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.
According to the Investment Company Institute, it is estimated that there are over $20 trillion in retirement accounts as of December 30, 2013. Retirement accounts make up the majority of many people’s assets, and unfortunately, many owners of IRAs and their financial advisors are not fully aware of the complicated tax laws regarding distributions of these retirement accounts.
Retirement accounts are different than other investment accounts!
Did you just realize you haven’t been saving for retirement as adequately or early as is necessary? Here is a quick infographic to help you make up for lost time and get back on track:
Compounding is often referred to as “magical” because of the way it can help your savings grow; Luckily for you, compounding has nothing to do with magic and everything to do with simply math and patience.
For grandparents (or other extended family members) who want to support a child’s education, there are a number of methods available for use—each with their own advantages and uses. All provide financial support for the student, of course, but each has its own challenges and tax considerations to be taken into account.
To help your children get a better financial start, it’s important to have an education savings plan. The sooner you start saving, the better off you will be in the long run, and even modest savings can grow into significant investments by the time your child is ready to head off to school.
The most important thing to keep in mind when dealing with an inheritance is to create a plan for its use. Because of the emotional circumstances surrounding your inheritance, it may be best to wait before making any decisions so you have time to process your thoughts and develop a coherent plan.
You have four options when it comes to your retirement assets: leave them with your former employer, roll them over into your new employer’s retirement plan, roll them over into an IRA, or cash out. As with most financial decisions, there are pros and cons to each choice, and your specific circumstances may make one choice more appealing than the others.