We all know that the Thrift Savings Plan (TSP) is important in retirement, but there are 4 other assets that are often overlooked but are key factors in having a great retirement. After all, I don’t know anyone who just wants a decent or average retirement. I definitely want an amazing retirement and I hope …
You don’t have to be an avid investor to have retirement planning on your radar. It’s part of “adulting,” getting your finances in order before you launch into your golden years. Most people are familiar with employer-sponsored plans like the 401(k), but fewer than one in five American workers use this highly effective and supplemental …
For millions of seniors, Social Security is a retirement lifeline. But sometimes even small misunderstandings can be costly. While you don’t need to know every detail of how the program works, knowing at least the basics of how your benefits are calculated can help you avoid any surprises in retirement. These three factors are among …
Dear Annie: I have been married for 33 years. My wife has children and grandchildren from another marriage. She has a great job and makes a lot of money. I am now retired. I have a nice little nest egg from my pension. About 15 years ago, when we had a joint checking account that …
Saving for retirement is difficult, and if you’re falling behind, you’re not alone. The average retirement account balance is about $113,000 in 2022, according to Vanguard’s latest “How America Saves” report, and the median balance is only about $27,000. However, as retirement costs continue to rise and Social Security faces continued financial challenges, workers may …
If you think Social Security will provide a large portion of your retirement income, think again. In August, the average monthly Social Security retirement benefit was $1,840. That’s only about $22,000 over a year. Fortunately, if you have earned more than average over your working life, your benefits will be above average. There is, however, …
Dear Dave, I read where you recommend saving 15% of your income for retirement. Should I count my employer’s contribution to my retirement plan in this 15%? Carlotta Dear Carlotta, That’s a great question. Employer contributions don’t count toward the 15 percent I recommend setting aside for retirement. It’s great if you work for a …
Kevin Xiong / Getty Images/iStockphoto For decades, the U.S. Social Security system has been the cornerstone of retirement planning, ensuring a basic level of financial support for retirees. However, while the American system has its merits, several countries around the world have developed impressive retirement programs that offer superior benefits, sustainability and overall satisfaction. Here’s …
You’ll need money in retirement to cover your bills outside of Social Security. These monthly benefits will only replace about 40% of your pre-retirement income if you earn an average salary. If you prefer not If you’re facing a 60% pay cut in retirement, then saving for yourself is crucial. And you can do it …
As the long-awaited day of retirement approaches, most people will need an investment strategy to generate income to cover their living expenses. Peace of mind comes from knowing you have a plan in place that will keep you financially secure throughout your retirement years. Although Social Security is a fundamental pillar of retirement income, for …