Are you confident you know how to invest your 401(k) money? A lot of people I talk to and meet are not. Most companies provide scant little help to guide their participants. Financial advisors often don't offer much help, especially if they can't get paid for the advice. Printed material leaves a lot to be desired. Many of the funds are similar in their descriptions. … [Read more...] about How to Invest Your 401(k) Money
Have you thought much about how to make your retirement assets last longer? If not, I would suggest you put a plan in place to do just that. Why? Americans are living longer than ever. A recent life expectancy study from the Brookings Institute illustrates this point. For married couples, there is an 88% chance that one will live to age 80, and a 45% chance that one … [Read more...] about Five Strategies To Make Your Retirement Assets Last Longer
No, all caps in FIRE up your retirement isn't a typo. It's an acronym for Financial Independence - Retire Early. When I started Money with a Purpose in late 2017, I discovered this vibrant personal finance blogging FIRE community. To my surprise, this community is full of Millennials and Gen Xers intent on becoming financially independent. The goal of that financial … [Read more...] about How to FIRE Up Your Retirement
It seems everywhere we turn these days we hear about pursuing the American Dream. It's what Wall Street, Madison Avenue and anyone selling any high-value item, thinks we should pursue. We get bombarded with images of the "dream" home, the fancy car, and all the trimmings. The idea is that having a lot of stuff to show for our work defines success - the American … [Read more...] about Is the Pursuit of the American Dream Derailing Your Retirement?
Is the 4 percent withdrawal rule safe? That's a great question. It is one of the most debated and talked about concepts in the personal finance world. In this post, I'll tell you where the concept originated. I'll point you to the latest research on the topic. And, most importantly, I'll tell you whether the rule is still relevant in today's low-interest-rate … [Read more...] about The 4 Percent Withdrawal Rule – Is It Still Safe?
I want you to get Social Security survivor benefits right before you ever claim. Why? Because if you don't, it can cost your survivors tens of thousands of dollars in lost benefits (even hundreds of thousands). I've seen so many people make Social Security claiming decisions without a thought about survivor benefits. DON'T BE ONE OF THOSE PEOPLE! Read on to learn … [Read more...] about Making Sense of Social Security Survivor Benefits
According to the Center for Retirement Research, at Boston College, 42% of men and 48% of women claim their Social Security retirement at age 62, the soonest they can apply. But is that a wise thing to do? In some cases, yes. In other cases, no. Here I'll offer the top 4 reasons to delay claiming Social Security Benefits. Keep in mind that for many people, Social Security is … [Read more...] about The Top 4 Reasons to Delay Claiming Social Security Benefits
When I talk to people thinking about retirement, one of the first questions I get is some version of - what's the best way to get retirement income planning right? Of course, everyone's personal circumstances are different. So, the answer varies based on your situation. Yet I see one blog article after another, media personalities and financial advisors try to give a … [Read more...] about Retirement Income Planning – What You Need to Know
Beneficiary designations are something people often forget about when preparing for retirement. That can be a very costly mistake. This post offers 7 things you need to know. The bottom line: IRA beneficiaries matter - A LOT! In my financial planning practice, Leamnson Capital, I often review retirement account (IRAs, 401(k)s, etc.) beneficiary designations for the people I … [Read more...] about Naming IRA Beneficiaries – 7 Things You Need to Know
Do you own an IRA? Are you thinking about it? If so, which should you own - a Roth IRA or Traditional IRA? The answer for you may be both. There are benefits to each that we will explore in this post. This post will not include a discussion about investments in your IRA. I'll save that for another day., We will discuss in some detail how each IRA works. What are the … [Read more...] about Which Should You Own – a Roth IRA or Traditional IRA?