It’s time to get your retirement finances in order but you don’t know where to start. Your biggest asset is your 401k so do you start with retirement planning? But then you think about the other money you have in real estate, a college savings account and at the bank. You begin to wonder if you need a financial plan instead? Then you start to think about what you want to do in retirement. Do you want to travel, have a mobile lifestyle or simply sit back at home and perfect your hobbies? Which plan does that fit into? (more…)
According to the U.S. Government Accountability Office, 48% of people over age 55 have no money saved for retirement. That’s a scary high number which makes you wonder how that many people got to 55 without putting any money aside. I’m willing to bet that some of that number is based on some sort of financial catastrophe like a divorce or a major medical situation. Another portion of that stat is going to be folks working hard, raising a family and just not having enough to set any extra aside. (more…)
Society’s standard on retirement is at the age of 65 when you can start Medicare. There are many in the media and entertainment industry that will tell that you need to have a minimum of $1 million dollars saved. While well intentioned, this is false retirement financial planning.
Those two thoughts would work for almost anyone of course, 65 and $1 million dollars. But I’m in my early 50’s so I would be looking at 10-15 more years of working behind a desk.
That works for some, but it didn’t for me. (more…)