If you are thinking about starting a business after retirement, you aren’t alone, in fact, it’s a growing trend. The National Bureau of Economic Research estimates that about 25% of workers between 50-59, 46% of workers between 65-69, and 68% of workers between 75-79 are all self-employed. In fact, workers that fall into these age groups have higher self-employment rates than all workers under the age of 50 – only 20% are self-employed.Continue reading “Starting a Business After Retirement – Why Not?!”
Gone are the days when someone worked for the same company for 40+ years before retiring with a pension, fancy pen, and maybe if you were lucky a gold watch. Today, the average 50-60 year old has had about 12 jobs over the course of their working career.
With changing jobs comes a trail of old and sometimes forgotten retirement plans, typically a 401(k). These orphaned 401(k)s shouldn’t just get left behind – it’s your money and some could even have thousands of dollars in them.Continue reading “How to Roll Over an Old 401(k)”
When it comes to saving money, especially for your future, it can be hard to decide where to put that money to get the best bang for your buck. If you have loans, like a mortgage, you might consider an early pay-off. What feels better than being debt free, right? But building wealth can be tricky.
When it comes to saving money, interest rates rule the world. You want your money to earn more than it would cost you elsewhere. So, if your rate of return on investing is more than you would save in paying down interest, then investing would earn you more money and be a smarter option. However, if your mortgage interest rate is higher than your rate of return on investing, then you would save more money by paying down aggressively on your mortgage instead.Continue reading “Savings and Retirement Tips: Pay off your Mortgage Early or Invest?”
Which should you save for first – your child’s future college tuition or your personal retirement? As a parent, this is a very emotional question – saving for your children’s continuing education to help them incur less debt and get a good education or financially preparing yourself and securing your future.
Many parents have decided that college savings should come first and are not only forgoing putting money in a retirement account, but they are dipping into their retirement savings to cover the costs of tuition. Yes, saving for college is important, but it is actually a luxury. How much you save for your child’s tuition is not a direct correlation to how likely it is that they will graduate. And don’t worry, your child can find other ways to pay for school: scholarships, grants, financial aid, part time jobs, or even finding a more affordable school.Continue reading “College Savings or Retirement – Which Should you Save for First?”
When it comes to planning for retirement, the process seems pretty simple: contribute to your IRA or 401(k), put extra savings aside each month, and reduce your spending as much as possible as you get closer to retirement. Once you are ready to retire, you should be able to rely on a combination of your investments, Social Security, your savings and Medicare to cover your needs.Continue reading “Surprising Expenses You Don’t Expect When Planning for Retirement”
When you are in your 20’s you experience a lot of exciting changes in your life – graduating from college, starting your first job, buying your first car, getting your first apartment, etc. And of course not everyone moves at the same pace or takes the same path in life, but it is important to plan ahead and set some financial goals.
When you set financial goals, especially at a young age, it can set you up for financial freedom later on in life. It might not seem super important right now to plan 20, 30, or 40 years ahead, but doing so can give you more choices in the future. It is a great feeling knowing you are on track with your money, and now is the perfect time to start working towards financial security.Continue reading “Financial goals to Strive for by the Time You’re 30”
It seems like more and more senior living facilities and 55+ communities are being built and filling up as quickly as the owners announce availability. Not too long ago senior living facilities along with skilled nursing and assisted living centers focused solely on providing health services for those at an advanced age. However, it’s become so much more than that over the years and senior living facilities are becoming the new norm. The Baby Boomers are exiting the workforce, selling their homes, and heading into their Golden Years. They, and their
There’s often a debate over which retirement fund you should choose: a Traditional or Roth IRA? As a millennial, there is a definite advantage to choosing one over the other. Continue reading “Why every millennial should have a Roth IRA”
If you’ve done any research about retirement planning, you know that it’s NEVER too early to start. In fact, starting to save during your college years is slowly becoming the norm! But what do you do when years turn into decades and you still haven’t started saving for your retirement? If you are in your 50’s and haven’t been able to build up the retirement fund, you’ll need to get started and fast. Here are some tips to help you out! Continue reading “Retirement Planning – I’m 50 and haven’t started yet!”
When it comes to saving for your retirement, every penny counts. Regardless if you are just starting to save or in the home stretch to retiring, making the wrong financial decisions could have a big impact on your retirement goals. With social security no longer being a sustainable retirement option, it’s important to make sure that you set yourself up for the future. Continue reading “Saving for Retirement? Here are some pitfalls to avoid”