Retirement

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FP Answers: Is there any advantage to continuing CPP contributions after age 60?

The simple answer is you don’t have a choice https://financialpost.com/personal-finance/retirement/any-advantage-continuing-cpp-contributions-after-age-60 #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

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Losing All Your Money Investing On Margin Is Not The Worst Thing

“What happened to your friend who bought Tesla stock on margin,” a reader asked. He likely lost a lot of money, but I haven’t asked for details. That would be rude. On March 31, 2021, I published a post entitled, Buying Stocks On Margin Is A Bad Idea: You Could Lose Big. I wrote the

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More pension plans in surplus due to higher interest rates, but inflation risks abound: Mercer

Rapid increase in rates is helping in the solvency of defined-benefit pension plans https://financialpost.com/personal-finance/retirement/pension-plans-surplus-higher-interest-rates-inflation-risks-abound-mercer #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 pension plans in surplus due to higher interest rates, but inflation risks abound: Mercer Read More »

2023 Financial Samurai Goals: Back To Easy Living

Happy New Year everyone! I’ve made goals publicly for over ten years because it helps keep me accountable. Making goals also makes the year more exciting and challenging. Hence, here are my goals for 2023. Once again, I’ve divided the goals into five categories: Health, Wealth, Family, Financial Samurai, and X-Factor. My goal is to achieve

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The 5 Scariest Financial Surprises to Avoid in 2023

Maybe you’d rather forget 2022 — we get it. But before getting too far into 2023, it’s a good idea to take stock of how your finances may have changed during the last 12 months and make any needed adjustments. Here are five areas of your finances to check on so you don’t get any

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2022 Financial Samurai Year In Review: Family Over Money

We made it! My goal for 2022 was to do less work and have more fun. 2020 and 2021 were difficult years thanks to the pandemic so I needed a break. Overall, I give 2022 a B+. The year was great from a family and health standpoint. But the year was piss poor from a

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FP Answers: We’re in our 50s, but do we have enough to retire next year on $70,000 per year?

Here’s what you need to consider while preparing your DIY retirement plan https://financialpost.com/personal-finance/retirement/fp-answers-retirement-planning #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

FP Answers: We’re in our 50s, but do we have enough to retire next year on $70,000 per year? Read More »

Can You Lose Money in a Roth IRA?

Can You Lose Money in a Roth IRA?

I’m a big fan of the Roth IRA and investors that understand it’s massive tax-free benefits are also. Recently a reader sent in this question about it: “I’ve been investing in a Roth IRA for several years thanks to your blog! I initially started in a basic index fund but after doing more research I

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How the Federal Spending Bill Affects Your Retirement Plans

Big changes are set to roll out for retirement plans after the passage of key provisions collectively known as “Secure 2.0.” New rules on 401(k) contributions, tax credits and other retirement-related benefits were tucked into a much larger 4,100-page, $1.7 trillion spending bill Congress and President Joe Biden approved Dec. 23. One change — increasing

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What Is Longevity Risk for Retirees?

Longevity risk is the possibility of outliving your retirement savings. This can be a genuine concern, especially considering that the average life expectancy in the U.S. has grown to 77.3 years, although many people will live longer. Since it’s impossible to predict how long you’ll live, estimating your longevity risk can be complicated. Find out

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4 Good Things Retirees Can Look Forward to in the New Year

It’s been a tough year for many retirees on fixed incomes. Rising prices, a turbulent stock market and concerns about a possible recession are leaving many older Americans stressed about their financial future. But it’s not all doom and gloom. There’s actually a few things to look forward to in 2023, including bigger Social Security

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Freedom May Not Be Priceless: Consider Going To Jail For Money

Since 2012, I’ve been arguing that freedom is priceless. After giving up a healthy income and my career for more freedom, how could it not be? But maybe I’ve just been telling a lie to make myself feel better about not being richer! We lie to ourselves to help justify our decisions. Otherwise, we might

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Your Outsized Wealth Is Mostly Due To Luck: Be Thankful!

Are you confusing your good fortune due to your own skill rather than due to luck? I’m here to argue that above average wealth is mostly due to luck. Therefore, stop deluding yourself into thinking you’re so great! As President Obama said in a July 13, 2012 campaign election speech, “If you’ve got a business,

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The Ideal Retirement Age To Minimize Regret And Maximize Happiness

Contrary to popular belief, the ideal retirement age isn’t as soon as possible. Retire too soon and you may feel empty for never living up to your true work potential. Retire too late and you might always be left wondering what could have been if you had changed course sooner. For example, a 35-year-old couple

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Dear Penny: Can I Get Survivor Benefits if Our Marriage Record Was Destroyed?

Dear Penny, I am a widow. My husband was 53 when he died. He was collecting Social Security disability for about two years preceding his death. I am nearing retirement age and was planning on taking his Social Security when I reach my full retirement age, and then switching to mine when I turn 70.

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The Amount Of Money Needed To Retire Early And Live In Poverty

The Amount Of Money Needed To Retire Early And Live In Poverty

As more people look to retire early (<60), more people are looking for shortcuts in order to reach early retirement quicker. Some hate their jobs so much they are willing to retire early and live in poverty! One shortcut to retiring early is the concept of Coast FIRE. Coast FIRE is a type of financial

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What Does It Mean to Be “Vested”?

What Does It Mean to Be “Vested”?

People who put money into an employer-sponsored retirement plan should be aware of an important word: “vested.” When you’re vested in a retirement plan, it means you own some or all of the money in your account. So, if you’re 100% vested, you own 100% of your retirement funds. But if you’re 20% vested, you’re

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Should You Max Out Your Retirement Accounts?

Should You Max Out Your Retirement Accounts?

The decision of whether to max out your retirement contributions every year is a personal one and often depends on your ability to save, your progress toward retirement and other financial goals. Here are some things to keep in mind as you determine the right path for you. What Are the Limits on Retirement Contributions?

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Is Taking Social Security at 62 a Huge Mistake?

Is Taking Social Security at 62 a Huge Mistake?

When your 62nd birthday approaches, you’ll have a big decision to make: Should you take Social Security at 62 and accept lower benefits? Or should you delay Social Security to get a higher benefit amount? The answer to whether taking Social Security at 62 is the right move for you depends on several factors: your

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Overcoming The Downer Of No Longer Making Maximum Money

Overcoming The Downer Of No Longer Making Maximum Money

Do you know what is really hard? Deciding to walk away from a whole lot of money in your prime. If you decide to retire early or take a lower-paying job out of joy, you must accept the death of your maximum money potential. Over the years, many readers looking to retire early or do

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