If you’re on track to accumulate the oft-recommended goal of $1 million in retirement savings, there’s some potentially discouraging news: some financial advisers argue that a nest egg of $1 million is no longer sufficient, with one adviser cited in today’s article declaring that “The new rule of thumb is $3 million.” Why is this new $3 million savings target “simply a matter of mathematics” – and what does it take to achieve it? CLICK HERE.
When it comes to the ultimate size of your retirement nest egg, the author of today’s article notes that “Calculating future savings requires numerous factors, including current age and predicted retirement age, any current assets, how the portfolio is invested and at what rate a person can realistically expect that money to grow.” And it’s this latter factor – the rate of return – that she proceeds to examine. Given that your assumed rate of return can make or break your retirement plan, just what is realistic? For more, CLICK HERE.
“Because the average retirement length in the country is 18 years, we can project that the typical retiree will need an $828,000 nest egg to pay the bills upon leaving the workforce,” notes the author of today’s article. But if you find that number daunting, he proceeds to outline the major expenses one can expect to encounter in retirement and some tips for keeping them under control. For more – including how much the average retiree spends on each of those major expenses – CLICK HERE.
If you’ve been extremely diligent and managed to save $1 million for retirement, how can you best make that $1 million last for a 30-year retirement? Today’s article outlines four different strategies (two conservative approaches and two moderate approaches) to do just that, with two of the strategies involving drawing down that $1 million nest egg over 30 years and the other two strategies preserving all $1 million for the entire 30 years. For more, CLICK HERE.
The author of today’s article – who is fortunate enough to have a pension – is concerned about the majority of Americans (including his own children) who are not so fortunate, and who will have to rely on Social Security and their investments to fund their retirements. His fear? “Even if these folks are saving regularly, they don’t really understand how to invest or how to manage their nest egg once retired.” He proceeds to outline everything involved in making a pension-less retirement work. For more, CLICK HERE.
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.
If you’re one of the (too) many Americans that have too little – or nothing at all – in the way of retirement savings, a simple strategy that could boost your savings by $800,000 (and possibly even more) sounds like something worth having a look at – and that’s exactly what the author of today’s article outlines. And while getting the maximum benefit from this strategy requires having many years until retirement, it can still make a significant difference for those close to retirement. For more on this “win with small steps” strategy, CLICK HERE.
More people than ever are working side gigs – and a major reason they report doing so is in order to grow their nest eggs. Today’s article acknowledges that side gigs “can offer…more opportunities to save for retirement and even help…make up for lost time” – that is, if approached correctly. What does one retirement savings expert say should be the first priority of those using side gigs to help save for retirement – and what are some other important considerations? CLICK HERE.
The author of today’s article describes it as “the one surefire way to retire rich”: harnessing the power of compounding. Or, to be more specific, harnessing the power of compounding using dividend stocks – and amassing a multi-million dollar nest egg in the process. What does the author outline as some of the best strategies in this regard? For more on harnessing the power of compounding using dividend stocks to grow your wealth – and nest egg – over time, CLICK HERE.
You may have already established some resolutions for 2019 (and perhaps broken some – or all – of them already), but it’s not too late to make some critical resolutions involving your retirement planning – especially considering that, as a recent survey found, fewer than half of retirees believe that their nest egg is large enough. Given this finding, today’s article suggests three financial resolutions to make (and actually follow through on) for the sake of your retirement. For more, CLICK HERE.