The Social Security full retirement age is 66 for most baby boomers, and you receive a smaller monthly payout if you sign up at a younger age. Some retirees sign up even later in order to qualify for larger monthly payments later in retirement. However, the Medicare eligibility age remains 65. So, if you want to wait until 66 or later to claim Social Security, you will have to sign up for Medicare separately at age 65. Here’s how to sign up for Medicare while delaying claiming Social Security.Read More
Are you behind on saving for retirement? Even if you don’t know what counts as “behind,” you’re likely to need to step up your efforts to build your nest egg. A June 2015 Government Accountability Office analysis found that that average Americans between the ages of 55 and 64 have accrued about $104,000 in retirement savings. Sound like a lot? Not when you realize that sum would translate into a $310 monthly payment if your money were invested in a lifetime annuity.
Before you can reach your lump sum goal, estimate the income required to support the retirement you want. I’ve every day about market direction, investment recommendations, tax efficiency and insurance requirements. However, the one question I receive more than any other is: “How much will I need to retire?”Read More
Determine how much you need to save
If you love to make a good list, this will be your favorite part. Grab a piece of paper or pull up a blank screen, and jot down all your expenses associated with a retirement vision. “Common expenses include housing, food, utility, and healthcare costs,” offered Mary Ryan, a financial planner with Vanguard Personal Advisor Services. This will help determine the general target of how much you’ll need to meet those expenditures.
Calculators used by investors to gauge their probability of retirement success may not actually be good gauges of that success. Comparing the outputs from several retirement planning programs shows a huge dispersion of results, underpinning how investors and advisers should use them as a guide rather than take them at face value.Read More
Precisely 240 years ago, a bunch of ragtag colonists declared their independence from the tyranny of a monarchy across the sea. On July 4, we will acknowledge their courage with celebrations all across America.Read More
At 22 years old and having graduated from college just last year, saving for retirement wasn’t a priority for me.
Or so I thought.Read More
There are so many myths and misunderstandings when it comes to credit reports and scores. Not understanding how they work could have a negative effect on your creditworthiness, which can cost you money in higher interest rates on loans.Read More
Grow your savings. The decade leading up to retirement is your last chance to build a significant nest egg. The decisions you make now will impact the retirement benefits you receive and how much you will be able to safely spend for the rest of your life. Here’s how to improve your retirement finances in your 50s.Read More