August 28, 2024 | Retirement Planning
How Retirement Spending Changes With Time
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This ...
Learn MoreHow Retirement Spending Changes With Time
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households “live it up” and spend more than they anticipate as retirement starts to unfold. In 10 or 20 years, though, they may not spend nearly as much.
The initial stage of retirement can be expensive. The Bureau of Labor Statistics figures show average spending of $70,570 per year for households headed by pre-retirees, Americans age 55-64. That figure drops to $52,141 for households headed by people age 65 and older. For people age 75 and older, that number drops even further to $45,820.1
Some suggest that retirement spending is best depicted by a U-shaped graph — It rises, then falls, then increases quickly due to medical expenses.
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Blogs for Retirement Planning
July 26, 2024 | Retirement Planning
Catch-Up Contributions
A recent survey found that 18% of workers are very confident about having enough money to live comfortably through their retirement years. At the same ...
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July 19, 2024 | Retirement Planning
Is Social Security Going To Run Out In Your Lifetime?
We get regular updates on the Social Security trust fund. In early May, the Social Security Board of Trustees announced that the trust funds had ...
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July 15, 2024 | Retirement Planning
9 Facts About Retirement
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be ...
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June 7, 2024 | Retirement Planning
Essential Steps for Solo Agers: A Comprehensive Guide
Aging solo comes with unique challenges, especially without the support of close family. To ensure a secure and fulfilling life, solo agers should take proactive ...
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May 24, 2024 | Retirement Planning
Immediate vs. Deferred Annuities
Despite not being as well known as some other retirement tools, annuities account for 6.5% of all assets earmarked for retirement. With about $2.2 trillion ...
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May 15, 2024 | Retirement Planning
Navigating the Significance of Age 59½ in Retirement Planning
As we approach the milestone age of 59½, it’s crucial to understand the implications this has on retirement planning, notably for those born in the ...
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May 13, 2024 | Retirement Planning
Choosing a Retirement Plan that Fits Your Business
If you have yet to develop a retirement plan for your business, or if you’re not sure the plan you’ve chosen is the right one, ...
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May 6, 2024 |
401k Millionaires on the Rise
As we continue through 2024, I wanted to share some data that many may find positive. Fidelity Investments just announced that 440,000 retirement savers reached ...
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April 24, 2024 |
Intellectual Property Rocks in a New Digital Era
How will your IP work for you in your retirement and beyond? In 2023, the music industry witnessed a groundbreaking shift, as iconic bands like ...
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