Five Ways to Retire With Less Money

What if you are one of the many millions of people who have little chance of having a million dollar retirement portfolio by the time you reach 65? Should you abandon the idea of retirement completely and plan on working until you die?Hardly.The reality is that most people will enter retirement with something much less than $1 million. The ability to retire is often more dependent upon factors beyond your retirement portfolio.Here are some ways to enable you to eventually have some … [Read more...]

Five Ways to Retire With Less Money

What if you are one of the many millions of people who have little chance of having a million dollar retirement portfolio by the time you reach 65? Should you abandon the idea of retirement completely and plan on working until you die?Hardly.The reality is that most people will enter retirement with something much less than $1 million. The ability to retire is often more dependent upon factors beyond your retirement portfolio.Here are some ways to enable you to eventually have some … [Read more...]

3 Reasons Why Your 401k is So Important

Saving for retirement comes with a dizzying array of options. Which retirement account should you choose? Which investments within that account do you really need? What if you make the wrong account choice and can't get a specific investment that you need? With so many options many people find themselves in analysis paralysis. They aren't sure which the best decision is, so they don't make any decision at all. This delays their investment of funds for retirement which eventually means their nest … [Read more...]

IRA and 401k Contribution Limits for 2013

As we move into the final weeks of 2012 it’s time to begin focusing on the new year ahead, at least as it relates to retirement planning. Hopefully you’ve taken full advantage of the benefits of tax sheltered retirement plans during the current year, at least to the best of your ability. Individual retirement accounts (IRA’s) and 401K plans remain as one of the best tax breaks still available to the average person.2013 will bring some minor increases in the contribution limits to self- … [Read more...]

2013 Roth IRA Contribution Limits

The IRS announced on October 18th that an increase to traditional and Roth IRA contribution limits would take place for 2013.The new 2013 traditional and Roth IRA contribution limit will increase by $500, which means that you can save $5,500 in your IRA next year.  If you’re age 50 or older, you can save an additional $1,000 totaling $6,500.  You can find the IRS announcement here.2013 Traditional and Roth IRA Contribution Limits2013 IRA Contribution Limit:                                … [Read more...]

Am I On Track For Retirement?

I hope you have some sort of savings plan for your future.  Whether you use your company 401(k) or an individual retirement account like a Roth IRA, you’ll be better off if you start thinking about it sooner than later.Ok, fair enough.  You’ve heard people rant about saving for retirement and how most people don’t start until it’s too late.  What good is another article about saving for retirement going to do?Probably not much.  So here’s a fairly different spin on the topic of retirement … [Read more...]

Are You Prepared to Spend $240,000 in Retirement on Health Care?

If you weren’t already aware, the biggest expense for most retirees is that of health care.  According to a Fidelity report, the average couple can expect to incur over $240,000 in health care costs during their retirement years.  If you have loved one who needed specialized care or a nursing home during their later years, you understand how the costs can add up fast.  To the surprise of many people entering retirement, Medicare does not cover the rising cost of most long-term care need … [Read more...]

A Simple Guide to Becoming a Millionaire

What would you do if you could retire with $1 million? Would you donate a good portion of it to your church, or support a cause that's near and dear to your heart? What would your life look like? Would you be traveling all around the world, visiting and supporting different missionaries? How would you feel? A bit more secure, knowing that you'd have the means to take care of the majority of your expenses?Yes, it's important to remember that money doesn't solve all our problems. And the love … [Read more...]

What Is a Roth IRA and How Does it Work?

If you don’t know what a Roth IRA is, you’re not alone. Recently a friend of mine who is a financial planner spoke in a classroom of graduating college seniors and asked how many of them had heard of a Roth IRA.Not a single hand went up.That’s when he decided to start a movement – a Roth IRA movement. There’s obviously a gap when it comes to public education and personal finance, so this article is meant to help fill that gap. For even more awesome articles about Roth IRAs, visit Good Fin … [Read more...]

403(b) and 401(k) Hardship Withdrawal Rules You Should Know

Many Americans are still feeling the pressure from the economy and a lot of people have turned to their retirement savings as an emergency.  While it isn’t the first place you should turn to if you can’t make ends meet, it’s sometimes one of the only options left for struggling families.Before you tap into your 401(k) or 403(b), understand that there are certain provisions that are extended to you if you are going through a hardship.  The IRS outlines qualified retirement hardship distrib … [Read more...]