Retirement can be one of the most anticipated and exciting times in a person’s life. When the time comes to start this new chapter, it is important to consider all of the factors to make the transition as easy as possible. Diligent financial planning is one of the most important things that can make a senior’s retirement successful, and it is especially helpful to know that there are some states that have better financial environments than others. Whether retirees already live in one of these states, or are looking for a new place to reside, knowing expense expectations can help …Read More
Does your retirement planning include a plan for how you will take withdrawals from your retirement accounts?
You can spend your life saving for retirement with the assumption that once you reach retirement age, your work is done. Or you can recognize that money management continues into your golden years and do some financial planning ahead of time to make it easier.
The Motley Fool highlights “3 Mistakes People Make With Retirement Withdrawals” to help readers avoid missteps after working and saving for many years.
If you wait too long to withdraw money from certain tax-favored retirement accounts, …Read More
There is an urgency to planning for your retirement. Some choices can be postponed, while others will severely impact your financial freedom later in life.
I love math, especially story problems. One of my favorite goes like this: Tom is driving to a city that is 120 miles away. For the first 60 miles Tom averages 30 miles per hour. How fast must Tom drive the last 60 miles in order to average 60 miles per hour for the entire trip?
The answer is not 90 miles an hour. The answer is that it is impossible for Tom to average …Read More
Yogi Berra once said, “You’ve got to be very careful if you don’t know where you are going because you might not get there.” Perhaps he was pondering retirement. Without a retirement plan you can’t tell “if you’re there yet.”
But saving something toward retirement and hoping for the best does not constitute an adequate plan. Because retirement is years – even decades – away, planning is more critical, not less. The more detailed the retirement plan, the greater the likelihood of success.
All financial planning begins by listing your financial goals. Most of us are not motivated primarily …Read More
Typically, every morning we will sit down to eat breakfast. Meals at our house are generally jovial, with discussions ranging from which animal would win in a fight to how my kids will spend their day.
A few mornings ago, however, my oldest asked me a rather interesting question. Knowing what I do for a living she asked, “Daddy, what do you have to do to retire?” My immediate response was, “That’s a great question!” At age …Read More