What’s your biggest worry about retirement? If it’s healthcare costs, you’re not alone. According to a new survey, more than one-third of respondents ranked medical bills as their most concerning retirement expense.
Happy 4th of July! We hope you’ll be spending today enjoying time with family and friends, grilling out in the backyard, watching the red, white, and blue fireworks light up the night sky over the Tri-State.
At Simply Money Advisors, we like to educate you on all of your options for retirement planning. There are many different aspects you have to consider, including lifestyle, tax strategies, insurance, and retirement accounts.
Another factor to think about is a potential ‘in-service distribution.’ Not all 401(k) plans give you this option, but it may be something to consider if yours does.
With more Americans forgoing or prolonging marriage, as well as an increase of divorces for those over the age of 50, many of you may end up retiring single. And while being single can have its advantages such as not saving for college if you don’t have children, there are some specific retirement planning challenges that single individuals may face.
“You give a poor man a fish and you feed him for a day. You teach him to fish and you give him an occupation that will feed him for a lifetime.”
Retirement is a common goal for most workers today - you're probably hoping to get there someday - but did you know that retirement is a fairly recent concept?
Picture this: you wake up on your first day of retirement. You sleep in because you have nowhere else to be. You’re cozy in your warm bed, but you decide to make your way downstairs to make a fresh pot of coffee.
Then it hits you. What will you do with all your free time? After you have coffee, what’s next? Sitting on the couch watching TV for the next 20-plus years?
Do you know the #1 concern of current retirees? It’s not how much they’ve saved. Instead, most people over the age of 50 fear being inadequately prepared for future healthcare costs!