Wednesday, July 28

Retirement

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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. ...
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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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Financial experts share 5 pieces of money advice everyone hates to hear

When you buy through our links, Insider may earn an affiliate commission. Learn more.Some financial advice may be a bitter pill to swallow, but that doesn't make it less essential. Financial experts told us people hate to be told to spend less, and to save earlier for retirement. Folks also hate to hear they should say no to their kids, and that timing the market is a bad idea. Compare savings account rates & offers in your area » When it comes to finances, there is some advice that is too tough a pill to swallow for some folks. Anybody can have a closed mind and closed ears, be it a high-net-worth shopaholic hiding shopping adventures from a spouse, jeopard...
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A retirement account can reduce your tax bill, but the type you decide to use determines when

An IRA, or Individual Retirement Account, is a retirement savings account that can reduce your tax bill — now or in the future. If you invest in a Roth IRA, you'll pay taxes on the money you contribute today, but not when you make withdrawals during retirement. If you invest in a traditional IRA, you'll save money on taxes today but will pay taxes when you take out money during retirement. See Insider's guide to the best IRA accounts. You have a lot of options when it comes to saving for retirement. Contributing to a 401(k) is a great starting point, especially if your employer offers a match. But if that's not an option, or if you want to save even more,...
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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 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...