Retirement Planning

Staying Young in Retirement

It’s no secret that the secret of staying young is keeping your mind active and engaged. But as a retiree, removed from the world of work and with loads of time on your hands at home, how do you do that, exactly?

I have the pleasure of working with several people in their mid-70s, who are among the most interesting and engaging people I ever met.

They stay young by keeping their mind and body busy. These people always think of new ways of keeping their interests fresh. I hope that as you get closer to retirement, you can do the same thing. Some tips:

Setting the Right Goals

The first step of successful investing is setting goals. Right goals. Having a long-term stable income for retirement is a right goal. Accumulating $1 million is not.

Women’s Plans: High Stakes

If you’re a single woman, your financial planning needs exceed those of the average couple or single man. Why? You will live longer than the average man but typically with less money (aka longevity risk).  What can you do to protect yourself?

Women on average are more receptive to professional financial advice than are men – a positive, since professional guidance from an objective planner can brighten financial prospects immeasurably.

Workers’ Stock = Your Exit?

Every owner looks for the best way to retire from a beloved business. One employee incentive may be your best answer: employee stock ownership plans (ESOPs).

These qualified retirement plans must invest primarily in the stock of the sponsoring employer. If you master its intricacies, an ESOP might be a good decision for you and your employees.

Elements to consider:

How to be a Happy Retiree

People who feel more secure about their finances are more likely to be happy in retirement, a survey by Northwestern Mutual Life Insurance shows. If you don’t want to fall into the unhappy retiree camp, or even worse, not have retirement as an option, learn to avoid the pitfalls, and start saving today.

Why Switch to a Roth 401(k)?

Beginning in 2013, you could roll over all your standard 401(k) funds to a Roth account in the same retirement plan. But such a move may not be good for you. While the upside of a Roth is tax-free money in the future, converting creates an extra tax burden today.

Gen Y Folly: Not Investing

Coming of age and entering the workforce in the wake of a financial crisis, our younger generation became skeptical about investing. But the fact is, millennials need to invest as the stock market is one of the best ways to grow wealth long term.

Retire Early? 14 Snags (Pt. 2)

Retiring before age 65 remains the dream of many Americans. Our first article looked at your personal obstacles to early retirement, such as how you save. Here are more potential roadblocks to starting your golden years ahead of time.

$ Tips for Your Grown Kids

Early summer’s cap and gown now hang in the closet and you just hope your suddenly grown child is ready for real-world financial challenges, from debt to saving for a remote retirement. Now more than ever, you can teach your kid many key money lessons.

Why Retiring Is Tougher Now

Today’s retirement may look nothing like your parents’ or grandparents’. People live longer, benefits grow thinner, and health-care costs rise. Review your financial situation and start planning early so that this new retirement doesn’t catch you unprepared.

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