Retirement

10 Steps to Take When You’re Facing a Forced Retirement

You spend decades of your life working toward the goal of retiring someday. There’s a ton of guesswork involved about when it will happen, how much you’ll need each year and even how long you’re expecting to live.

But when retirement happens sooner than you anticipated — due to a layoff, health issue or some other life event — your decades of retirement planning gets thrown off course.

Suddenly, your time to save is over. Now you have to make less money last even longer than you’d imagined.

10 Steps to Take When You’re Forced to Retire Early

Whether you’ve been forced to retire early due to circumstances beyond your control or you’re preparing for a worst-case scenario, know you still have options for a financially sound retirement. Follow these steps to help you adjust your plans.

1. Find Affordable Health Coverage

When you have to retire early, you’re hit

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These 2 Words Could Send Your Retirement Money to the Wrong Beneficiary

Planning for your death may feel slightly morbid and uncomfortable. But the alternative option — ignoring estate planning and beneficiary designations — could end up infinitely worse.

One little-known election on your retirement accounts, the choice of  per stirpes vs. per capita, could even send your retirement money to the wrong beneficiary or cut someone you love out of receiving anything at all. Now that’s uncomfortable.
 

I recently shared on the Stay Wealthy Retirement Podcast that you won’t be around to see this calamity unfold, but the bitter fallout is something your family will likely never forget.

Beneficiary Planning and Why It Matters

The reality is, you’re alive now … but you won’t be forever. If you want your money to be inherited by the right people, there are important steps you must take today — before it’s too late. As dark and dreary as it might feel, planning for

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Turn Your $50K Salary Into A $1M Retirement Fund

Ask Americans why they don’t have money set aside for their future and many will answer that saving for retirement isn’t a priority for them. At least, that’s what 40% of respondents in a recent GOBankingRates’ survey said when asked why they didn’t have any retirement savings.

There could be plenty of reasons why saving for retirement isn’t key for them, but a big one might be that many people are prioritizing other expenses — especially if they need to stretch a small paycheck. The median household income in America is $61,372, according to the latest figures from the U.S. Census Bureau. That means half of all household incomes in the country are lower.

So, how do you manage to get by and save for retirement without a big paycheck? If you earn $50,000 or less a year, click through to find out how to retire with $1 million.

Last

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What To Do If The Coronavirus Pandemic Is Forcing You Into Early Retirement

Until recently, the goal of early retirement was a lofty one. But with the chaos caused by the coronavirus pandemic, some older workers are being pushed into retirement ― whether they’re ready or not ― minus the sandy beaches and financial freedom.

During past recessions, it was common for older employees to drop out of the workforce completely rather than try to compete for new jobs. But now, there’s even more pressure to abandon working life.

“Since this is a global health pandemic, it has added a layer of complexity not seen in past recessions,” said Jeffrey Lewis, a financial advisor with Savant Wealth Management. Some older workers may be less inclined to return to the office for fear of contracting the virus themselves, or bringing it home to their spouse or kids who may have an underlying health condition, Lewis said. “If employers are not able to meet

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How Much You Should Have in Your Retirement Fund at Every Age

If you’re counting on Social Security to fund your retirement, you might want to think again. According to MarketWatch, the two funds that pay Social Security’s benefits — the Old-Age and Survivors Insurance and the Disability Insurance trust funds — will run out of money in 2035 if Congress does nothing to fix the program. While Social Security benefits won’t disappear if this happens, the funds will come only from taxes and therefore payouts will be lower. With less help from the government, it’s important to start saving now to protect yourself and your loved ones during your golden years.

There are numerous studies and theories about how much you should have saved for retirement, emergencies, necessities and other expenditures. For example, studies by Fidelity and T. Rowe Price show the retirement savings benchmarks for where you need to be, starting at age 25. Both studies stress the need to

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15 Hidden Fees To Watch Out For in Retirement

If you want to guarantee a happy, stable retirement, it’s important to start saving — and investing — now. Unfortunately, hidden fees can wreak havoc on even the smartest investment strategies. Along with consulting fees, you might find yourself dealing with fees to trade, fees to advise and even high taxes. Watch out for these 15 hidden fees so you can avoid wasting your money in retirement.

Last updated Jan. 20, 2020

1. Advisory Fees

While financial advisors need to eat and pay rent just like anyone else, the rhetoric they use to express how much you’re being charged might be hard to decipher. Advisors often talk in “basis points,” which simply means tiny fractions of a percentage point. For example, 1% comprises 100 basis points, and 50 basis points are equal to 0.5%.

Depending on your investment, advisory fees can be some of the highest fees you’ll pay.

How

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50 Things Every 50-Something Should Know About Retirement

People in their 50s who are nearing retirement have a lot on their plates. Between mortgages, adult-age kids and other responsibilities, it can be hard to prioritize everything. However, it’s never too late to prepare yourself for those golden years.

Look at your spending to figure out where your money is going and if you need to start budgeting so you’ll have enough savings for retirement.

“I often see couples unaware of each other’s spending habits until they create a budget,” said Dolph Janis, owner and founder of Clear Income Strategies Group. So have a serious talk with your spouse about establishing spending controls and setting aside funds for your future.

These days, some people who retire in their 60s live until they’re 90 years old. That’s a 30-year gap of time you’ll need to fill with meaningful experiences and, well, money. Don’t retire without knowing what you want to … Read More