Sometimes Finance Is More Than Just Numbers

As you are probably well aware, not everyone understands finances. Some people just have a natural ability to understand the intricacies and formulas involved in finance and economics (chances are they’re probably good at math overall). The formulas out there regarding how much you should withdrawal for retirement alone can be downright tricky and confusing, especially for those without a financial planning background. However, just keep in mind that just because you understand how the numbers work doesn’t mean you will automatically be able to make them work for yourself. There are many Americans that don’t have the ability to Continue reading Sometimes Finance Is More Than Just Numbers

Working Beyond 65 Because You Can

In past blog posts, I’ve written about how working past age 65 is a reality that many Americans face because they don’t have enough saved for retirement. However, I haven’t really acknowledged that a number of Americans work past age 65 not because they need the money, but because they can and they want to. Many members of the Baby Boomer generation are working past 65 because they are healthier at that age than generations before them. They remain active well into their 70s. Furthermore, Baby Boomers are very well educated and want to continue to put that education–and the Continue reading Working Beyond 65 Because You Can

Why Financial Literacy Is So Important

If you want to take an active role in your retirement and financial planning, you need to be financially literate. You need to understand where your money is going, what is happening with the money you are saving, and what you need your money to do for you in the future. This is where financial literacy comes in. Being financially literate allows you to understand things such as financial statements and tax documents so that you know what is happening with your money and where it is happening. Financial literacy also provides opportunities to learn about the latest trends and Continue reading Why Financial Literacy Is So Important

The Importance of Learning From Your Retirement Planning Mistakes

Planning and saving for retirement is a journey. During that journey you will most likely make a few mistakes that you will hopefully learn from and move on. Even if you plan everything out and seek professional advice, you can still make mistakes. Maybe you made an investment that didn’t quite pan-out like you hoped or you struggled to make a decision regarding a retirement plan and you didn’t like how that felt. Those mistakes happen and usually they can be easily corrected over time. What is most important is that you learn from those mistakes and use them to Continue reading The Importance of Learning From Your Retirement Planning Mistakes

Funding Your Children’s Education With a 529 Plan

Whether it’s a public college or a private high school, tuition fees seem to constantly be on the rise. This has forced many families to think about saving early for those education expenses through the creation of college funds and savings account. The federal government created such a plan–called a 529 plan–in the mid-1990s to help families save for college education. They operate similar to how a Roth IRA works in that each plan is funded with after-tax money, the earnings from which grow tax-free and the withdrawals are tax and penalty free as long as they are qualified. Furthermore, Continue reading Funding Your Children’s Education With a 529 Plan

Investing in Yourself in Retirement

How are you planning on investing in yourself in retirement? Retirement can be a great time to pursue new interests and hobbies that you may not have had time to pursue while working. For others, the free time provided by retirement can be a great time to expand knowledge and go after educational pursuits that were put on hold while working and raising a family. However you decide to spend your retirement, don’t be afraid to take that time–and some of your retirement savings–and invest it in your own personal growth and enjoyment. Go ahead and take a few community Continue reading Investing in Yourself in Retirement

IRAs and Education Expenses

It’s no secret that you can take a penalty-free distribution from your IRA before the age of 59 ½ if the funds are to be used for qualified higher education expenses. Do you know what such qualified higher education expenses can include? Such expenses include, but are not limited to: tuition, room and board, books, supplies, and even computers and related technology. You can also take as large of a distribution as you need or want to. If you have enough saved up in your IRA, this can be a great way to help a child or grandchild pay for Continue reading IRAs and Education Expenses