An Individual Retirement Account, more commonly known as an IRA, is a standard savings account approved by the IRS that grants significant tax advantages for users. While retirement is the most common way people use IRAs, it’s not the only way IRAs can be used. In this post, we explore the other ways IRAs can be used like for the down payment of a house, to cover college education costs, for medical expenses, as a tax-free gift to beneficiaries, as disability income, or even to purchase investment properties.
Today, the average American retires between age 62 and 65, with most people leaving the workforce at 63. If you’re nearing your mid-to-late 50’s, you may be starting to seriously consider when to retire and what steps you’ll need to take now to ensure you’re financially prepared when you do retire. Consider these 3 Tips to Successfully Transition into Retirement.
Is the concept of retirement outdated? You know — the idea of working hard for 40+ years to retire to a life filled with tee time appointments and relaxation. While this idea may seem dream-worthy to some, to others this notion of what retirement should look like doesn’t align with how they want to spend their golden years. In today’s issue, we explore the idea of what retirement means to you and steps you can take to create the type of life you want to live during retirement.
According to recent statistics by the U.S. Census Bureau, in 2014 the average American household brought in on average nearly $73,300 per year. This number is sharply contrasted by the median household income of $53,719 reported in the same year. These numbers tell us that while the average income level of all Americans is increasing, the median is not; which means there are a small percentage of high-income households who are skewing the average to be above the median.
Keeping your investments secure is more important than your home, your car or even your current job. Just think about this—if you were to lose your home, car, or job today, they could eventually be replaced.
But a lifetime of investments? That’s something you don’t ever want placed in peril.
The consumer price index (CPI) is an index that measures price increases and decreases of goods and services in the economy and computes a percentage change. The CPI index is the general measure of inflation in the United States. Read today's post to learn more about the CPI, Inflation and Deflation.
It’s never too late to start saving or to adjust your savings strategy—the important thing is that you recognize how important retirement savings are, and make the choice to save for the lifestyle you want. To ensure that you save enough today to live comfortably tomorrow, consider the following:
Do you know your retirement number? Consider the factors that go into estimating your retirement savings goal and decide how much you’ll need to live your retirement dream.
You spend most of your adult life saving for retirement, but have you ever thought about what you’ll do once it’s time to tap into those savings? Learn the different strategies you can use to provide yourself with a retirement income.