Concerned that you’re behind on your retirement income planning? You’re not alone. According to a 2017 study from Gallup, more than 50 percent of Americans are worried they won’t have enough money for retirement.1 Retirement has been Americans’ most-cited financial worry every year that Gallup has conducted the study.
Even if you are behind, the good news is that you can quickly implement a plan to catch up. Make 2018 the year you review your retirement income planning and take action to stabilize your financial future.
The new year is here. Do you have a list of resolutions? Do you have plans to hit the gym, pursue a new hobby or finally take that big vacation? The new year is the perfect time to reassess your situation and develop a strategy to make big changes.
If you’re like many families, your list of resolutions could include some financial items. Maybe you want to get serious about eliminating debt, or perhaps you want to get your retirement savings back on track. Below are five simple steps you can take to regain control of your finances in 2018:
Do you have a bucket list for retirement? If you’re not familiar, a bucket list includes all the things you want to do before you “kick the bucket.” Your list may include things like traveling the world, pursuing a new hobby or visiting friends and family.
Of course, to check every box on your bucket list, you’ll need to have a strong financial foundation as you enter retirement. That’s why you may want to create a preretirement bucket list that includes all the financial milestones you want to meet before you stop working.
You’ve no doubt worked hard during your career to save money and accumulate assets. Your estate may include investments, cash, retirement accounts, real estate and even personal property. While you may need to use some of those assets to fund your retirement, you likely also want to leave as much of your estate as possible to your loved ones.
Unfortunately, it’s possible that not all of your assets will be passed on to your heirs. In fact, a large portion of your estate could be used to pay for things like court fees, lawyer expenses, taxes and much more. Your family may end up with only a fraction of your estate.
What’s the recipe for a successful and comfortable retirement? There are many ingredients, including disciplined saving, self-restraint when it comes to spending, a plan to pay for medical expenses and much more.
Three of the most important components of any successful retirement involve your mindset and how you approach the retirement planning process. Call them the “3 Rs.” If you can successfully master the 3 Rs, then you will likely have a solid financial foundation for your retirement.
A recent analysis of the Federal Reserve’s 2013 Survey of Consumer Finances found that the average working-age American couple has only $5,000 saved for retirement. An overwhelming majority of couples—70 percent—have less than $50,000 saved.1
As you might imagine, that amount is probably far less than those couples need to fund their desired lifestyle in retirement. As a new graduate, you likely don’t want to end up in the same position.
Unfortunately, many young workers haven’t taken the steps needed to avoid a similarly underfunded fate. A study from the Federal Reserve found that 40 percent of those ages 18 to 29 have given no thought to retirement, and 50 percent have no retirement savings or pension.2
It’s the classic dilemma at the heart of every financial plan: Do you live for today or save for the future? The conservative and prudent advice is to live on a modest budget today so you have plenty of assets in reserve for future needs, especially after you retire. Commonly accepted wisdom seems to be that you should pinch pennies today in order to enjoy yourself down the road.
However, there’s also the very natural and understandable desire to live for today. There are likely things you want to do in life that would be best enjoyed while you’re young, not in retirement. Also, given the unpredictability of life, there’s no guarantee that you will be able to tick items off your bucket list when you’re older.
This video describes people who have their investments in mutual funds or stocks who no longer want the responsibility for investment risk or money management decisions. Retirement is a time to relax!
Very simply...a plan that gives you "peace of mind" for a lifetime is fantastic! You deserve that!
If you’re like most Americans, you’re looking forward to enjoying a nice, long retirement. But just how long will it be? It’s an important question to answer because the longer your retirement lasts, the more years of expenses you may have to fund with your savings.
Obviously, you can’t predict when you will pass away. However, longevity and mortality data provide some insight that could guide your decision-making. According to researchers, there’s a chance your retirement could last much longer than you think.
The Centers for Disease Control and Prevention recently released a study showing that the U.S. population of centenarians—those age 100 and older—increased more than 43 percent from 2000 to 2014.1 Similarly, Pew Research found that the global population of centenarians has quadrupled since 1990, and that there will be 3.7 million people in the world age 100 or older by 2050.2
Fixed Indexed Annuities will guarantee you three things that every retiree should have...
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