When we think retirement age, 65 is often the first number that comes to mind. But that doesn’t mean it should be your final answer. While it’s often a starting point for consideration, there are several factors that could make another age a better choice for you. Here are eight considerations to keep in mind when making this very important decision.
Insurance may be less about if you’ll need it than when you’ll need it. Anyone who started driving at 16 is likely to have had a claim by the time they’re 34. More than 1 in 20 insured properties reported a claim in 2016, according to Insurance Services Office (ISO). And according to the U.S.
Your 401(k) is one of the most powerful retirement planning tools at your disposal. Are you taking full advantage of yours? Here are eight questions to help you answer this important question.
1. Am I enrolled?
Nearly 40 percent of millennials have no retirement savings, according to Personal Capital’s 2018 Retirement Readiness Survey. But millennials willing to take the long view can be reassured that time is on their side largely due to the remarkable power of compound interest.
No one likes to think about life insurance, or the conditions that could cause its need to arise. But it’s an important foundation for a family‘s financial plan — ensuring that critical needs are met in the worst of circumstances.
The 401(k) derives its name from section 401(k) of the Internal Revenue Code, which enables workers to delay paying taxes on parts of their income when it’s received as deferred compensation.
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
According to the 2018 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute, only 17% of respondents reported feeling very confident in their ability to live comfortably in retirement.
Americans do a poor job saving for retirement, but there are special hurdles — and opportunities — for women.
Only 24% of American men feel confident that they can fully retire with a comfortable lifestyle. What’s more concerning is that only 12% of women feel that same degree of confidence.
As an important part of planning your 401(k), you should be setting aside money for retirement. If you’re like many employees, you’re doing this in the form of an employer-sponsored 401(k) plan, which you probably signed up for when you were hired. But it’s important to know as much as possible about any investments you make, including your 401(k) plan.
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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