Thursday, July 29

Retirement Savings

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3 things to sacrifice now for a much more comfortable retirement, according to financial planners

Sacrificing now can lead to a much more comfortable future, financial planners say. Giving up above-your-budget homes and fast-depreciating new cars can make a massive impact. And curbing an expensive dining-out habit now can help create a more comfortable life later. Read more Personal Finance Insider coverage » Sacrificing now for a better life later isn't the most glamorous idea. But it's important. Financial planner Michaela McDonald, who works with the financial app Albert, said that even small changes made now can add up."I always urge clients and people to take a look at the money that they're sinking into non-essential spending and flip it in their...
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I ditched my retirement goal when a pregnancy loss showed me a more important savings priority

At the start of 2021, I planned to save $25,000 a year for retirement. That changed when I had a miscarriage. I realized I wanted to prioritize motherhood as a financial goal. Now I'm saving ambitiously for adoption or any medical needs I may have as I try to become a mom. Read more stories from Personal Finance Insider. I'm the kind of person who has trouble saving without a specific goal to keep me on track. I spent over a decade paying off $80,000 of debt, and I was able to do so in part because I had a clear goal in sight. The closer I got to being debt-free, the more frugal I became, and felt overjoyed when I reached my goal. So for 2021, I made a retir...
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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...
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A financial planner shares 3 pieces of money advice clients never want to hear

Don Grant has been a financial planner for nearly 20 years, which means for nearly two decades he's been having tough talks with people about their money. "When I first meet with clients, I say, I'm often going to tell you things that you may not want to hear but I have to tell you," said Grant, who serves as an ambassador for the CFP Board. Grant shared with Insider the top three pieces of money advice his clients never want to hear. 1. You're not saving enoughGrant works with clients at various life stages, and those nearing retirement age aren't happy to hear that they can't leave their jobs as soon as they want. "I've had to bend a couple of people back to work for a couple...
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A millionaire who retired at 43 says he made 3 money mistakes on the road to financial independence

Jim White retired with a net worth of over $1 million at age 43. But, he found that he overspent in several areas, including on his house. He also realized that buying new cars and spending too much on food hurt his saving plan. Read more Personal Finance Insider coverage » Jim White retired at age 43 in 2018 with a net worth of over $1 million. But, he didn't get there without making a few mistakes. He says that he overspent on three major expenses before reaching FIRE (financial independence/retire early): his family's home, cars, and groceries. Now, he's trying to reduce these costs as much as possible as he lives off his savings. Here are the areas where...
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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 ...
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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...