When planning for retirement, we typically focus on things like asset allocation, 401(k) performance, Social Security and the like. However, there are many nonfinancial aspects to preparing for this exciting phase that can greatly impact your quality of life. Here are some tips and strategies for a happy, healthy and well-rounded retirement.
According to Northwestern Mutual’s 2018 Planning & Progress Study, more Americans are worried about money (44%) than either their personal relationships (25%) or work (18%). So if you’re concerned about having enough money for retirement, you have company. Putting a plan in place can help reduce anxiety about your financial future.
Budget Basics
Perhaps you’ve lost a job, faced an illness or have been delt a family crisis that emptied out your emergency fund. What are your next steps?
You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Social Security’s financial cliff is coming closer into view. Experts project that the fund that pays for government retirement benefits through FICA taxes will be depleted within the next 15 years.
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