Tag: Financial planning

How Much Should You Save for Retirement?

Most financial experts stress how important it is to save for retirement. After all, you’ll likely want to stop working and enjoy your golden years at some point, but how can you do that without a nest egg waiting for you? One question you might have when putting money away every payday for that time in your life is how much you need to save. While the total can differ based on personal factors, here are some ways to figure out how much you might want to set aside.

3 Reasons Retirement Nomads Take to the High Seas

Many people consider downsizing their homes when it’s time to retire and spending their time relaxing at vacation destinations they’ve never had the chance to visit before. Instead of choosing an apartment, condo, tiny home, or retirement village, some retirees are hitting the high seas for much of the year. But why would seniors choose this lifestyle for their golden years? Here are three top reasons.

What Is a Sinking Fund and Why Have One?

A sinking fund is a tool to save money over time for a big purchase in the future. You create a line item in your budget for the expense, like a vacation, car, or down payment on a house. You “sink” a bit of cash into the fund when you get paid. Eventually, the money accumulates, and before you know it, you’ll have the means to afford the planned item without experiencing a massive impact on your monthly financial obligations.

3 Reasons Not To Name Your Estate as Your IRA Beneficiary

One of the last things you might think about when setting up finances is preparing assets for those you leave behind. Choosing beneficiaries is an excellent first step in planning. Failing to pick a person or persons to receive your IRA may result in the estate becoming the beneficiary by default. Some individuals could even make the designation specifically on the forms, but making that choice might be a mistake.

Your Employer Doesn’t Offer a 401(k) — Now What?

If your employer doesn’t offer a 401(k) retirement plan, finding the best ways to save for your golden years might be challenging. Most companies don’t provide workers the option to participate in a plan, so preparing for the golden years typically falls to individuals. And no matter when you start, saving is still possible. Here are three effective ways to save for the future.

The One Financial Plan Everyone Should Have

To most people, financial planning means creating a budget, saving for emergencies, and building a retirement nest egg. Yet, one aspect of an individual’s financial life often seems to fall through the cracks because people don’t like to think about it — estate planning.

What You Should Know Before Investing in Annuities

While trying to grow your wealth, you may be looking at different ways to invest your money. Perhaps someone suggested investing in an annuity. Although there are a few types of annuities, the general idea is that you make an agreement with an insurance company that requires them to make fixed payments to you. Of course, you have to deposit money into the annuity first during the accumulation phase to receive money back.