During youth, we often assume we’ll have plenty of time to pay off our debts. As part of a solid financial wellness plan, we know it’s important to become debt-free, but we put it off for another day.
At some point, the government decided that a retiree needed to only save enough to live on 80 percent of their cost of living. But as an experienced Financial Advisor can tell you, that isn’t a hard-and-fast rule.
At one time, employees worked until they reached their 60s and passed away not long after retirement. However, as life expectancies have reached the late 70s and early 80s, planning for a long retirement is an integral part of managing financial risk. Consumers must plan for longer golden years.
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Speaking to a Human Resources representative or 3(21) fiduciary investment advisor can be challenging when conversations are filled with jargon you don’t understand. Fortunately, it’s easy to research these terms.
Part of good fiduciary risk management is understanding how to protect your own finances. For those considered baby boomers, retirement has now become reality with 10,000 people retiring daily.
Retirement: No matter how close it is or how much you’ve saved, it still seems to feel far away.
Life is full of emergencies. When the unexpected occurs and expenses suddenly come out of nowhere, it may be tempting to borrow from your 401(k); after all, retirement is years away, and you have plenty of time to replenish the account.
Conventional wisdom has young workers putting money aside each month for their golden years. Part of the traditional fiduciary process is paying off all debts, then transferring money into a 401(k) or other retirement savings account from each paycheck.
Whether you’ve just entering the workforce or you’ve been working for a while, you are probably concerned about your financial future. The longer you go without addressing your debt, the higher your fiduciary risk. But with monthly expenses and college loans, reducing that risk can be tricky.
Despite the overwhelming financial advice, the majority of Americans have little to no retirement savings, and it’s a problem that seems to be getting worse.
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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