To have a decent shot at maintaining your standard of living in retirement, you should have six to nine times your salary stashed away in a 401(k) or other savings accounts by your mid-50s to early 60s. That’s as good a general rule of thumb as any, but most people don’t come close to that, …
If you are nearing retirement and intend to stay in your home for five years or more, consider refinancing your mortgage now and even converting some of your home’s equity into cash. Yes, it was a well-known belief that you should pay off your mortgage before your paychecks stop. But now, during a time when …
Since 1965, the Medicare insurance program has helped cover healthcare costs for millions in the U.S. In fact, Medicare now provides coverage to over 60 million Americans, the majority of them over age 65. And although approximately 18% of the U.S. population receives Medicare benefits, many people don’t feel as though they have a strong …
Beautiful scenery, a better quality of life, and inexpensive living sound like ideal elements for retirement. An increasing number of Americans are looking to pursue these goals outside of the United States. A recent survey found that 13% of U.S. workers and retirees hope to live in another country in retirement.1 They are not alone. …
If you took a break from taking required minimum distributions (RMDs) in 2020 thanks to the CARES Act, we hope you had a nice vacation and are ready to come back and refresh your retirement income strategy. Going forward, you’ll want to take a look at your overall financial situation to figure out your plan …
Financial advice isn’t one-size-fits-all. Finding and following the course that’s right for you can be tough. And things can be even more challenging when you’re a member of the military. If you’re a veteran, the good news is that you may be eligible for special programs that help you manage your expenses, protect your loved …
For many Americans, the pandemic was a wake-up call to start getting serious about saving. But members of the Financial Independence/Retire Early (FIRE) movement have advocated the benefits of supercharged savings for years. Whether you’re planning for an earlier-than-expected retirement or just trying to get back your savings to pre-pandemic levels, basic tenets of the …
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws. A will is a document of last resort to transfer …
When it comes to women and money, there are some unique challenges to consider. Take the fact that women still earn 82 cents to every dollar that a man makes – and that was before the COVID-19 crisis.1 Also consider that 40% to 50% of marriages end in divorce.2 Some women (who have the choice) …
The U.S. government wants you to save for retirement. That’s why it allows many retirement accounts tax advantages and other features that boost your savings. IRAs and 401(k) plans are ubiquitous for most Americans. They share some features, but also differ in important ways. And since each comes in a traditional and Roth version, it …
