For many people, the thought of being able to retire at the age of 55 is very appealing. By this time, you have done most of the work of raising your family and gotten most of the successes you wanted to from your career, best of all, you’re still active and healthy enough to be able to enjoy most of your favorite leisure activities for years- possibly even decades. However, the truth is, taking retirement at the age of 55 is considered an early retirement. You’re still about seven years before you will even be able to collect partial retirement benefits. Retiring while you’re young- and … [Read more...]
Divorce in Retirement: Can it Affect Social Security?
You’ve spent much of your life looking forward to a relaxing retirement. And your spouse probably figures prominently in those retirement fantasies. So a divorce in retirement can mark not only a major transition, but a seismic shift in your sense of self. You might feel like your dreams have been thwarted, and maybe even like your life as you know it has ended. It has. That doesn’t mean you won’t rebuild. You should know, however, that a divorce in retirement can affect your finances in ways that reverberate for the rest of retirement. Here’s what you need to know about how a divorce can … [Read more...]
How to Become Financially Independent for the Rest of Your Life
Everyone dreams of doing what they want, when they want, and where they want, right? But, while becoming financially independent is a goal of many, it seems almost impossible. While there’s not really a set definition for what constitutes financial independence, it is when you have reached the point that you have enough money saved up that you can live off of it for the rest of your life. Reaching financial independence is possible. It’s simply a matter of setting your priorities straight. It’s definitely not an easy task, and it will take you some time, but it can be done. The … [Read more...]
How to Start Saving for Retirement at 50 and Still Be Prepared
Spending lavishly and not thinking of your future expenses or retirement benefits can put you in a great fix. Proper planning of your finances at an early age, preferably right from the time you start earning is the right way to secure your finances. Though most people have a retirement savings planned on early in life, there are some who neglect the retirement needs totally. If you belong to the latter category and think it is too late to start saving for retirement at 50, fortunately you can still do it! It’s high time you devoted some attention to your financial planning. Even if you … [Read more...]
How To Choose A Place To Retire On A Small Budget
If you’re looking for a good state or region for living in retirement, with dollar stretching in mind, you’ll find many attractive and interesting choices available. In fact, when you research this topic, you’ll be amazed at the number of list articles on the best places to retire. There are quite a few great places to enjoy your golden years while keeping your costs under control. As a Baby Boomer who has survived the financial crisis, you may now be looking for a new home rather than staying in your current location. People approaching retirement have widely different goals when it comes … [Read more...]
Retirement Income Solutions to Live Comfortably for Years to Come
You’ve finally reached the age of retirement. You’re looking forward to a life of boating, golfing, or traveling. However, for most retirees, these dreams far exceed reality. US News and World Report says that around 86% of retirees only receive approximately $12,000 per year from social security, which isn’t always enough to live on - much less finance those pie-in-the-sky dreams. In fact, many retirees must continue working even after retirement, which adds about $20k per year to their income. But what’s the point in retiring if you must continue to work? Retirement can be expensive. … [Read more...]
Why is Gold Can Be An Important Part of Your IRA
Investors often get confused when it comes to choosing a safe and profitable IRA option. Sudden government shutdowns and inflation are scaring investors and encouraging them to seek safer options to protect their retirement savings. You might wonder how certain individuals still manage to keep their assets and savings safe even under such disparate economic conditions. The secret of their success is, they invest on gold instead of paper money, which is a simple trick that most investors miss. The beneficial effects of gold are kept as a secret since if people find out about this “gold … [Read more...]
Retirement Savings in the UK! The Stocks and Shares or Cash ISA
Ever since traveling to England, I’ve been somewhat curious about the options that other countries offer for retirement savings. I know we talk an awful lot on here about plans that are available in the U.S. like IRA’s, 401k’s, etc. So today we’re going to jump across the pond and take a look at what folks in England have to supplement their retirement savings. In particular, we’re going to talk about the ISA or Individual Savings Account. An ISA is very similar to Roth IRA here in the U.S. You fund (or “subscribe”) money to the account with post-tax sources, the money grows tax free, … [Read more...]
Elderly Care Costs and the Price of Growing Old
One of the most often over-looked aspects of retirement planning is the burden of elderly care costs. All too often most people assume they will pass on or before the average age of life expectancy. Or sometimes they simply forget that their bodies will be weaker and they will likely require additional funding to cover expenses they don’t deal with currently. Unfortunately, however, the amount of extra money needed for proper elderly care is nothing short of significant. Statistics for Elderly Care Costs: The following is a select list of the statistics from the Administration on … [Read more...]