2023 Retirement: Is it Still Possible?
If you have a retirement strategy tailored to your needs, then yes. You’d be in the minority if you did, but we have some suggestions for getting started on that strategy.
If you have a retirement strategy tailored to your needs, then yes. You’d be in the minority if you did, but we have some suggestions for getting started on that strategy.
The safe withdrawal rate (SWR) technique is a retirement spending plan that enables retirees to take funds from their portfolios while avoiding the danger of running out of money. Although imperfect, the safe withdrawal rate gives retirees a spending guideline.
It is common for Americans to struggle with debt while saving for retirement. According to various surveys and reports, many Americans have an obligation that they are trying to manage while also saving for retirement.
Whether retirement is more than a decade away or just around the corner, you may face significant challenges that will impact your desired lifestyle. Learning more about these potential stumbling blocks and taking steps to mitigate their impact now could make the transition to retirement go more smoothly.
Much of the enjoyment of future planning is daydreaming about retirement, especially as middle age progresses and work expectations diminish. Whether you have a family or a partner or just want to undertake life changes on your own, contemplating the possibilities of life after work is a significant aspect of approaching retirement.
Remarrying and other life changes can add layers of complexity to the process of determining Social Security spousal benefits. Let’s look at a few illustrations.
Anybody who has even briefly dabbled in the market is undoubtedly familiar with the term “risk tolerance.” As applied to a stock-and-bond portfolio, risk tolerance comprises age, time till retirement, income requirements, and the “sleep at night” element, which refers to an investor’s level of market worry.
When discussing retirement accounts, the health savings account (HSA) is often overlooked in favor of the more common 401(k) and individual retirement account (IRA) options. Even though HSAs weren’t created with retirement in mind, they can still be essential to anyone’s overall financial strategy. The same is true for the elderly in particular.
High-income individuals are prohibited from making direct contributions to a Roth IRA. If your income prevents you from making Roth contributions, a backdoor Roth IRA conversion might be a terrific method to take advantage of.
There are a lot of folks who wish they could stop working sooner rather than later. However, it is common for workers to need to begin contributing to their savings at a relatively young age to make this a reality.