Even though the rising costs of goods and services can erode the purchasing power of your retirement savings, with proactive planning and smart strategies, its impact can be mitigated. Included are ideas for several areas of your finances that can possibly be adjusted.
The concept of retirement in America is changing. Traditional retirement is based on the assumption that it is designed to be a time to enjoy life by not working. There are other considerations that many retirement-aged people are discovering. Have you considered your personal goals and resources to define your unique vision of retirement?
Do you know what happens to former employees who were promised pensions or other benefits when a company goes bankrupt? Like trying to find an extinct Dodo Bird, you might have noticed that company pension plans seem to be disappearing. Tips to consider if you’re offered a lump-sum payment.
Some use the term "nest egg" when talking about a retirement plan but the obvious metaphor of an egg reminds us of the fragility of planning for an uncertain future. An annuity might help with retirement confidence. It’s an actuarial-designed product with distribution amounts, in large part, calculated based on your age and life expectancy. The older you are, the more you get paid. Here are some examples of how annuities work.
Your long-term retirement strategies must account for inflation, which decreases the purchasing power of your money in the future. With inflation appearing to go up every single month in 2021 and 2022, it’s important to consider the historical averages and record highs to create a good plan. There are ways that you can prepare for a decrease in the purchasing power of your dollar over time.
Retirement is a major milestone that brings many life changes. One thing that doesn't change for most people: the fear of running out of money. According to the Transamerica Center for Retirement Studies, the most frequently reported retirement worry is outliving savings and investments. Across all ages, 51% of respondents cited this concern, and 41% of retirees claim the same fear. Additionally, only 46% of retirees think they've built a nest egg large enough to last through retirement.
The SECURE Act has wide-reaching impact The “Setting Every Community Up for Retirement Security Act”, or SECURE Act, was signed into law on December 20th, after passing with bipartisan support (97% of the house, and 71% of the senate). Whether you are an employee with a 401(k) or a small business owner providing retirement benefit […]
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