Saving for a secure retirement can often seem like a daunting task. But when you have even loftier goals it can feel near impossible. What would it take to become a millionaire, or even a multimillionaire? Would you need a big inheritance, some luck when playing the lottery? Do you need to spearhead a super-successful tech start up? Or become a doctor or a lawyer?
Can you believe that half the year is already gone? It’s time for a midyear financial checkup to make sure you’re on track to meet your retirement and other financial goals. This is a great time to set up an appointment with your NFP financial advisor or just take the opportunity to review some of the following areas of your financial wellness plan on your own.
After years of thrilling entertainment, the Avengers saga has finally come to a close in a truly spectacular and thrilling fashion. With the ultimate battle waged, we can only hope that our favorite superheroes head off to a well-earned retirement. If so, we hope that they’ve prepared well for their respective financial futures since there’s probably no Avenger pension plan.
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.
Full retirement age (FRA) for Social Security benefits is currently between 66 and 67, depending on when you were born. Benefits are determined based on your 35 highest years of earning on record with the Social Security Administration, but will be higher or lower depending on when you file. If you file at FRA, you’ll get your full monthly benefit.
If you thought that retirement started at 65 for most Americans, think again — according to a recent Gallup poll, the average reported retirement age for currently retired Americans is 61. And according to the Centers for Disease Control and Prevention, a person who has made it to their early 60s can, on average, expect to live another 23.3 years.