Is it possible to save too much for retirement? That may seem like an odd questions. However, the answer is…yes. The answer isn’t so much focused on finances, but rather how saving for the future is impacting your life in the present. Sure, we all want to have that seven-figure nest egg, but what if getting requires forsaking a lot within your current life? I’m not saying you shouldn’t budget and be smart with your money, but don’t get carried away with it. In other words, don’t be afraid to take a vacation from time to time. Or go out Continue reading Can You Really Save Too Much for Retirement?
We are heading into uncertain times. The world is dealing with a dangerous pandemic that is wreaking having on the global economy. In a matter of a few short weeks the Coronavirus has drastically changed the way we socially interact with one another, the way we work, and the way we educate our children. Whether all this is good or bad remains to be seen. However, I can guarantee you that things will not be the same once we get through all this. And yes, we will get through this. It’s almost impossible to tell at this moment as to Continue reading Things Will Be Different In the Future
I don’t want to alarm you–I’ll leave that to the news media–but the Coronavirus will change the world we live in. The economic, emotional, and physical toll that this pandemic will have on society and the global economic has the potential to be astounding. It is already changing the way we work and educate and will most likely force us to re-assess your global supply chain and how we as a society can better detect future pandemics. There is going to be a lot of uncertainty in the months ahead, particularly in the markets, and no one knows when or Continue reading The Future is Uncertain, But It Shouldn’t Be Scary
As I’ve mentioned in many past blog posts, saving for retirement is a long-term mission. If done properly, saving for retirement usually involves saving for something that won’t happen for decades in the future–that is, if you start saving young. In this day and age, though, it can be tough to think so far in advance, especially for those of younger generations struggling to get situated in the real world. For those who are decades away from retirement, staying focused on saving can be tough. It can be tempting to spend that money in the current day instead stashing it Continue reading Saving For Retirement and Fighting Temptation
There’s nothing wrong with seeking professional help when it comes to formulating your retirement plans or building up a nest egg. In fact, it’s very common for Americans to turn to financial and retirement professionals to help them set their retirement goals and get on the right track for meeting those goals. Hence, the reason why I have a job! However, not all advice is created equal and, just like with anything, there are good financial planning professionals and not-so-good financial planning professionals. When you seek out a financial planner or professional, you need to make sure you properly vet Continue reading Need Help With Retirement Saving? Get the Right Help!
No, this post is not going to mathematically break down how taxes will affect your retirement savings when you are contributing to a employer retirement plan and your contribution is being matched by your employer. That’s too confusing and will vary from person to person as not everyone makes the same amount of money. What I do intend to do, though, is to get you thinking about how taxes may impact your retirement savings if you are using an employer plan (i.e. a 401(k) or a 403(b) plan). These plans can be a great way to save for retirement, especially Continue reading Taxes and Your Employer Retirement Plan(s)
While the working world may stop for many in retirement, many other things do not, including taxes. Yes, you will most likely have to pay some taxes in retirement, even if you aren’t necessarily working any longer. Thus, you would be wise to build such expenses into your retirement savings. It can be easy to overlook taxes while saving, especially if you are focused on certain retirement goals and benchmarks. However, if you have been thorough in your planning, you have included your estimated taxes into your financial plans. While you may not be able to estimate your future taxes Continue reading Build Your Future Taxes Into Your Retirement Savings
Despite the title, this post is not encouraging you to skip saving for retirement. I would never advocate that. However, for some people, particularly those of younger generations, it can difficult to save for retirement when it is so far off or you are unsure as to how they want to spend it. In such instances, it might be wise to take a different approach to saving. Instead of looking at it as “saving for retirement,” view it as “saving for the future.” When you think about it, saving for retirement can seem very rigid–and in some ways it is–while Continue reading Not Sure What Your Retirement Will Look Like? Then Don’t Save for It.
So much retirement planning information centers around preparing for the future that it can be easy to forget about the present. Remember, retirement saving is a long, grueling process and it is easy to lose sight of our goals during that process. That’s why you need to also keep an eye on the present. The present is where your motivations and desires lie. It’s what will keep you focused on saving. By staying motivated in the present, your future will be more enjoyable and complete. All this doesn’t mean you shouldn’t also think about the future; ignoring that would also Continue reading Think About the Future, but Don’t Forget About the Present