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retirement

Why You Want a Retirement Plan in Writing

 

Why You Want a Retirement Plan in Writing

Setting a strategy down may help you define just what you need to do.

 

Provided by Exemplar Financial Network

 

bigstock-A-blue-nametag-sticker-with-small.jpgMany people save and invest vaguely for the future. They know they need to accumulate money for retirement, but when it comes to how much they will need or how they will do it, they are not quite sure. They will “wing it,” hope for the best, and see how it goes. How do they know they are really contributing enough to their retirement accounts? Would they feel less anxious about the future if they had a written plan? 

Can We Afford to Live to 100?

Can We Afford to Live to 100?

 

Our increased longevity poses a retirement planning challenge.

 

Provided by Exemplar Financial Network

 

bigstock-birthday-cake-with-lit-candles-53339983.jpgSome of us may retire at 65 and live to 100 or 105. Advances in health care may make this a strong possibility. The corresponding question is: will we outlive our money?

Will You Really Be Able to Work Longer?

Will You Really Be Able to Work Longer?

You may assume you will. That assumption could be a retirement planning risk.

 

Provided by Exemplar Financial Network

 

bigstock-Retirement-Plan-Savings-Senio-small.jpgHow long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work past 65?

 

Some pre-retirees are basing their entire retirement transition on that belief, and that could be financially perilous.

Saving $1 Million for Retirement

 

Saving $1 Million for Retirement

 

How can you plan to do it? What kind of financial commitment will it take?

 

Provided by Exemplar Financial Network

 

bigstock-Watering-can-and-money-tree-small.jpgHow many of us will retire with $1 million or more in savings? More of us ought to – in fact, more of us may need to, given inflation and the rising cost of health care.

 

Sadly, few pre-retirees have accumulated that much. A 2015 Government Accountability Office analysis found that the average American aged 55-64 had just $104,000 in retirement money. A 2016 GoBankingRates survey determined that only 13% of Americans had retirement savings of $300,000 or more.1,2

Funding 35-40 Years of Retirement

 

Funding 35-40 Years of Retirement

 

If you live to 100, can you avoid outliving your money?

 

Provided by Exemplar Financial Network

 

bigstock-Cheerful-Old-Woman-Sitting small.jpgWill you live to 100? Your odds of becoming a centenarian may be improving. Earlier this year, the Centers for Disease Control reported that the population of Americans aged 100 or older rose 44% between 2000-2014. The Pew Research Center says that the world had more than four times as many centenarians in 2015 as it did in 1990.1,2

Social Security - Myths vs. Facts

 

Social Security: Myths vs. Facts

Dispelling some misperceptions about the program.

 

Provided by Exemplar Financial Network

 

bigstock-Social-security-small.jpgSome myths & misperceptions keep circulating about Social Security. These are worth dispelling, as more and more baby boomers are becoming eligible for their retirement benefits.

Retirees Are Racking Up Credit Card Debt

 

Retirees Are Racking Up Credit Card Debt

New statistics point out an alarming financial problem.

 

Provided by Exemplar Financial Network

 

bigstock-Colorful-stack-of-credit-cards-small.jpg$6,876. That is the average amount of credit card debt owed by an American household headed up by an individual aged 65-69.1

 

If you are newly retired or close to retiring, that figure may alarm you. It is more than twice the amount of Social Security’s maximum monthly income payment.2

 

Credit card use is surging, and seniors are taking on more revolving debt as part of the trend. That $6,876 figure comes from personal finance website ValuePenguin, which just published its latest yearly study on U.S. credit card debt. As ValuePenguin found, revolving debt shrinks little with age: in households headed up by those 75 and older, the mean credit card balance was $5,638.1

Think About Your Lifestyle Before You Retire

Think About Your Lifestyle Before You Retire

Sometimes planning for retirement isn’t entirely about money.

 

Provided by Exemplar Financial Network

 

bigstock-Cheerful-Old-Woman-Sitting small.jpgHow many words have been written about retirement? It’s a preoccupation for many, and we devote so much time, thought, and energy toward saving for the last day we go to work. Saving and investing in such a way that we no longer have to work may seem ideal at first, but it raises a question: what do you have planned for all of that free time?

Do Women Face Greater Retirement Challenges Than Men?

 

Do Women Face Greater Retirement Challenges Than Men?

 

If so, how can they plan to meet those challenges?

 

Provided by Exemplar Financial Network

 

woman holding piggy bank small.jpgA new study has raised eyebrows about the retirement prospects of women. It comes from the National Institute on Retirement Security, a non-profit, non-partisan research organization based in Washington, D.C. Studying 2012 U.S. Census data, NIRS found that women aged 65 and older had 26% less income than their male peers. Looking at Vanguard’s 2014 fact set on its retirement plans, NIRS learned that the median retirement account balance for women was 34% less than that of men.1

How Can You Make Your Retirement Money Last?

 

How Can You Make Your Retirement Money Last?

 

These spending and investing precepts may encourage its longevity.

 

Provided by Exemplar Financial Network

 

bigstock-Retirement-Fund-Bankrupt-small.jpgAll retirees want their money to last a lifetime. There is no guarantee it will, but, in pursuit of that goal, households may want to adopt a couple of spending and investing precepts.

 

One precept: observing the 4% rule. This classic retirement planning principle works as follows: a retiree household withdraws 4% of its amassed retirement savings in year one of retirement, and withdraws 4% plus a little more every year thereafter – that is, the annual withdrawals are gradually adjusted upward from the base 4% amount in response to inflation.

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