As an American nears retirement age, how often should they check the SSA website and what should they be looking for? Do most Americans getting ready to retire do these things?
It's a good idea to check annually. Set up an account online with the SSA and they will email you once a year to do just that. At full retirement age (67 for most current workers) the maximum benefit is $2,861 per month this year. It slowly
At the age of 60 and closing in on retirement, what is the number one 'course of action' to be prepared for retirement?
Dear Judy thank you for the question!It is a great question and one that millions of people should be asking themselves.I don't think there is ONE answer to your question. Like ‘retirement' itself I think there are a lot of parts and what is the ‘one' thing that is important is
I started planning my retirement when I was 21. Yes at 21!At that age you go with friends, watch movies, travel, while transitioning into a new job. I did all of that but also made sure that I kept investing a small amount every month into
I know I should pass this question...but I can't help myself. So here it is.Yes she can, ( as god/she said right? ) I don't know who came up with this rule that it is not ok to leave your SO when:It is his b-day (hey 50 cents
Hey! I would like to congratulate you for thinking of early retirement. That's the first step towards successful investment planning for retirement, as well as, leading a confident and respectful post retirement life.To give you an accurate plan or answer,
I'm 77 and not retired - intentionally. I'm at a peak in my internal motivation and excitement about life's possibilities.I began to question the concept of traditional
That's a great question Nicola.To stay fit and healthy one of the most important things to focus on is your diet as our body composition is the result of 80% what we eat & 20% exercise.By gradually eliminating foods such as grains
I'm 23 and plan on retiring in the very near future.Say what!?I don't have millions in the bank, a trust fund, or any other crazy advantge.What I do have is an understanding of what's needed to retire and how to make it happen, which I am happy to share...First, decide on a monthly budget you need
Of course the answer
It has always been sort of a common thing to see people retiring at 60. It was very common in the previous generation for banks (or factories) would employ the same person through his / her entire career - and then give them 'pension'. Even now many companies have that as their age for retirement. Some companies
Most private-sector retirement vehicles are either Individual Retirement Arrangements (IRAs), defined contribution plans, or defined benefit plans. People tend to think of an IRA as something that individuals establish on their own, but an employer can help its employees set up and fund their IRAs. With an IRA, the amount that an individual
Financial advisors will tell you that the earlier you start the better, so I think they mean as soon as you are out of nappies and eating solid food.That way the scam merchants get their commision straight away and for a lot more years than if you start later.Wake up you are being fed a complete load of BS
I've answered a few similar questions here. Put simply, retiring in Southeast Asia sounded fun, interesting, with cheap food and beer, UNESCO sites to go visit, and seeing so many countries at a slow pace. I left in 2018 for a few
When you feel the need, can support yourself afterwards, are ill and can go on no longer, etc. It's pretty much different for most people. I was 62 and the company I worked for was going out of business because of gross mismanagement. It is very
At this point in your life, do you work because you have to make a living or because you love to work? Do you work to live or live to work? If you could retire today, would you?
Currently I work because I have to make a living. I definitely don't love my work, and I don't think I will ever love any work/job. I'm working to pay the bills while I build a company that will eventually take over with a passive income, and I can retire early.So I work to live, and
I am so happy to see these questions related with being Financially Independent an Retire Early (FIRE). I myself pondered upon this question 8 years back and now I can proudly say that I have almost achieved it.How much money
How to make full use of your time when you retire? Is it difficult to stay motivated with this newfound freedom
Motivation is pretty much up to you. Lifetime learning is key to motivation. Don't spend all your time watching TV's unreal soaps and movies. Try documentaries, too!Read about stuff that has always interested you. Learn a new hobby. Get creative and turn
If all the good stuff is always the next, newest, coolest looking, and fastest, why get anything until you're retired, and can just enjoy the end of your life with the best stuff then, without having to go through so many upgrades?
Not a bad idea.You will have mobile phone at an age where you have no one to call but your children.You will get a very fast internet at an age when you don't know what to do with it.You will have a very cool
Due to an industrial accident, I was forced into an early retirement. As a result, have had many years to digest the lessons I gleaned from my previous colleagues experiences and I've discover myriad ways to take full advantage of this glorious time.I am happy to pass those lessons on
Are there any excel / Google docs templates for long-term, multi-year, personal financial plan / retirement plan?
Check out this multiple part post on Medium that walks through a simple way to create a comprehensive DIY (do it yourself) financial plan: DIY Financial Plan Part I – MoneyMoat – MediumYou can download the spreadsheet template for free also. Just head over to:
It depends broadly on three parameters:Your average monthly expenditureTime. Your current age, and life expectancyInflation adjusted returns on your savingsAssuming you are 45 now and you spend 1 lakhs per month, then a corpus of 3.36 Crores will support you till 85.You can calculate the desired corpus size
How much should someone have in an investment account at every age to be considered well off for retirement?
Current investment * growth factor = retirement investment = Desired annual income * 25Current investment = desired annual income * 25 / growth factorGrowth factor = 1.07 ^ (years to retirement)So first determine in how many years you want to retire.Then
What advice would you give to someone close to retirement about their healthcare in retirement, and how far in advance of retirement should they start researching?
It's easy to make mistakes even when you plan carefully.Buying insurance in the market place can result in a penalty if your income exceeds what you expected it to be. Friends of ours ended up with a lot more income than they thought they would have. They had to take money out of a retirement
I planned to retire at age 60. At that time, I had 30 years in the company and maxed out on the company contribution to my retirement medical plan. But I didn't do it. But, I could have. My financial adviser did the projections, conservative as they should be, and it was possible. I decided to finish the
I did my homework and pretty much concluded that all the best places for retirement are in Southern European countries. The weather is better, the cost of living is lower and it's generally easier to get a retirement visa.We looked at Italy, Portugal and Spain. For us Spain won out because it's clean, well located for
ASAP.There is no better time and age then ASAP. As young and as soon as you can start, you should.Options Trading For Dummies - Learn how options works in layman termsDaily US Stock Market - My US Market Analysis BlogStock Options Picks For Explosive Returns - My picks and mentoring service
Right now the US dollar is very strong against the Euro and British Pound so your dollars will go farther. And while you can have Social Security payments sent to you in a foreign land (but you really don't want to do that), Medicare cannot be used outside of the US. International Living ranked Portugal
At age 55 and almost $400k, I can't retire yet. Yet my plan is coming to fruition where I will be able to retire comfortably.9 1/2 years ago, I was broke, bankrupt, and living in my brother's basement. I got a job working in the Walmart deli for $9.60/hr. After living there for a year, I had saved about
When you are financially and emotionally ready. It is definitely a change you need to prepare for. Update your appliances, heating system, roof, etc anything that would be costly with no income coming in. Perhaps a new car? Expand your group of friends. Make sure you have hobbies and friends to do them with. Have all the dental/medical
There are too many temptations enticing people to spend rather than invest for retirement. The rich capitalists are sucking the future out of the working and middle classes with very clever marketing and sales gimmicks. Even banks are enticing people to pull money from savings accounts into investment accounts by keeping savings interest rates artificially low. It's a sucker's