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
Being ready to retire means more than being ready to stop waking up at 6:00 a.m. to put in long hours at a job you’re not thrilled about. If it were that simple, most of us would retire at 25. What it really takes to retire is a solid grasp on your budget, a carefully considered investment and spending plan for your life savings, debt that’s under control and a plan you’re excited about for how you’ll spend your days. With that in mind, here are 10 signs you might not be ready to retire yet.Read More
Most investors are still reeling from the steep stock market drop that occurred in January 2016. The brief mini-crash of the summer of 2015 is probably still fresh in everyone’s mind. But, many of the market declines of the last eight years, including the stock market crash of 2008, are becoming faded memories. Certainly, they were hard to go through at the time; but investors who stayed invested throughout that whole period probably can’t complain. That’s because, after every decline, no matter how severe, investors recover their losses. In this case, most investors’ stock portfolios have more than doubled since the market bottom in 2009. The same can’t be said for investors who sell into market downturns hoping to stem their losses. Many who sold their holdings from 2008 to 2009, still haven’t fully recovered, and anyone who sold into any of the subsequent stock market declines has more than likely underperformed the stock market. That may be the most compelling reason to not sell after a market downturn, but the research provides a few more reasons.Read More