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While there are steep odds to overcome, living with only one family income, when you are used to living on two incomes, can be done with thorough planning and a willingness to make choices. It is critical to have a sincere and honest conversation with your spouse about why you’re making the choice to live on Continue reading Going to One Income – Impact on Saving, Debt, Retirement, Spending, Lifestyle, Money, Budget, Expenses Getting Cash From Your 401(k) - To Borrow Retirement Money for Low Interest, Investment, Basic NeedsMost financial experts believe taking money out of your 401(k) should be thought of as a last resort effort when you are desperate for cash. One reason why taking cash out of your 401(k) is frowned upon is that many people don’t have enough saved for retirement in the first place, so when they take that Continue reading Getting Cash From Your 401(k) – To Borrow Retirement Money for Low Interest, Investment, Basic Needs A lot of people have been using their 401(k) plan as a source of cash. When Fidelity asked some of them why they were tapping into money earmarked for retirement. They responded that the money was needed to keep their home, to pay for college or to purchase a home. If you’re considering a withdrawal from Continue reading How to Get Cash Out of Your 401(k) or IRA Without Paying a Penalty Looking at investing oversees makes sense for a number of reasons, the most important of which is broader diversification. By going international, the potential gains for your portfolio and your retirement are no longer tied exclusively to the performance of the U.S. economy and financial markets. And since markets in different countries don’t always move in Continue reading Investing Internationally for Your Retirement Fund – Minimize Risk in Your Portfolio When you invest in a Roth the contributions aren’t deductible. However, when you retire and you begin to withdraw the money during your retirement the withdrawals are tax-free. It’s a nice non-taxable retirement income stream to complement other income sources that will be exposed to higher future tax rates. Currently, another Roth benefit is that the Continue reading A Roth Can Be Your Hedge Against Higher Tax Rates To have a decent chance at earning returns that are high enough to generate sufficient income initially plus keep pace with inflation, most people will have to invest in a portfolio that contains at least some stocks and bonds. And when you invest in stocks and bonds – as opposed, say, to CDs – you Continue reading How to Make Your Money Last When You Retire It’s always a good to idea to make the most of tax-advantaged savings accounts and investments in your retirement planning. They’re a smart way to leverage your savings effort. But now is an especially important time to make sure you’re not overlooking any opportunities to save and invest in a tax-efficient way. Why? Well, taxes could soon Continue reading Pay less tax when planning for retirement Many early baby boomers may have a hard time making ends meet in retirement, according to a new study. The Employee Benefit Research Institute estimates that 47% of boomers between the ages of 56 and 62 are likely to run shy of the cash they’ll need to pay for basic expenses and uninsured health costs in Continue reading 47% of Early Baby Boomers Haven’t Saved Enough for Retirement Here are six of the most common financial mistakes that young families make. In this case, forewarned is forearmed: Avoid these mistakes now, and you’ll be way ahead of the game later on. Too much Debt The biggest mistake young families make is carrying too much debt, says Stewart Welch, a certified financial planner and author of Continue reading Financial Mistakes Young Families Can Make Most investors know (or should know) the tried-and-true methods to build wealth. Shift money automatically from your paycheck to a savings plan; take advantage of your employer’s matching contributions to 401(k) plans; eliminate (virtually) all consumer debt; track and trim household expenses; reduce investment fees; and, of course, save more than you’re saving now. But Continue reading Net Worth: Four Ways to Build Wealth |
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