Ah, retirement. The word alone brings to mind carefree travel, spending time with loved ones and putting the stress of work aside to learn an endless assortment of new hobbies. In reality, however, retiring comfortably means starting the planning and saving process early, and making the right moves every step of the way. It’s a lifelong…
When we are young we feel invincible. We believe time is on our side and there is plenty of time to work out financial situations once we are older. However, this is rarely the case. Check out these millennial money mistakes that can hurt you financially in the long term.
One study has Millennials averaging a 625 credit score. That is not a great score and lower than any other generation. But this score can be raised with some simple financial advice we feature in our Millennial financial advice roundup.
A recent Employee Financial Wellness Survey that reports on adults nationwide who are full-time employees indicates that political uncertainty and a slow economic recovery are a few reasons that worry 52 percent of respondents in regards to their financial well-being.
One of the more interesting aspects of this report is the similarities of concerns regarding financial well-being across generations. Below, we’ve chosen a few of the more interesting findings.
Are you still using or anticipating using the four percent retirement rule? Maybe you ought to think twice before doing so. This rule was a great rule of thumb when it was created in the mid-90s up until about 10 years ago. Then interest rates plummeted, and with them, the efficacy of the four percent withdrawal rule.
Yes, it may be difficult to believe, but there are disadvantages to early retirement. For those with the luxury of a choice, no one would blame you for retiring early, but at least consider these five common disadvantages. This way you could be fully prepared if one occurred during your early retirement.
Don’t ruin retirement by being caught off guard with unexpected retirement expenses. Even the most careful planners need to read these potential expenses so that they can buffer their retirement savings. What can go wrong may go wrong, which always carries a price tag.
Are you prepared for the emotional stages of retirement? You may have plenty of financial preparation for this stage in your life, but the less-discussed mental aspects of retirement have as much to do with a successful retirement as finances. This list provides a primer on potential emotional stages or retirement.
The empty nest stage is, by definition, a time of loss. However, it is likely also a time of gain—no longer are you spending money for children in the home. What do you do with this “unaccounted” for cash? This financial planning checklist of important considerations may help you determine the answer.
When your children leave home, you are likely in your 40s or 50s, so you take advantage of reduced consumption and ramp up for retirement. Life is good. But there is only one problem: You don’t do any of these things. Why is this the case? How can you make things right?