Archive for Retirement
Using Your 401k to It’s Fullest Advantage
Historically, your retirement savings were comprised of three legs: social security, pension, and personal savings. The belief was that these amounts would be equal and would replace a certain percentage of your working income to provide you with enough money to sustain your lifestyle after retirement.
Somewhere along the way in the last twenty or so [...]
Small Business Owners Retirement Plan Options - IRA Based Plans
In general, if you are employed at a large company, you either have the option of a defined benefit program (otherwise known as a pension, now rare) or a defined contribution program (otherwise known as a 401k). If you run your own business, however, your options expand and the variety can be confusing.
The IRA-based plans [...]
So You’ve Calculated Your Life Expectancy, Now What?
Using the calculator I posted yesterday, you can calculate your life expectancy as a basis for your retirement planning, so then what? There are many rules of thumb about what you need to have available when you retire, 70%, 80% , even 100% of pre-retirement income. These rules may work across an average, but you [...]
Retirement - A Good Place to Start
If you are wondering how much you need to save for your retirement, a good place to start is to calculate your expected lifespan. There are numerous calculators out there for calculating this number, but the best I’ve found is from the Wharton School at the University of Pennsylvania. I like it because it gives [...]
Saving for Retirement
Most people don’t spend a significant amount of time thinking about retirement until they reach about 55 years old and retirement seems just around the corner. Reality is that retirement is a lifelong process and early planning will make a comfortable retirement possible. Age plays a key role in retirement planning, so knowledge [...]
