Millennials have a rosy outlook concerning retirement financial solvency that doesn’t square with reality. Most Millennials, the age demographic of young people between the ages of 21 to 37, expect to retire by the age of 56. A large percentage of Millennials also expect to become millionaires something within their lifetimes. Investment brokerage company T.D. […]
So, when one thinks of a place to live out retirement, what state comes to mind? Florida. The state of Florida is the common answer to living out retirement if popular culture, or real-life surveyed preferences, are to be believed. In fact, most people choose Florida as their preferred place to retire out of all […]
By the year 2034, it is estimated that the reserves of the Social Security Administration will be depleted by 25%. That means that, by that year, Social Security recipients may end up getting about 76% of their monthly benefits. A Social Security recipient receiving $1,500 monthly now, the current payout average, would end up getting […]
The pop-culture myth of retirement as a fun-filled stage of life and leisure and a rite of passage is just that — a myth. Retirement is really about creating a post-work lifestyle. To fund that, a retired person should have a dedicated retirement account, or several accounts, in addition to Social Security benefits, that will […]
Someone once said that retirement is not the end of the road but a highway opening to a new chapter in life. Whoever said that clearly has never experienced a pandemic. Increasingly, many Americans retire abroad to make their retirement savings last longer when they collect dollars but spend in cheaper foreign currencies. Nevertheless, 100-plus […]
Most Americans are woefully unprepared for retirement. A 2019 report by Northwestern Mutual showed that 22% of Americans had less than $5,000 in a retirement fund. The study also found that more than 56% of Americans have no idea how much money they needed to fund their own retirement. Another 45% ominously predicted that they […]
Many Americans rely on Social Security alone to get them through retirement. Preparing and saving money for retirement can be a daunting task for many Americans. It takes decades and prudent financial planning to prepare for retirement. You could probably get by on Social Security alone, but you would have no room for financial error. […]
Inflation is like rust, an endless, tireless gnawing at the purchasing power of your dollars. Over half of Americans are struggling with retirement and inflation has a lot to do with it. Fixed incomes are not usually adjusted to the inflation rate or adjust at a very low historic rate. If there are intermittent spikes […]
Retirement can become an unreachable dream when unmanageable debt becomes a nightmare. More than 61% of elderly Americans owe $31,000 or more in various debts. In 1989, the average retiree owed about $7,500. If you don’t eradicate debt before retiring, then retirement can become a self-defeating effort. Here are three ways to reduce debt years […]
A popular retirement myth that won’t die is the idea that one needs at least $1 million dollars to retire comfortably. The $1 million retirement myth probably got started in the 1980s as a generalized retirement goal to motivate the growing middle class of the era. However, a retirement number is not a one-size-fits-all metric […]
