Being your own boss offers a lot of flexibility and opportunity for financial growth. But saving for retirement when you’re self employed can be a difficult path to navigate. That’s why Douglas Goldstein, CFP®, director of Profile Investment Services, Ltd., equates the strategies of investing and creating a self-employment retirement savings plan to playing a [...]
Retirement used to be about hard-earned relaxation—lounging on a beach, with golf games and cribbage tournaments as the only appointments on the calendar. But if a September AARP survey of nearly 5,000 workers ages 50 to 64 is any indication, work may be the new golf. More than one-third of those surveyed expect to work [...]
Saving for retirement can be confusing—and even a little intimidating—yet it’s utterly essential. Though nearly every financial professional recommends opening a retirement savings account as early as possible, the myriad options and often-confusing financial terrain can cause many people to procrastinate. It used to be simpler. In 1970, 42 percent of Americans had a defined-benefit [...]
Many resourceful parents aim to do everything they can to help their children through each stage of life: childhood, emerging adulthood, and, for some, even retirement. Before considering whether to save for your children’s retirement, it’s essential to first make sure you can finance your own post-work life chapter, says Chris Long, CFP®, of Chicago-based [...]
Saving for retirement during your lifetime is one of the smartest financial investment decisions you can make. In fact, the sooner you start, the further those hard-earned dollars go, thanks to the power of compound interest. However, many young people are more concerned about student loan debt than they are about retirement planning. According to [...]
When you’re preparing for retirement, one of the many things people think about is retirement savings. You’ve worked hard and invested for retirement, but you want to help ensure your money lasts as long as you need it. One way some people extend the life of their savings during retirement is to plan their distributions [...]
After years of working and saving, retirement can sometimes be a difficult adjustment, especially when it comes to how you spend your money. Once you’re no longer bringing in a paycheck from an employer, you’ll have to rely on Social Security, your pension (if you’re lucky enough to have one) and your retirement savings as [...]
If you owe money or have filed for bankruptcy, you may be worried about creditors going after your retirement funds. Regardless of your financial situation, here is some essential information to know about both ERISA-qualified retirement accounts and non-ERISA accounts: ERISA-qualified retirement accounts Retirement accounts set up under the Employee Retirement Income Security Act (ERISA) [...]
“Loose lips sink ships,” a saying popularized during World War II, is a reminder that making the wrong choice can lead to grave consequences. It’s just as applicable today when it comes to your retirement savings plan; a couple of missteps can potentially jeopardize your financial future. As you prepare for retirement, ask yourself if [...]
As you work to build your retirement savings account, you might wonder whether you should fund other accounts as well. After all, if your end goal is to retire on a tropical island, shouldn’t you put every dime you can into your retirement savings? While saving for retirement is important—it’s one of my “big three” [...]
