Thursday, July 29

retirement planning

Personal Finance, Personal Finance Insider, pfi, PFI Quinstreet, PFI Related Content Module, PFI-XAMP, Retirement, Retirement Advice, retirement planning, retirement saving

Retirees say they made 3 financial mistakes before leaving work that still haunt them

Retirees wish they'd spent less on houses and cars, and saved more instead. They wish they'd had more money and retirement conversations with their spouses sooner. And they wish they'd paid off their mortgages before retiring. Read more Personal Finance Insider coverage » Planning for retirement isn't always easy, but you only really get one shot at doing it well.Learning from others who have retired is critical, and, luckily, many people who have retired comfortably are willing to share the things they've done well — and what they wish they'd done differently. Here, retirees share three mistakes they made on the road to their golden years. ...
Blooom, DFP, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Quinstreet, PFI Related Content Module, PFI-XAMP, Retirement, Retirement Advice, retirement planning, Retirement Savings

4 smart things retirees did to save money that guarantee them a comfortable lifestyle

When you buy through our links, Insider may earn an affiliate commission. Learn more.Anyone who's already retired knows that getting there takes a lot of time, hard work, and money. Having enough saved for retirement can be a large task, and getting your money to grow enough over the years to support you for decades isn't easy. However, plenty of people have done it, and many are willing to share the tips and tricks that got them there. Here are four retirees' main tips for saving enough to retire well. 1. Avoid lifestyle inflationWriter Elizabeth Aldrich interviewed her dad, who retired at age 55, about how he saved enough to leave work. One of the points he stressed was avoi...
DFP, Investing, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Retirement, retirement planning, Retirement Savings, Retirement savings accounts

Americans say 5 obstacles hold them back from saving enough for retirement, but it doesn’t have to be that way

Americans say their retirement savings suffer because of five major factors. They say that market volatility, unexpected expenses, and monthly expenses keep them from saving. Debt also keeps Americans from saving more, with education and credit card debt the most common. Read more Personal Finance Insider coverage » Americans want to start saving more for retirement post-pandemic. However, several factors are holding them back. From high costs of living to student loan debt, Americans are struggling with several factors as they try to save and invest more for retirement. That's according to an April 2021 Schwab survey of 1,000 Americans ages 25 to 70 who ...
401 (k), DFP, HSA, IRA, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Retirement, retirement planning, Retirement Savings

Watching my dad retire 10 years earlier than expected made me change my money habits in 3 ways

My dad is retiring 10 years earlier than he expected, and it made me change my saving habits. I realized retirement doesn't always happen when you expect, so I increased my savings. I also started looking into an HSA to save more for healthcare expenses later. Want to share your retirement story with Insider? We're looking for retirees to profile. Send reporter Liz Knueven an email at [email protected] My dad didn't expect to be leaving work in 2021 — he thought he had about 10 more years left. But, he decided to take a deal to retire 10 years earlier than expected. He's always extolled the merits of 401(k)s and IRAs to my brother and me, and encouraged...
401k, retirement planning, stock market, Stock market crash

How to Protect Your 401k from a Stock Market Crash | Rule #1 Investing

Are you riding your retirement on the success of the stock market? If so, it's understandable that you're worried about what a crash could mean for your 401k. If that's you and you're wondering how to protect your 401k from a stock market crash, I've got good news for you: You don't have to worry. The stock market is volatile, but you can minimize that risk with the right investing strategy. If you invest your money the right way, you can not only protect your retirement but also experience even greater returns so your retirement can be even sweeter. I'll show you how to take advantage of stock market volatility, which includes a stock market crash , so you can profit from the fluctuations instead of watching your portfolio take a plunge. Are you with me? ...
Family Finance, Personal Finance, retirement planning

When her oilpatch employer’s stock tanked, so did this Alberta woman’s retirement plans

Article content continuedAt present, Lucy saves $1,767 per month. When her pension bridge ends at 65, her pension will drop by $600 per month and be replaced by OAS which has a present payment rate of $614 per month. That will keep her pensions other than CPP at about $3,700 for life. She plans to take CPP later this year, adding $731 per month before tax to her income.Lucy's net worth at present consist mainly of $6,000 of savings, $30,000 in her TFSA and $156,000 in RRSPs. She has a $5,000 line of credit. Her car has an estimated value of $5,000. Her financial assets total $192,000, not including the cash value of her permanent life insurance, which is valued at $70,000. If she were to retire later this year and pay off the line of credit with cash and trade in her old car for a new $...
Family Finance, Personal Finance, retirement planning

How this couple can turn a job loss into tax savings and end up with a’generous’ retirement

Article content continuedThe couple can use tax savings from RRSP shifts to build TFSA balances at $12,000 per year growing at three per cent after inflation to $398,500 by the time Nancy retires at age 65. That capital would produce a non-taxable cash flow of $19,740 for the 30 years to her age 95.Retirement incomeWhen Bill reaches 60 in seven years, his Canada Pension Plan benefits will start at a rate reduced by 36 per cent from his age 65 entitlement to $7,764 per year with no tax. Added to Nancy's $103,200 salary, $72,100 after benefits and 30 per cent tax , they will have $79,864 to spend. That's $6,655 per month. That would cover present allocations.When Bill reaches 65, his Old Age Security can start at $7,362 per year. Added to his annual CPP benefit, $7,764, he will have pensi...
jason heath, Personal Finance, Retirement, retirement planning

Retirement planning can be so complex people avoid it altogether. Here’s how to avoid that trap

Article content continuedFor a 30-year old, the income replacement may be more than 60 per cent with a 10 per cent annual savings rate and age 65 retirement. A 50-year old getting a late start may only replace about 45 per cent of their income by 65.In the absence of someone taking the time to assess their unique personal circumstances, the "How Much to Save?" study highlights the benefit of a retirement planning recommendation that can be tweeted in 280 characters or less.So, I am willing to suggest that a mid-career saver aims to put aside roughly 10 per cent of their income if they are looking for a quick answer to how to replace about half of their income by age 65. 10 per cent is better than nothing at all. However, the “right” amount could range from 0 per cent to 20 per cent, or ...