Saving enough money for retirement usually means that you will have to open new accounts to diversify your portfolio and to let your money accumulate and grow over time. But these retirement accounts don’t take care of themselves without any oversight; someone has to pay for account management. It’s important to periodically evaluate the fees [...]
Many of us are working hard now with hopes of a future that includes a relaxing retirement. But a funny thing happens once you retire from your job—you can get bored. Plus, you might find that your retirement savings aren’t enough to keep up with the post-retirement lifestyle you want. A part-time job can help [...]
January is a good time to make an appointment with your financial planner—or find one if you don’t already have one—to make sure your retirement plan is growing in the right direction. Fee-only financial planner Brent Perry, CFP®, of Piedmont Financial Advisors, LLC, in Indianapolis, Ind., suggests asking your advisor these five retirement questions during [...]
As another new year begins, you likely have goals to better yourself and your family. In light of an unpredictable economy, however, you also should set retirement goals. While resources may occasionally be tight, there is no reason why you should be caught off guard when it’s time to retire. Follow these five simple resolutions [...]
When retiring with a mortgage, you should really think about whether downsizing would make more financial sense. Q: I currently have 10 years left on my home mortgage of about $200,000 and I am 64 years old. I plan to work past 70, but I am concerned that my job might disappear or that I [...]
If you are switching to a new job, you will need to decide what to do with the funds that are in your retirement accounts at your old job. Taking the time to carefully weigh your options in order to make the best financial decision can be critical to your retirement planning. You generally will [...]
When you’re sitting there, unemployed (or underemployed), trying to hold on to your house and keep food on the table somehow, you probably don’t really care that the money in your 401(k) was intended for your retirement. In fact, it’s likely you’re feeling a little desperate and want to do anything you can, no matter [...]
Don't use your retirement savings to pay off debt, especially if you don't have a lot of debt or high interest rates. Q: My wife and I are both 47 years old and we both have Roth IRAs that we are maxing out each year. We have a total balance between the two accounts of [...]
Evaluate the pros and cons of renting versus home ownership before considering withdrawing from your 401k to pay for a home down payment. Q: My husband is considering taking part of our 401k after we retire and cashing it in. He wants to use that money as a large down payment on a home. It wouldn't be [...]
The government offers a choice of withdrawing all your IRA savings or receiving smaller payments after age 70 1/2. Q: When I retired a few years ago, I moved my 401(k) into an IRA. Now that I am 70, I got a letter stating that I need to make withdrawals from the account, and giving [...]
