In a new survey conducted by Fidelity Investments, 75% of respondents reported feeling only somewhat confident to not confident at all about their retirement finances. Ultimately, those that lacked a financial plan for retirement lacked confidence, while those that had a plan also had confidence. As such, today’s article lays out “five small, practical steps you can take to boost your confidence in your retirement finances by creating a financial plan for retirement”. For more, CLICK HERE.
When it comes to periods of extended market weakness, the author of today’s article notes that “Retirees…tend to experience [them] differently, and more viscerally, than their still-working counterparts” as they are living off the finite balances of their portfolios. So while those who are still working may be able to ride out – or even take advantage of – market weakness, what are retirees and those nearing retirement to do? The author outlines “some key steps to take in the event of serious market volatility–or better yet in advance of it.” For more, CLICK HERE.
“Social Security is what it is — and it isn’t what it isn’t,” states the author of today’s article who argues that, while Social Security is an asset, it is not a bond – and thus investors are ill-served by considering Social Security part of their retirement portfolio’s bond allocation. What is Social Security, what isn’t Social Security – and how does the author recommend fitting it into an overall retirement portfolio? CLICK HERE.
“The bottom line is that generating secure income to meet our retirement goals for an uncertain period of time is extremely challenging,” acknowledges the author of today’s article, who likens this task to “trying to hit a moving target in the wind.” He proceeds to outline one approach to doing so – the so-called flooring approach. How does the flooring approach to retirement income planning work, who is this strategy suited for, and what are some important flooring “flipsides” so consider? CLICK HERE.
Strategies for accumulating wealth receive much more attention than strategies for decumulating wealth despite the fact that, as the author of today’s article points out, nowadays the decumulation phase of one’s life can be just as long as the accumulation phase. He also acknowledges problems with safe withdrawal strategies, including the fact that there’s a good chance you’ll end up leaving money on the table when you die. Instead, he states, “If that’s not what you want — if your goal is only to spend as much as you can in your lifetime without running out — my calculations show that there’s a much better way.” For more, CLICK HERE.
An encore career in retirement can provide many advantages, financial and otherwise. On the financial front, for example, income from an encore career can help retirees delay claiming Social Security benefits – and thus increase the benefit amount they ultimately receive. However, the author of today’s article cautions that, when considering embarking on a postretirement career, “there are some important tax and other financial considerations to understand before taking this route.” What are some of the potential financial drawbacks of an encore career to be aware of? CLICK HERE.
He’s been called the Sam Spade of money management, the financial watchdog, and the pension detective. And now he’s warning that “We are on the precipice of the greatest retirement crisis in the history of the world”, with millions of elderly in the United States alone at risk of falling into poverty in the coming decades as a result of being staggeringly unprepared for retirement. For more on what financial fraud whistleblower Ted Siedle is warning of – including why the new normal for many Americans may become “Too frail to work, too poor to retire” – CLICK HERE.
“Money and rationality don’t always mix…That’s especially true with retirement,” notes the author of today’s article. Just one example of many: The fact that nearly half of Americans claim Social Security benefits as soon as possible (age 62), foregoing a significantly larger benefit had they waited. Fortunately, insights from behavioral finance can help “nudge” individuals towards making more rational decisions as they enter retirement. For four critical retirement decisions – related to Social Security, annuities, asset allocation and consumption rates – and how behavioral science can help nudge retirees towards more optimal decisions – CLICK HERE.
If you’re in your 30s, 40s or even 50s and, like many Americans, have little-to-nothing saved for retirement, the author of today’s article has some words of encouragement: “You are not screwed. The only way you are screwed is if you are at retirement age already. Then it is kind of too late. But if there is any time on the clock at all, you can fix this.” He proceeds to outline what he sees as the sole solution for this dire situation: austerity. What does this austerity solution entail? CLICK HERE.
Despite having been the recipients of many advantages when it came to saving for retirement, a new study focused on the retirement preparedness of baby boomers finds they are shockingly unprepared overall. Among its findings? Barely one in 10 boomers has a sufficient amount saved for retirement – and nearly half have no retirement savings at all. Today’s article proceeds to outline “seven deadly sins of retirement planning” that have led to boomers being in this situation, including “possibly the most astonishing revelation in the survey [which] is buried in the footnotes”. For more, CLICK HERE.