One of the worst decisions may be the failure to enroll in a 401(k) plan. Not only do non-participants miss out on one way to save for their retirement, but they also forfeit any potential employer-matching contributions. Whatever your situation, your retirement investments require careful attention and may benefit from deliberate, thoughtful decision-making. Your retired self will be grateful that you invested the time … today.
Mothers see their lives change over time, just as you may have seen your mother transition from looking after you to taking a job outside of the home, or even running a business. What are some ways you can protect your retirement savings and other financial assets? Women have longer average life expectancies than men and can require significant periods of elder care. With a clear understanding of where she stands financially, a mother may evaluate her investment and wealth management options and take steps toward the next phase of life with some confidence.
Are skipping on small expenses really the key to reaching your retirement goals? If retirement is your goal, then acquiring multiple methods for building wealth is necessary. Retirement savings accounts, such as a 401(k) or IRA, are a great way to save for retirement without greatly reducing your quality of life today. In addition to being ineffective, excessive frugality can increase stress. Instead, building wealth will help you prepare for retirement and help limit the anxiety created by money.
A combination of health and wealth will get you the most out of your independence and freedom in retirement. Isolation and loneliness are growing issues, especially in older adults. The good news is that there are plenty of ways to find social fulfillment in retirement. They just require some effort and initiative on your part.
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. Without a strategy, you may have no goals, leaving you no way of knowing how you’ll get there—and if you’ve even arrived. Above all, a rewarding retirement requires good health.
Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up to age 70), the larger each monthly check will be. The sooner you start receiving benefits, the smaller the check. There is no single “right” answer to the question of when to start benefits.