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Retirement

A Little More Gold in Your Golden Years – Working During Retirement

Some people live to work and others must work in order to live. Wherever you fall on the spectrum, if you’re over 65, US Social Security statistics indicate an average of 20 years of life yet to live. Two decades (or more) of retirement requires a healthy nest egg and investing in some good hobbies. Whether for fear of outliving retirement savings or simply a desire to do something more than chase the grandkids or a little white ball, part-time work after retirement may be a good–or necessary–option.   And for good reason. Actually, seven: 1. Income According to Fidelity Investments’ annual survey, only 45 percent of Americans will be able to afford essentials such as housing, healthcare and food in their golden years. Working during retirement can help supplement your Social Security benefits, enable you to continue to save money and provide a better quality of life once you…

5 Findings From the State of Retirement in the U.S. 2016

The 26th wave of the Retirement Confidence Survey (RCS), the longest-running survey of its kind in the nation, finds that American workers’ confidence in their ability to afford a comfortable retirement has maintained its increase after the record lows experienced between 2009 and 2013. However, retiree confidence in their ability to afford a comfortable retirement continued to increase in 2016. Workers and/or their partners who have a retirement plan in place have larger savings and are more likely to have taken steps to prepare for retirement, while in the aggregate, only a minority of all workers are taking basic steps required to prepare. Here are five findings from the 2016 Retirement Confidence Survey. First Retirees are more likely than workers to describe their level of debt as not a problem. Sixty-seven percent of retirees and 44 percent of workers indicate they do not have a problem with their level of…

5 Retirement Planning Tips for Millennials

One of the key differences between Millennials and their parents comes down to savings and retirement. Whereas Gen-Xers and Boomers tend to view savings as sacrosanct and retirement as a reward for spending the majority of their lives in the workforce, Millennials are often criticized for their minimal or nonexistent savings (a 2015 survey by HowMuch.net revealed over 50 percent of Millennials have less than $1,000 in savings) and seem less likely to wait until they’re 65 to enjoy life. Many shoot for a location-independent job straight out of college that will allow them to travel and enjoy a great work-life balance while they’re still young. A growing number of Millennials are even starting to envision lifelong careers for themselves – not out of necessity, but rather out of a passion for their chosen occupations. That said, retirement planning is relevant for all generations – even Millennials. And given their youth,…

Life Insurance and Retirement Planning Advice

Once upon a time, you could rely on Social Security and pension plans to cover the majority of your financial needs after you stopped working. But as more and more boomers are discovering each year, retirement can be elusive. That’s why most financial advisors recommend formulating and implementing a retirement strategy as early as possible. Here are four smart tips for retirement planning, starting with how life insurance can help secure your financial situation after you leave the workforce. Use Life Insurance to Help Fund Your Retirement When the topic of retirement planning comes up, few people think about life insurance. However, some finance experts recommend investing in a life insurance policy as part of a sound retirement strategy. Permanent and term life insurance can both be helpful tools when it comes to financial planning for retirement. Retirement Planning With Permanent Life Insurance When you buy a permanent life insurance…

How Much Life Insurance Do You Need?

The amount of life insurance that you need depends on where you are in your life. While there’s no question that having life insurance in the first place is the responsible thing to do for you and your family, it’s important to remember that the longer you live, the more your life insurance needs change. Reviewing your policy once every five years is a great way to ensure that your life insurance is keeping up with you. If one or more of the following five milestones have occurred since you initially bought your policy, it may be time for you to change your coverage amount.  You’ve Married, Divorced or Been Widowed Just married? Congratulations! Now you have a spouse to consider. And kids, if you plan on having any. Better get a policy if you don’t have one already – or increase your coverage if you do. Divorced or widowed? Since…

2015 and Your Retirement

Here’s what the experts are saying about the 2015 economy – and four ways that it could directly impact your retirement. Long story short, 2015 looks like it could be a very good year from a fiscal perspective. According to the financial forecasters at Kiplinger, the U.S. economy appears to have recovered: Unemployment levels have dropped to just 6.1 percent, and inflation is in check. Wall Street is doing spectacularly well and appears to be headed for more growth in the New Year. Spending on recreation and other consumer services is likely to increase as incomes rise, pushing growth over the 3 percent mark by the end of the year. Healthcare spending looks like it will pick up as consumers and providers get used to the new rules, while spending on utilities should stabilize once energy prices stop falling. On the legislative side, 2015 will bring certain changes to Social…