Recent Articles in Retirement
Financial security is often a term tossed around with long-term goals. The truth is that anyone can achieve it, but very few manage to do it. It is a challenging process because not only do you need a thorough plan, but you must stay diligent until you achieve the goal. However, the meaning to people may differ depending on what they want to reach.
No path to financial independence has you simply sitting on your couch, drinking coffee, and watching daytime television while money pours into your accounts unless you bought Bitcoin a few years back, and then, well you pretty much only had to hold it! Regardless, the point is, you’ll need to develop a strategy that meets your needs, but first, let’s look at what ‘passive income’ refers to.
Americans have not always prioritized financial education even though knowing how to make informed decisions about managing finances and avoiding risks forms a critical foundation to long-term stability. From investing in land and crops in the past to buying cryptocurrency today, people should take financial literacy seriously since it plays a vital role in anyone’s attempt to build wealth.
One main problem with most retirement budgets have involves their over-optimism and their reliance on rose-colored glasses! Budgets must account for the real-world spending dynamics we all live with, but they often miss these crucial “one off” items that aren’t always so “one off” after all.
Most of us dream of living a worry-free retired life, but few of us take the necessary steps of planning ahead to actually achieve this dream. Proper planning is crucial because you need to identify the right retirement plan which helps you save more and returns more to you than you invest.
This brings us to a perennial question when it comes to saving for retirement, 401(k) vs. IRA, which is better? Let’s understand both these retirement plans and compare them to identify the better option.
We all know we need to save for retirement, but how many people do, really? And if they do, are they doing enough? A recent study shows that the average American household has only $8,863 in savings - not much at all when you consider that someday your income stream will cease and probably not be wholly replaced by Social Security.
You can start saving up for retirement at 18 or 40 — a retirement account benefits you at any age, although most financial advisers agree sooner is better. Many people don't consider retirement savings because of debt or other financial concerns, but growing your account is easier than you think.