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Whether or not you should rent in retirement comes down to your unique financial situation and priorities. While both options have merit, understanding the benefits and disadvantages of both options will help you make an informed decision that aligns with your long-term goals and financial big picture. Here’s what you need to know as you […]
Should You Rent in Retirement? Read More »
The 401(k) is perhaps the best-known retirement fund. The money you put into these employer-sponsored accounts is tax-deductible, which reduces your taxable income today. Your funds then grow tax-free, and you might get an employer match to boot. But where does that leave folks who don’t have access to a 401(k)? Maybe your employer doesn’t
How to Save for Retirement Without a 401(k) Read More »
While retirement may seem far away, and you have many expenses between where you are now and the life you want in the future, it can take decades to save the money you need for your golden years. The earlier you start, the easier it is to reach your goals. According to the Federal Reserve’s
How To Plan for Retirement Read More »
The 60-day rollover rule enables you to borrow money from your retirement plans tax- and penalty-free. You can utilize the rule once a year. However, in general, I don’t think it’s wise to borrow from your retirement plans. If you do, you may get into the habit of robbing your retirement future. You may also
The 60-Day Rollover Rule To Borrow From Your Retirement Plans Read More »
Your retirement savings goal may sound simple: save enough money to retire comfortably when you no longer receive a regular paycheck. But determining exactly how much money you need for retirement, and how much you should have tucked away now to be on track, can be a bit more complicated. Understanding the benchmarks of average
What Is the Average Retirement Savings by Age? Read More »
Couple already in retirement seeks advice on a new strategy https://financialpost.com/personal-finance/family-finance/designing-new-financial-strategy-already-entering-retirement #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
When should I start CPP and what’s the best way to draw down my retirement investments? Read More »
Fidelity recently came out with its average and median 401(k) balances by generation. They are as follows: Gen Z: Average $7,100, Median $2,500 Millennials: Average $44,900, Median $15,500 Gen X: Average $145,500, Median $44,000 Boomers: Average $215,000, Median $61,200 How does your 401(k) balance compare to the average and median balances for your generation? Low
401(k) Balances By Generation: From Gen Z To Boomers Read More »
Thanks to several commenters in my going back to work post, I’m getting more enthusiastic about sending my kids to community college! As a result, it may no longer be necessary for us to try and accumulate $1.5 million for two children to attend a four-year private college starting in the year 2036. It may also
Community College May Be The Way: How I Plan To Spend $1.5 Million Read More »
Variations can impact retirement income, estate planning, control and costs https://financialpost.com/personal-finance/retirement/not-all-pensions-created-equally-choose-wisely #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
Not all pensions are created equally, so choose wisely Read More »
In this reader’s case, it makes sense to start collecting CPP right away at age 61 https://financialpost.com/personal-finance/retirement/best-strategy-cpp-oas-rrsp #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
What is a Roth IRA? A Roth IRA is a tax-advantaged individual retirement account where you invest after-tax dollars that will then grow tax-free. It shares some characteristics with a traditional IRA, such as the same annual investment limits, but a Roth IRA features some unique features and advantages. There are many types of investment
What Is a Roth IRA? The Complete Guide Read More »
If you’re expecting an inheritance at some point, you might be wondering how it could affect your retirement—or if you should even factor it into your plans. While a large inheritance could be a game changer, there are some key details to consider. Your retirement timeline and current savings are just as important. The circumstances
Should You Include Future Inheritances in Your Retirement Plan? Read More »
For most people, it makes sense to convert enough of your RRSP to a RRIF and claim the pension tax credit https://financialpost.com/personal-finance/retirement/split-rrif-income-spouse-2000-tax-credit #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
More Canadians likely to declare bankruptcy, saving for retirement pushed to back burner https://financialpost.com/news/economy/canadians-financial-pressures-bank-of-canada-decision #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
I wrote about the various paradoxes of wealth based on a Charles Schwab Modern Wealth Survey. In this article, I want to highlight another wealth paradox based on the amount people expect they need in retirement versus how much they actually have. According to this new data, I’m convinced Americans really don’t know how much
How Much People Want In Retirement Vs. How Much They Actually Have Read More »
The IRS limits how much you can contribute to your Individual Retirement Account (IRA) each year. In general, investors under the age of 50 may contribute up to $6,500 to a Roth IRA or traditional IRA during the 2023 tax year. Investors 50 and older can make an annual catch-up contribution of $1,000, making their
IRA Contribution Limits for 2023 Read More »
I first wrote this post about financial independence in 2012, soon after I had left my day job in the finance industry. It was a 13-year slog, but I was thrilled to leave but also a little worried about the unknown. The idea of this post is to capture the feeling of financial independence and
Reasons To Strive For Financial Independence: That FI Feeling Read More »
The 2023 Charles Schwab Modern Wealth Survey highlights the many paradoxes of wealth in America. Over 1,000 individuals of all different backgrounds filled out the survey. Overall, the survey, conducted between March 1 and March 23, 2023, says it takes a net worth of $2.2 million to be considered wealthy in 2023. The net worth
The Paradoxes Of Wealth: Misaligned Beliefs About Money Read More »
Fraser Stark: Every Canadian who can comfortably navigate their own retirement finances is one less person requiring expensive subsidized care from the public purse https://financialpost.com/personal-finance/retirement/how-to-solve-canadas-slow-moving-retirement-crisis #financialfreedom #money #entrepreneur #business #finance #investing #financialliteracy #success #investment #wealth #motivation #financialindependence #passiveincome #personalfinance #realestate #stockmarket #debtfree #entrepreneurship #invest #bitcoin #creditrepair #debtfreecommunity #investor #trading #workfromhome #stocks #credit #financialeducation #bhfyp
How to solve Canada’s slow-moving retirement crisis Read More »
![How Much Do I Need to Retire: A Guide for Retirement Saving [2023]](https://i0.wp.com/stashlearn.wpengine.com/wp-content/uploads/2023/05/retirement-savings-over-time-873x1024.png?fit=873%2C1024&ssl=1)
How much do you need for retirement? Experts say the average individual will need $1.2 to $1.5 million to maintain their lifestyle with 80% of their annual pre-retirement income. The average American retires with $200,000 to $250,000 between various retirement savings accounts—just a measly one million dollars shy of the recommended amount. This explains why
How Much Do I Need to Retire: A Guide for Retirement Saving [2023] Read More »
