Homeownership has long been held up as the epitome of the American Dream. And for some people it has been. In other cases, the decision to buy a home can be a financial nightmare – they didn’t call that home-renovation movie “The Money Pit” for nothing.
We hear it over and over: “Debt is bad! Don’t get into debt!” But while we know this, many of us don’t listen. I don’t know why. Even I knew better and lead myself down a path of financial ruin. (Thankfully, I’ve recovered and won’t allow it to happen again)
As a financial planner, one of the most common questions I am asked is “How much money should I have saved?” or “How far behind am I in saving for retirement?” My answer? It depends.Read More
When it comes to personal finance, honesty is the best policy. Be honest with banks, be honest with your family, but most of all, be honest with yourself. It’s a frequent occurrence that people find themselves in financial trouble because they weren’t honest about their money situation. But recognizing the most common lies is one key to moving toward a more honest — and profitable — future.
Here are the situations in which an individual can collect Social Security, when, how much they can collect, and how they can do it.
In its 2016 Guide to Retirement, J.P. Morgan Asset Management included a powerful illustration of how compounding returns lead to huge differences between investors who start out young and those who wait until later in their careers before seriously saving.Read More
Retirement is a major milestone that brings many life changes. One thing that doesn’t change for most people: the fear of running out of money. According to a recent survey from the Transamerica Center for Retirement Studies,the most frequently reported retirement worry is outliving savings and investments.Across all ages, 44% of respondents cited this concern, and 41% of retirees claim the same fear. Additionally, 47% of retirees don’t think they’ve built a nest egg large enough to last through retirement.
Now is the time to face your fears. Look at our 11 ways you could go broke in retirement and learn how to avoid them. Some you can avert with careful planning; others you have little control over. But you can prepare your finances to make the best of whatever may come.Read More