement can be clouded by the weight of carrying debt as they age. With limited income sources such as Social Security, retirement savings, and pension plans, handling retirement debt can seem overwhelming. Nonetheless, recognizing how debt affects your stability and employing strategies to address it directly can pave the way for a more secure and fulfilling retirement. Let’s delve into the forms of debt that retirees encounter, explore ideas for creating a plan to repay it, and discuss methods to avoid accumulating new debts...
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Would you like to escape the 9-to-5 grind and live life on your own terms? Better yet, have you considered retiring in your 30s or 40s? You might think this is too good to be true. However, many people who follow the FIRE movement strive to make it a reality. In fact, according to a survey from Empower Financial Services, 67% of Americans want financial independence. If you’re unfamiliar with FIRE, which stands for Financial Independence Retire Early, it is a lifestyle movement that challenges the idea that you need to work until you’re 65. One can achieve financial independence much earlier b...
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Your decades-long run of morning rush hours, demanding work days, and the pressure to perform is finally over. During those mad-dash days and often headache-inducing projects, it can be hard to imagine retirement, much less dream about it. But before you know it, retirement will come, and once it’s here, you might be surprised by what it’s like; especially in the first six months. You might have thought you’d be jet-setting the globe or donating your blazer collection immediately. Others might find that removing themselves from their life’s work is more challenging than they’d expected. Today’...
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When it comes to retirement planning, much of the focus usually rests on the actions you have to take to prepare a nest egg for your golden years. But what if your retirement savings run out before you do? This is where the concept of longevity risk comes into play. Longevity risk is a growing concern as life expectancies in certain countries and regions continue to rise. Let’s explore the idea that you may outlive your retirement savings, why that matters, and how it can impact your ongoing attempts at building a retirement plan. Most importantly, we’ll discuss various strategies and solution...
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The legendary Warren Buffett has amassed a fortune worth numerous billions of dollars through his company Berkshire Hathaway. Aside from building one of the largest companies in the world, he is also one of the world’s wealthiest people. In addition to being an excellent investor, Buffett is known for his wit and timeless advice for investors. Not only does Buffett offer investing advice — but he offers advice about life in general. However, Buffett’s advice can provide more than just wealth; it can also enrich your golden years. Best of all, anyone can follow his wise words of wisdom because ...
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In this era of financial independence and diverse investment opportunities, Self-Directed Individual Retirement Accounts (IRAs) have gained significant attention. Are you looking for a unique way to grow your retirement nest egg? Are traditional investments not aligning with your financial goals? Then you’re in the right place. Self-Directed IRAs present valuable opportunities for savvy investors. Exploring these robust financial instruments’ mechanics, advantages, and potential is essential. Whether you’re an experienced investor or just beginning to consider retirement options, grasping the ...
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