Do You Need $1,000,000 to Retire?
The myth of needing $1,000,000 in retirement savings resides in the same camp as drinking 8 glasses of water a day--both numbers are widely assumed to be truisms although no one even knows where they originated.
Regardless of your political persuasion it’s hard to argue that life isn’t improving these days for most Americans.
The recently passed Tax Cuts and Jobs Act plus the administration’s deregulation initiatives have combined to help register the nation’s lowest unemployment rate in 18 years.
Your Life Is NOT a Spreadsheet
Financial advisors go on and on about the “retirement crisis” facing millions of Baby Boomers. They quote the statistics from study after report after study that all reflect the poor saving habits of an entire generation.
Retirement Planning: Why Working Longer May Not Work
Based on a recent survey by The NHP Foundation, a not-for-profit provider of affordable housing, 73% of non-retired Americans aged 50 and older want to delay retirement. We’ll get to that word “want” shortly, but let’s first discuss some reasons why working longer may not be the solution to retirement savings problems.
Should You Take Early Social Security Benefits?
You are eligible to begin receiving Social Security benefits at age 62.
But should you?
According to SSA close to 50% of Americans start drawing Social Security as soon as possible. Yet financial advisors repeatedly warn that this is a bad decision.
How to Live on Your Social Security Benefits
More and more Baby Boomers are approaching retirement and according to reports many of them are heading for a grim future. According to Northwestern Mutual’s 2018 Planning & Progress Study, their median retirement account balance is less than $20,000 and a frightening 21% have no savings at all.
Throw Away the Retirement Calculator
Talk about having a bad day. I just plugged numbers I’ve compiled about the average income and savings of Americans nearing retirement into one of those online retirement calculators. It suggested, among other encouraging ideas, that I increase the rate of return on my investments to around 30% and delay retirement until I’m 108!!
Important Tips for Moving Abroad in Retirement
1. There’s never a “perfect” time for your big move.
2. Avoid “analysis paralysis.” It’s OK not to know everything.
3. Being fluent in another language is admirable. Being functional is enough (and much more attainable).
How to Find Affordable Health Care
Despite being part of the national conversation for years, achieving the goal of affordable health care in the U.S. has remained elusive. According to eHealth’s Health Insurance Price Index Report, in 2016 the average monthly premium for family coverage was $833 and the annual deductible for family plans averaged almost $8000. Ouch!!.
The Good, the Bad, and the Ugly of Your Retirement Planning
Retirement is not a one size fits all. While the whole idea of retirement planning escapes many of us, even a well designed strategy can unexpectedly go sideways. We had what we thought was a solid plan for our golden years until the Economic Tsunami...
What Are the Best Places to Retire?
There are lots of articles written about the best places to retire. Most often their focus is on the United States, and the topic may be the best states to retire, or the best city, or best small town. Occasionally you’ll find a story on the best countries to live in, featuring locations like New Zealand, Australia, and Switzerland.