If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy. However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing. Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an … [Read more...] about Reverse Analysis Reveals Telling Statistic
If you or your spouse have worked for at least 10 years you should qualify for Medicare when you reach the age of eligibility. Unlike Social Security the age of eligibility for Medicare is the same for everyone regardless of the year during which you were born. As of this writing you become eligible to receive your Medicare benefits when you are 65 years of age. So at that time you have reached health care Shangri-La, right? You no longer have to worry about paying any medical expenses … [Read more...] about Is Medicare Free Once You Become Eligible?
Considering the tax burden that you will be carrying after you put your working years behind you is important if you want to be intelligently prepared. Most people who retire are going to be living on a fixed income and the fewer expenses you have the better. Rising taxes could continually erode your discretionary income. Property taxes are something to evaluate. Of course the amount that you must pay is tied to the value of your home, so you may want to consider downsizing if you have a lot … [Read more...] about Some States Are More Retirement Friendly Then Others
As you start to get serious about looking toward the future it is useful to see a holistic picture. Everything is connected, and the actions that you undertake in the present are going to impact the position that you are in later on. When it comes to retirement the ideal scenario is to have little to no debt, a solid ongoing income stream and a significant store of financial resources to fall back on. So, as you are planning ahead you would do well to address first things first and do … [Read more...] about Don’t Let Debt Hinder Retirement Plans
Preparing for retirement involves having a good idea of the financial resources that you are going to need to pay your way after you are no longer earning a paycheck or receiving income from your business. To be able to do this you are going to need to have an idea of your expected lifespan. Lifespans have been rising over the years as medical science develops advanced capabilities and people have a better understanding of how to take care of themselves. The average lifespan in the United … [Read more...] about Be Aware Of Your Expected Lifespan
You are probably very good at what you do, but no one is an expert at everything. There is a common archetype out there about how people are sometimes reluctant to ask for directions because they don't want to admit that they need some help. This is something to avoid, and it is especially important to seek assistance when you have to make important financial decisions. One way that people can come into a significant amount of money is by receiving an inheritance. There are cases when an … [Read more...] about You Have Received An Inheritance–What’s Next?
If you want to travel and enjoy your leisure time to the utmost you are probably going to have to plan ahead carefully so that you have resources to draw from beyond your Social Security benefit. If you get started early enough and stick to an intelligently conceived plan for an extended period of time you should be able to enjoy your golden years in comfort. It is however important to gain an understanding of what to expect from Social Security when you are making preparations for your senior … [Read more...] about Social Security Spousal Benefits
If you want to be ready for retirement you have to get started saving as soon as you can in an effort to accumulate the financial resources that you will need to enjoy your golden years in comfort. A 401(k) plan is a very good start, and most of us are offered an opportunity to participate in one when we first begin our careers. It is definitely a good idea to contribute into the 401(k) plan that is offered at your place of employment, especially if the employer is willing to match your … [Read more...] about Your 401(k) Account After Job Separation
If you are experiencing some types of symptoms that indicate a health challenge you are not going to be well served by making your own diagnosis. You could have some layman's hypothesis about what you may have, and you may get advice from people that you know. However, if you act without professional guidance you could well make a mistake that makes matters worse or create a problem that didn't previously exist. The above is something that you can apply to financial planning as well. If you … [Read more...] about Let Your Attorney Guide You
As you are looking forward to the future it is important to have a good understanding of what you can expect from Social Security. If you want to be able to retire in true comfort you don't want to rely too heavily on Social Security, but if you are like most people it is certainly going to represent a significant portion of your retirement income. The first question that many individuals have about Social Security involves when they will become eligible to receive their full benefits. There is … [Read more...] about Understanding Social Security