There are many actions (and inactions) that can wreck retirement plans. As such, while the author of today’s article acknowledges that the $1 million figure frequently cited as how much one needs to amass for a comfortable retirement may be arbitrary, he stresses that “what is not arbitrary is it takes discipline and it requires avoiding mistakes and pitfalls to have a happy retirement.” He proceeds to identify 14 specific mistakes that retirement savers should be on guard against making – including failing to understand how Social Security works. For more, CLICK HERE.
How far a $1 million nest egg will get you in retirement depends on where that retirement takes place. Today’s article highlights the findings of a new report which assessed how many years $1 million would last for retirees 65 and older for each state, with numbers ranging from 26.3 years in one state to 11.9 years in another. Where will a million last the longest, where will it last the shortest – and how far will a million get you in your expected retirement state? CLICK HERE to find out.
If you think you’ve put off saving for retirement way too late, all hope may not be lost. Today’s article highlights research from the American Association of Individual Investors (AAII) showing that, “even starting at age 50, it is possible to save more than $1 million for retirement”. How? AAII identifies five different scenarios where, by saving from age 50 to age 70, one can accumulate balances ranging from $300,000 to $1.3 million. To read more, CLICK HERE.
When it comes to accumulating that $1 million figure often cited as the recommended amount for a retirement nest egg, the author of today’s article states there are two choices: “Either we can wait nearly half a century…or we can become millionaires faster if we can get a better return.” He proceeds to outline a basket of five funds which – with a 12.8% average annual return – can generate $1 million much faster. To find out what these five funds are – and why this higher return does not necessarily mean higher risk – CLICK HERE.
“If you’re like most people, you have less than $75,000 saved for retirement. Yet, you keep hearing that you need upward of $1 million to make it through your retirement years. Just where is that million bucks going to come from?” Today’s article outlines the stories “of 3 super-savers – people who have saved more than double the national average of account balances for people of their age.” From a low-income accountant with a knack for budgeting to an entrepreneur who automates “just about everything” to an information technology support staffer who uses a crock pot as one of his retirement saving tools, CLICK HERE to see what can be learned from these 3 retirement super-savers.