A formidable challenge anytime, turning one’s savings into lasting income is especially daunting today. Slowing growth and high levels of government debt make it unlikely we’ll soon see a bull market delivering ’90s-style returns. Add in the fact that many nest eggs are still recovering from the 2008 meltdown, and it’s no surprise that folks are eager to squeeze more from less.
Me, too — in fact, I’m already there, and so are a lot of folks who shun lightning-strike fantasies about wealth. You can do what we did.
Remember when credit was just for homes and cars? For the first time since the Great Depression, Americans’ savings rate has been negative for a year.
One day, you’ll look at your money and say, “That’s all there is.” No paycheck, no raises—only the income you generate from the work and savings you achieved in the past. Oof. What now?
Let’s face it: Mom and Dad can do without a bouquet of flowers or necktie. For the upcoming Mother’s Day and Father’s Day holidays, give them a gift of financial peace of mind by making sure their finances are in order.
Whether it’s intentional or not, 19% of men and 40% of women over 65 live alone. This includes people who may be divorced, widowed, or just temporarily without a partner.
After age 45, many folks get serious about saving and investing as big-ticket items, such as retirement and tuition, loom ahead. But, as we live our busy lives, it can be tough to find time to ask ourselves a vital question: What do we really want to do with our hard-earned wealth?
I recently asked a dozen financial planners to name the principal tax issues that can affect one’s retirement finances.