There is no shortage of retirement saving advice out there, but do you find it's hard to find advice relevant to your situation when you need it? If so, this guide should help.
Here are a couple of basic ground rules to this guide:
Most people hate to pay taxes. That's not hard to understand. What is baffling is the length people will go to avoid taxes - sometimes, the cost of avoiding taxes exceeds the taxes themselves.
The reason this happens is that for some people, all they have to hear is that a scheme will help them avoid taxes, and they are on board. Remember though, avoiding taxes should not be your ultimate goal. The idea is to earn the best after-tax return. That means avoiding taxes is only worthwhile if the cost and risk involved don't diminish your investment return too much.
Knowing you aren't saving enough for retirement isn't a great feeling, but at least you are not alone.
A full 71 percent of Americans say they are behind on their retirement savings and more than half, 54 percent, believe they will never pay off their debt fully, according to a new national survey commissioned by Experian together with Get Rich Slowly and other top U.S. personal finance blogs. Entering retirement with a large debt load is risky, experts say, and older consumers are carrying more debt -- mortgage, credit card, even student loans -- into their retirement years than ever before, according to data by the Consumer Financial Protection Board.
As I write this, I am on vacation. And I'm not just working for GRS while on my break. I'm posting on social media for six other clients, and writing freelance pieces for two other websites.
So when I say I am on vacation, I really mean that I am working in a house that is not my own, with a lovely view of a beach. Since being laid off from my traditional full time job three years ago, I have fashioned a working life that involves working for multiple entities, doing multiple tasks.
Staying Afloat When Prospects are Slim
My most stable employer provides 25 hours a week (but it's also the lowest paying). The rest range anywhere from 3 to 10 hours a week, depending on what's happening and what's needed. Some of the work is seasonal. Some clients pop up for a few hours' work and then disappear for months.
The world celebrated Father's Day on Sunday (or is it just an American thing?) and it got me thinking: What's the best financial advice your dad ever gave you? My father was never big on dishing out guidance, although when I was in college he did tell me it was always a good idea to nurse a beer rather than chug it.
When it came to money, I only remember two things:
When I got married, my father told me to keep an envelope in our safe-deposit box at the bank with a few hundred dollars in small bills, “just in case.” We did it.
It's a form of abuse that often unfolds in silence. Its victims are often reluctant to report it. And it is likely to become even more commonplace as our society ages.
What is financial elder abuse?
Financial exploitation of elders occurs whenever someone dishonestly hijacks the resources of an older adult for personal gain, such as:
Bonds can be great low-risk investments but chances are you have never purchased a bond ... and probably never will.
Same with me.
Learning how to open a SEP-IRA, a self-employed individual retirement account, doesn't have to be complicated.
Here's the experience of Lisa Aberle, a Get Rich Slowly contributor who had been working as an independent contractor since 2010, along with working a full-time job, and in 2014 left that full-time job. That meant she no longer had access to a company-sponsored retirement plan and had to figure out the remaining path to retirement as a sole proprietor.
Millions rely on financial professionals to do their investing for them but not everyone knows how to hire a financial planner the right way -- or when to say no to one.
On the surface, the rationale for hiring a financial planner or advisor seems valid. People feel intimidated by the whole investing thing. It seems like a jungle out there and, to boot, most people know someone who lost it all with bad investments. Others believe they just don't have enough time to learn about investing or to maintain their investments on an ongoing basis.
Retirement lifestyles depend on your financial success -- but financial success is part reality and part perception. In fact, if you moderate what you perceive as financial success, you could improve the financial reality of your future.
It's particularly important to consider this as you approach retirement, but this dynamic actually starts well before you're ready to retire. It has to do with what kind of lifestyle you think you need.