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The Importance of Being Self-Reliant in Retirement
Tweet Share on Facebook March 30, 2012 Comment (2)Most baby boomers are at various stages of preparing for retirement, depending on whether they were born at the beginning or end of their generation. The smart ones realize that effective planning starts well before retirement age. Important calculations need to be made to determine what it will take to survive financially throughout the retirement years. Post-work lifestyles and passions also need to be defined, and consideration for unexpected events should be taken into account whenever possible.
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How to Avoid a High Tax Bracket in Retirement
Tweet Share on Facebook March 29, 2012 Comment (2)We spend many years saving and investing in our retirement portfolios. And when we retire, there is still more work to be done. You probably have many accounts in your retirement portfolio including a 401(k), traditional IRA, Roth IRA, after-tax brokerage account, annuity, Social Security benefits, and perhaps even a traditional pension. You will need to use all of these sources of income efficiently to best replace the paychecks you used to get from your job.
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What to Do Once You Are on Track for Retirement
Tweet Share on Facebook March 28, 2012 Comment (1)People who have money left over after they fund their lifestyle and save the necessary amount for retirement every month often wonder what they should do next. Many people who ask me for advice about what to do with their extra income are trying to seek approval for their desire to inflate their lifestyle. Instead, I give them this checklist of things to consider before they start spending more:
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Is the Housing Market (Finally) Getting Better?
Tweet Share on Facebook March 27, 2012 Comment (2)The housing market peaked six years ago. That's when my son—who has been out of college and working for two years—was back in high school. How long can a housing bust last?
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When to Invest in a Roth IRA
Tweet Share on Facebook March 27, 2012 Comment (6)When people find out I am a financial planner, they often like to ask me about their money, and what they can do to get more out of it. I don’t mind. After all, I’ve made it my business to try to convince people, especially younger earners, that they need to start saving and investing now. It can be a hard sell. Many young professionals recently spent years as students with almost no income. Now that they finally have money to spend, the last thing they want to do is save it for some murky, far away future.
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Latin America’s Top Health Care Haven
Tweet Share on Facebook March 26, 2012 Comment (4)Health care, both the quality and the cost, is a prime concern for anyone approaching retirement. Some retirees are moving abroad in order to get access to top-notch health care at affordable prices.
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The Baby Boomer Number Game
Tweet Share on Facebook March 23, 2012 Comment (3)There are 75 million baby boomers who are on the verge of retirement. For the next twenty years, an average of 10,000 people each day will reach age 65, which has historically been the retirement phase of life.
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Greg Smith Missed the Point
Tweet Share on Facebook March 22, 2012 CommentI was fascinated by the enormous reaction to the op-ed piece in the New York Times by Greg Smith, a former executive director at Goldman Sachs. Apparently, it’s newsworthy that the culture of Wall Street is “toxic and destructive.” I agree with this response by Whitney Tilson, a Goldman client: “What’s the next “shocking” headline: “Prostitution in Vegas!”?
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5 Ways to Save on Gas During Retirement
Tweet Share on Facebook March 22, 2012 CommentGasoline prices are rising fast and will probably peak in the summer as usual. The national average price for gasoline is currently $3.85 per gallon and it is only March. Gas prices can have a big impact on retirees who have fixed incomes. Here are five ways to mitigate the rising gasoline price:
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7 Ways to Avoid Financial Product Scams
Tweet Share on Facebook March 21, 2012 CommentWhether it's an investment opportunity, a way to contribute more money to a tax advantaged account, or even a tax reduction tip, we are constantly bombarded with retirement advice from people around us. Some recommendations, like save as much as you can for retirement, can be sage advice. But other pieces of advice might only work out for the person trying to sell you a financial product. Here are seven ways to pick out the gems from the duds.
