Thirty-four percent of workers who have calculated how much they need to save for retirement concluded their magic retirement number is $1 million – and the author of today’s article has some encouraging words for those striving to amass $1 million for retirement on modest salaries: “building your nest egg to that size can be easier than you expect…All you have to do is follow some simple steps.” For more on what characterizes ordinary people with typical paychecks who become 401(k) millionaires, CLICK HERE.
Calling it “a transformative science”, the author of today’s article outlines some of the ways in which “you and your employer and plan sponsors can hack your retirement” using the principles of behavioral economics – including how simply visualizing your future (older) self can help you boost your retirement savings and how, when it comes to 401(k) plans, it’s important to avoid “the tyranny of too much choice”. For more, CLICK HERE.
The fastest-growing demographic in the developed world is people over the age of 100 – a positive development for those desiring a long life but a challenging one when it comes to funding a retirement that could last 20 to 30 years or longer. With the average 65 year old American estimated to only have enough savings to fund about 10 years of retirement (and similar shortfalls in other advanced countries), a recent report from the World Economic Forum warns of a several hundred trillion dollar global retirement savings shortfall by 2050 – and has a suggestion for those who want to avoid facing a retirement savings gap. CLICK HERE.
If you’re one of the fortunate Americans with a pension, you are faced with a critical question: are you better off receiving it as a lump sum payment or as an annuity? In attempting to answer this question, the author of today’s article runs some numbers to illustrate the costs and benefits of each payout method at different points of life. For more – including what the author highlights as “The one thing that the Lump Sum offers that the Annuity doesn’t” and the most important question to consider when making the lump sum vs. annuity determination – CLICK HERE.
“The riskiest day in your entire financial life is the day you retire,” declares one investment manager cited in today’s article, which examines the critical conundrum that retirees face today: “How to invest in retirement with enough risk to maintain your purchasing power for 30-plus years while not taking so much risk that you leave your underbelly exposed.” So what are some strategies for doing so – including one strategy that involves maintaining a specific constant equity exposure throughout retirement? CLICK HERE.
Nearly 40% of U.S. consumers (and nearly 60% of millennials) see winning the lottery as a reasonable way to fund retirement, leading the author of today’s article to scoff that “You might as well bet on the tooth fairy paying off your credit card balance every month.” However, he also outlines how Americans’ lotto habit can actually help fund their golden years – just not in the way you think. For more, CLICK HERE.