According to the Social Security Administration, “Retirees will need 70 percent or more of pre-retirement earnings to live comfortably.”1 Now, regardless of whether or not you consider yourself to be “average,” the reality is that on the day your employer’s paycheck stops, you will need to have some sort of plan in place for replacing your income so that you can continue to pay your living expenses – and hopefully more than that, such as fun, travel, and doing the things that you’ve always wanted to do. [Read more…]
Hey there boomers: join the crowd.
Which “crowd” is that? It’s the one that at some point in time everyone has to face: the retirement crowd.
Indeed, some 10,000 of us are retiring every day according to Rodney Brooks at the Washington Post. Meanwhile, over at the Huffington Post, Jack Guttentag tells us that the 65-and-older population will number 73 million by 2030.
Of course one of the biggest questions we have to ask ourselves (like every day it seems) is “are we ready to live on a fixed income for the long term?” Hopefully the answer incorporates what we’ve done over our working lifetimes to prepare for that day, whenever it comes. [Read more…]
What is your Number?
According to New York Times Bestseller author Lee Eisenberg, this is the ‘Last Taboo’ question everyone should ask themselves.
And what a practical question that is. The ‘Number’ refers to the amount of money one requires after they retire, and will be different from individual to individual, depending on their lifestyles and needs. Everyone should know how much money they need in order to be financially secure throughout their entire retirement.
Do you know your Number? [Read more…]
…And how they can safeguard your retirement income
Throughout the years, you’ve probably seen and heard a lot of conflicting “news” about annuities. While some financial advisors will know full well that their plans are extremely risky, they will still have you move forward, saying that it’s all “worth it,” based on the potential for additional growth.
But ask yourself this question. Is the possibility of a higher return really worth the possibility of losing your lifetime of savings, too? [Read more…]
Like most people, you’re probably looking forward to that time in your life when you can set your own schedule, relax, and enjoy all that you’ve worked for. But today, with the average life expectancy being longer than ever before, it isn’t unheard of to live for 20 more years after leaving the world of employment. And, while that can be great news, it can also cause you some big concerns – primarily that of running out of money before running out of time. [Read more…]