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?
It’s an age-old question: Can money buy happiness? The answer, it seems, is not straightforward.
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.
While hitting the links or traveling the world are common retirement goals, so is a greater focus on charitable giving. And retirement can open up a world of possibilities to that end.
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.
The arrival of spring has brought warmer weather, longer days, a renewal of life … and the yearly desire to clean out and get organized. It’s also the perfect time to get your financial house in order. Here are some housekeeping tasks you can tackle to help make sure you and your money are headed the right way in the year ahead.
Today’s retirees are finding that retirement requires at least as much psychological and emotional preparation as it does financial preparation. So, retirement planning needs to include a thorough assessment of human assets and liabilities along with an assessment of financial assets and liabilities.
There are many formulas for figuring out how much money you need to retire. Almost all of them can end up being wrong for a variety of reasons.
Personal debt problems can arise from numerous circumstances, including health crises, theft, property damage, or loss of income. These situations are beyond the debtor’s control and arise through no fault of his or her own. But in other cases, it’s our own purchasing decisions that contribute to amassing a burdensome amount of debt, and it’s entirely avoidable.
In the modern world, it’s probably fair to say that most of us like to get what we want quickly. We like fast food, same-day delivery, on-demand entertainment and fast passes at the theme park. And sure, it would be great to “get rich quick” in the stock market too. © 2019 The Participant Effect. All rights reserved.
