Just because you have lots of money doesn’t mean you’re necessarily a financial wizard. Society is littered with famous celebrities who have squandered massive amounts of money through various means, such as bad investments or poor spending habits. I’m not saying we need to be sympathetic to celebrities who make millions, but their stories, when looked at together, can provide an important lesson for all of us. That is, that having money and being able to properly manage it and care for it are two different things. In other words, just because you have money doesn’t mean you will know Continue reading Having Money and Properly Managing It are Two Different Things
When it comes to retirement planning, there is a lot of information out there about how to do it or, conversely, how not to do it. There are books, articles, websites, TV shows dedicated to the topic. However, that doesn’t necessarily mean that you can–or should–handle your retirement planning and saving all by yourself. While some may be savvy enough to handle their own finances, chances are, most people outside of the financial industry are not. Even though I constantly encourage readers of this blog to speak with financial professionals prior to making decisions with their retirement savings and money, Continue reading Knowing What You Don’t Know
As you’ve gone through life and progressed towards retirement age, you’ve probably accumulated a number of financial accounts. These may include investment accounts, retirement accounts, bank accounts, as well as other accounts that hold your assets. You’ve probably also created various usernames and passwords to access those accounts online too. That can be a lot of information to remember, especially if your passwords and usernames are unique to each account. That’s why it’s important that you organize your account information. An easy way to do that is to create a binder of your financial information, which you can easily access Continue reading Taking Time To Get Your Financial Info Together
Saving for retirement can seem daunting, especially when you look at the numbers. So much advice is centered around having X amount saved at Y point in your life or having X amount saved when you retire. I’ve seen that advice and those numbers and let’s face it, they aren’t always realistic. Yes, you should strive to have $1 million saved when you retire and you should work to save twice your annual earnings by 35, 4x that amount by the time you are 45, 6x that by age 55, and so on and so forth. However, that isn’t always Continue reading Don’t Be Afraid of Saving for Retirement
Money doesn’t grow on trees, so you will need to make sure you have enough saved to live out retirement. However, that doesn’t mean that you should let finances and money dictate your retirement or take the fun out of it. Yes, you will need to be responsible with your money, but that doesn’t mean you can’t have fun. It can be easy to worry about finances, especially when you don’t have income rolling in and have to make it last. What you shouldn’t do though is let it keep you up at night. You can keep your financial worries Continue reading Don’t Let Money Take the Joy Out of Retirement
The Internet provides access to a lot of great resources that can be very helpful in retirement planning. One commonly used resource are retirement calculators. These calculators–most major financial institutions that offer retirement planning services offer one–can be very helpful, but they shouldn’t be relied on as a major part of your retirement planning. These calculators are especially beneficial as a starting point, especially if you aren’t sure where to start. Keep in mind too that each calculator tool is different. They each use different algorithms and account to different factors regarding retirement (i.e. some take into account appetite for Continue reading When and How to Use a Retirement Calculator
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
The term “retirement” means a lot of different things to different folks. For some it can mean that broader post-work life that’s open to lots of possibilities. For others, the view of retirement is more rigid and specific. Maybe it’s a time to travel or focus on new hobbies and growth? There is no right or wrong definition of retirement, but that doesn’t mean you shouldn’t form your own meaning. Take time before you retire to determine just what retirement means to you and how you can reach that vision. Doing so will allow you to focus on what you Continue reading What Does Retirement Mean to You?
Many people rely on the stock market and investments to help grow their retirement funds. Such investments, if done correctly, can be an easy way to grow your nest egg over a long period of time. However, don’t forget that there is always risk associated with investing your retirement funds and you will need to keep an eye on the markets to make sure you don’t take heavy losses. While there is a ton of investment advice on the internet, many people still turn to investment professionals and financial planners to help them make decisions and avoid risk. The involvement Continue reading Who Makes Your Investment Decisions?