After decades of hard work and saving, you finally enter your golden years. If you’re gearing up to retire this year, here are five tasks to keep in mind, from spending cash to spending time.
Retirement is not what it once was. Inheritance is no longer a sure thing to fund your golden years. Paying off a mortgage, once a rite of passage for retirees, makes less sense today. And forget the old saw that 65 is the right age to retire. Increasingly, people are shying away from a date certain.
People say things like, “When I retire, I am going to be happy,” or “When I don’t have to work anymore, I will be happy.” The truth is, if you don’t think you can be happy until you retire, you won’t be.
Every day you read headlines talking about the money you need for retirement. What happens to the rest of your life – and who you think you are – after you punch your last time clock? Here’s how to consider changes that won’t come with a dollar sign.
Stocks return 7% a year on average, according to Wharton Professor Jeremy Siegel’s famous study, not 7% in any given year. But averages can give us a good indication of what to expect as long as we have a large enough sample size, spread over a long enough time.
Far more than merely an economic event, retirement is a life redefining milestone. Leaving work and transitioning to a different way to spend your time and money can change your identity. One trick: an open mind regarding leisure, learning, family and, believe it or not, even more work.
The days of a former corporate employer paying a life-time pension to you and your partner are dwindling. If your retirement looms, you need to account for ever-rising prices and how long you’ll need to pay them.
A good financial plan has philosophical underpinnings that go beyond how you allocate assets, pay for your child’s college, buy insurance coverage and all the rest. To get the most out of a plan, it’s vital to take control of your life psychologically. Here are three ways to do that.
We all make mistakes, and through them, we learn. But when it comes to finances, it is best not to take the trial-and-error approach. Avoiding some of the following financial mistakes might save you a great deal of money and heartache.
Have a retirement plan? Probably, but you’re hardly set. The type of plan you have figures big regarding income for your golden years, and here’s what to know.