People underestimate what their costs of living in retirement will be in three critical ways: Assuming you’ll spend less in retirement than while working: The majority of people have never really sat down and calculated what they’ll need every month.You need to be comprehensive in listing out all expenses. List everything you might spend in… Continue reading Three Ways You’re Underestimating Retirement Costs
Category: Retirement Savings
Is Your Retirement Plan Ready for The Longevity Revolution?
Americans are living longer than ever, with the average life expectancy now rising to about 79 years. Some have referred to this trend as the “longevity revolution,” but it’s also creating a revolution in the way people think about retirement. What worked for retirees a generation ago isn’t going to work today. For most people,… Continue reading Is Your Retirement Plan Ready for The Longevity Revolution?
3 Monumental Money Mistakes People Make Before They’re 50
The saying that youth is wasted on the young may be especially true when it comes to saving for retirement. “Too many people wait way too long to start thinking about how much they will need to finance their retirement,” says Chris Heerlein, partner at REAP Financial LLC and author of Money Won’t Buy Happiness… Continue reading 3 Monumental Money Mistakes People Make Before They’re 50
3 Tips for Women Worried About Outliving Their Retirement Savings
Few things make retirees more nervous than the possibility their savings could run dry. And the situation can be even more troublesome for women, who are at greater risk of outliving their money because, on average, they live longer than men. In fact, women over the age of 65 are 80 percent more likely than… Continue reading 3 Tips for Women Worried About Outliving Their Retirement Savings
How to Match Your Current Savings to Your Ultimate Retirement Needs
In a nation that debates nearly everything, this topic creates almost no disagreement. Americans aren’t saving anywhere near enough for retirement, setting the stage for a potentially dreary time ahead for many when they reach the closing act of their lives. In fact, a study by the Economic Policy Institute found that almost half of… Continue reading How to Match Your Current Savings to Your Ultimate Retirement Needs
Common-Sense Advice for Protecting Yourself from Financial Schemers
My friend’s mother, who is in her 70s, got a letter in the mail printed on official-looking letterhead of a familiar bank, which informed her that a long-lost account had been discovered. It had money that she could reclaim if she telephoned before a certain date. The woman had done business with that bank and… Continue reading Common-Sense Advice for Protecting Yourself from Financial Schemers
How to Avoid Running Out of Money in Retirement
A New York Life survey found that 58% of Americans overestimate how much they can safely withdraw from retirement savings. More than three in ten believe they can spend ten percent or more of their savings each year, yet at that rate they would exhaust their savings in 11 years or less. Here’s why retirees should count on… Continue reading How to Avoid Running Out of Money in Retirement
The 6 Most Costly Retirement Plan Mistakes
The percentage of Americans who won’t have enough money in retirement has barely budged in several years despite rising stock and real estate markets. “That means far too many folks are going to be forced to choose between putting food on the table and paying for the medical care they need,” Pamela says. How is… Continue reading The 6 Most Costly Retirement Plan Mistakes
Eight Out of 10 People Don’t Know How Much They’ll Need for Retirement
Nearly 80 per cent of workers underestimate how much they will need to save for their retirement, according to new research. Carried out by deVere Group, one of the world’s largest independent financial advisory organizations, the study found that 78 per cent of all new, working age clients did not realize how much money they… Continue reading Eight Out of 10 People Don’t Know How Much They’ll Need for Retirement