Not that long ago, people looked forward to retirement as a time of relaxation and leisure when one might travel the world or take up a new hobby. Increasingly, however, people preparing to retire are doing the math and realizing that the future doesn’t look so bright financially. The following 10 guidelines will help you enjoy a more comfortable retirement even in an uncertain economy.
I have a free — no strings attached — offer today that will help you and your employees with retirement planning. It is a printable Retirement Planning Checklist with reminders for every age.
Because no one truly knows how much money they will need for retirement, saving and planning for it can be daunting. To help you and your employees budget for retirement, I want to share 9 tips from our financial counseling partner, BALANCE Financial Fitness Program:
Student loan debt is the enemy of many millennials, but it’s becoming a problem for some older Americans, too. According to the Consumer Financial Protection Bureau, recent data shows that between 2012 and 2017 in more than three-quarters of states, the total outstanding student debt held by borrowers over age 60 increased by more than 50 percent. For many of these borrowers, this student loan debt is money borrowed for their children’s or grandchildren’s educations.
The issues that couples deal with in a divorce are often emotionally charged. While couples argue about the immediate issues – the house, child support, debts, etc. – they may overlook or underestimate the importance of retirement benefits. It’s important to know your rights to retirement benefits because these benefits are not automatically split in a divorce.
If you’re looking for a way to fill in gaps in your retirement income, the solution may be under your own roof. Hanscom Federal Credit Union is now offering FHA-insured Home Equity Conversion Mortgages (HECMs) to members age 62 and older.
I talk to a lot of small business owners and HR professionals who want to increase participation in their employer retirement plans. They invest a lot of resources into retirement benefits for employees, yet many are frustrated by low participation rates.
In an effort to get employees interested in retirement plans, some employers try innovative techniques. For example, the office-supply company Staples created a vampire-themed game to make planning for retirement and money management more appealing to its busy associates.
The answer is scary. According to the recent studies, 1 in 3 American non-retirees have no retirement savings or pension at all. And, 38% of respondents say that they have no plans to retire, or will delay it as long as possible, as a means of coping without retirement savings.
If you’d like to build your savings but lack the money, time, or discipline to make deposits, you’re not alone. But now is the perfect time to get in the habit of saving, and we have an ideal way for you to save automatically with each paycheck.
When it comes to choosing investments in a retirement plan, picking one that seems the most hands-off may be enticing. For many, that means investing their money in a target date fund, a combination of stocks, bonds, and cash that becomes more conservative as the target date nears.