There’s a consensus that Americans are not saving enough for retirement. But what are the obstacles – including the mental obstacles – that are preventing them from doing so? What can they do to save more for retirement (including those who are close to retirement but haven’t saved enough)? What’s the “wrong picture” many may have of the FIRE (Financial Independence, Retire Early) movement? And are lattes really a threat to Americans’ retirement savings? In today’s article, personal finance guru Jean Chatzky tackles these issues and more. For more, CLICK HERE.
The FIRE (Financial Independence/Retire Early) movement ignites feelings of skepticism in many. And “skepticism” might be putting it mildly. As the author of today’s article observes, “it seems that some just can’t help hating on FIRE. They claim few can save the amounts of money needed to retire on time, let alone early. They complain about the return assumptions used in early retirement calculations. And they proclaim that a FIRE lifestyle is just plain boring.” For FIRE skeptics and critics, he proceeds to identify – and attempts to dispel – some of the most pernicious myths surrounding the movement. For more, CLICK HERE.
Today’s article calls it “the nastiest hardest problem in finance”: retirement spending strategies. And unfortunately, despite the complexity inherent in retirement spending strategizing, it is often subject to simplistic rules of thumb, most notably the 4% rule. The author outlines the dangers associated with the 4% rule, how it “can go very badly”, and the implications of this for the FIRE (financial independence, retire early) movement. For more, CLICK HERE.
Why would you pretend you still have debts to pay off when you don’t, or open a Health Savings Account and then not use it? Because those are among some of the easiest and most effective ways to help save for retirement, as outlined in today’s article. For more on these two retirement saving suggestions and several more (including why you may want to consider “gamifying the retirement savings process”), CLICK HERE.
Whatever your planned retirement age, you’re likely to retire closer to age 61 than you think. This is one of the findings of a recent study of retirement data, which found that “planned and actual retirement ages align at 61, with those planning to retire earlier than that tending to retire later than expected, and those planning to retire after 61 tending to retire earlier than expected. In other words, actual retirement ages pull toward 61.” What did the same study find about predicting who will end up retiring earlier (or later) than planned – and what are some strategies for dealing with the challenges presented by the magic retirement age? CLICK HERE.
The FIRE (Financial Independence, Retire Early) movement has been gaining traction – but, as today’s article seeks to make clear, as wonderful as the prospect may seem, extra-early retirement isn’t for everyone. Specifically, the author outlines some of the financial and emotional consequences of early retirement – as well as some questions to ask yourself if you are still considering leaping into the FIRE. For more, CLICK HERE.
He became determined at an early age to achieve financial independence by age 37 – and now, at age 26 and with a net worth of approximately $150,000, he is on track to do just that. In today’s article, the so-called Money Wizard shares his savings strategy that he expects will result in $750,000 by the time he is 37, even if he never gets another raise at work! What is the Money Wizard’s primary investment goal each year? Why doesn’t he have an emergency fund? What does he call “the smartest investment I ever made”? CLICK HERE to find out.
The FIRE (Financial Independence, Retire Early) movement is growing as more and more workers seek to save enough so that they can leave full-time work in their 30s, 40s or 50s – and those that have achieved early retirement have developed some tools to help those who aspire to do so. Are you on track to retire early based on your net worth? Where can you cut spending even further? And is early retirement even right for you? These tools can help answer those questions. CLICK HERE to read more.
The best piece of advice for those who want to retire early? “Save early and save often”. But beyond the obvious, today’s article highlights advice for those who want to retire early from people who have actually done so. From resisting the herd mentality, to learning to be content with less, to putting your money to work, CLICK HERE for what those aspiring to early retirement can learn from those who have successfully achieved it.
“To do something extraordinary (like retiring at age 52), it takes extraordinary thinking,” states the author of today’s article, which seeks to identify the “money mindset” that can help one beat the odds and achieve the goal of retiring early. Using the example of her neighbor – who retired at 52 – as a guide, the author outlines a number of thought processes that can assist in making the dream of early retirement a reality. To see what these thought processes are – as well as for practical tips the author provides for each – CLICK HERE.