“The most studied species of today – after Donald Trump supporters – has to be the millennial…Of particular interest is their financial standing. Standard take: It’s grim.” In today’s article the author – a millennial herself – outlines why millennials need not necessarily subscribe to the commonly-held belief that they will be worse off in retirement than older generations. What does the author see as the biggest advantage millennials possess? What role does she see Social Security playing in the retirement plans of millennials? And how might the pessimism millennials report feeling about retirement actually be a good thing? CLICK HERE to find out.
“As a freelancer, you are the boss. You have the flexibility to choose when you work and what jobs you take. You also have the sole responsibility of taking charge of your financial future. You’ll need to plan ahead for your retirement – even if you love what you do and want to work well into your late 60s or 70s. When you finally stop working, you need to make sure your money lasts for the rest of your life.” Today’s article outlines “some great ways to save and secure your financial future as you’re freelancing.” To read more, including how much freelancers can stash away in various savings vehicles in 2016, CLICK HERE.
“In a world where most people aren’t saving enough, is it possible you’re actually putting away too much for your retirement?” Today’s article puts this question to David Blanchett, head of retirement research for Morningstar Investment Management, who argues “It’s not that you don’t need to be saving, but if you’re forgoing enjoyment in your life now because you feel pressured to save millions of dollars for retirement, you might want to rethink your plan.” Why does Blanchett believe that the “replacement rate” model for figuring out how much you need to save for retirement makes less sense as you get closer to retirement? What action does he recommend taking instead? CLICK HERE to read more.
“A very common goal is to retire early and lead the ‘easy, good life’ [but] many… are disappointed to learn that an early retirement may not be in their future.” Today’s article outlines five reasons why early retirement is not in the cards for many, including rising health costs, mortgage payments in retirement, and the status of Social Security. To read more, including what the author identifies as “the primary reason why people will not be able to retire early”, CLICK HERE.
“Yes, debt can be costly, but failing to save for retirement ultimately will cost far more.” Today’s article outlines seven reasons – including missing out on employer 401(k) matches and compounded growth that can never be recouped – why delaying retirement savings in favor of paying off certain types of debt (i.e. “low-rate, potentially tax-deductible debt”) may be an unsound strategy. What are all seven considerations? And when it comes to paying off high-rate “toxic debt” what is the maximum number of years the author believes people should put saving for retirement on hold? CLICK HERE to read more.
Confidence among baby boomers about their financial preparedness for retirement is sinking fast! Today’s article highlights the findings of the recent “Insured Retirement Institute’s (IRI) 6th Annual Report on The Retirement Preparedness of the Boomer Generation”, which shows that “Americans today are less prepared and less confident about their prospects for a comfortable retirement than ever before.” Two of the biggest worries for workers? Health care and long-term care costs. What steps does the author recommend people take to help better prepare for these major (and often unpredictable) costs, and thus boost their confidence? CLICK HERE to read more.
While the new “fiduciary standard” promises to help lower costs for retirement investors, how much of an impact does a modest fee reduction have on retirement readiness compared to actions that investors can take on their own such as delaying Social Security benefits or choosing more powerful investments? Today’s article puts this question to Tom Kmak, CEO of Fiduciary Benchmarks, who examines the impact of six factors – including reduced fees – on “the retirement readiness of a hypothetical 42-year-old woman”, and ranks them from the least to most impactful. What came out as “the best single step that people can take to enhance their financial readiness”? CLICK HERE to find out.
“Another ‘niche bull run’ is kicking off right now. And no matter what happens with the broader market, these issues – and their dividends – will roll higher for decades.” Today’s article highlights five companies that are “poised to rake in big business” due to the aging of the massive baby boomer generation, including a drugstore chain giant, an operator of housing communities and “North America’s largest provider of funeral and cemetery services.” For the author’s analysis and forecast for each of these stocks with the potential to be golden as the boomers gray, CLICK HERE.
“Millennials have more than enough financial worries. Now they can add about 2 million more to their list. That’s how much many might need to save to retire.” Today’s article examines how much Millennials may need to have stashed away in order to maintain their standard of living in retirement, and the numbers are substantial. According to various studies, estimates and experts, older Millennials may need about $1.8 million stashed away while younger Millennials may need upwards of $2.5 million! What “two big assumptions” are these figures based on, and why do Millennials need so much set aside? CLICK HERE to read more.
“There’s a whole world out here of unique experiences so if you can think there’s another way to live beside the 9 to 5 (and) if you can take the tremendous wealth and income opportunity that the U.S. has and instead of buying stuff and experiences in the short term, you can use it to buy freedom.” Today’s article highlights the stories of two individuals who retired (quite comfortably) in their thirties – one at 33! – despite not being “extraordinarily wealthy or lucky in terms of income or jobs.” What do their experiences reveal about “the secret to ditching the rat race before even hitting the big 4-0?” CLICK HERE to read more.