An important decision near-retirees face is whether to take their pension benefits upfront as a lump sum or over time as an annuity. The rise in interest rates – a current state of affairs – may affect that amount if you are leaning towards a one-time payment near retirement.
Saving $100,000 is an excellent start toward a comfortable retirement. Nonetheless, if you want to retire in style, you’ll need a lot more than that. The good news is that you’ve already accomplished a great deal simply by reaching the $100,000 mark. Growing $100,000 into $1 million is a relatively simple process. Here are three tips that you could use to try and reach that million-dollar milestone
A tight budget for living expenses like food and gas makes planning for retirement a daunting undertaking. A few critical and sobering retirement realities may also have escaped your attention. Preparing for retirement will help you avoid making careless financial mistakes as you plan for your post-work years. This article seeks to clarify some of the challenging realities of retirement so that you may make the necessary plans.
According to the most recent official statistics, the average monthly cost for persons 65 and over, including rent, groceries, and healthcare, is roughly $4,345. In 2016, retirement-age Americans could spend approximately a thousand dollars less, at $3,564. However, with inflation only lately beginning to decrease from a nearly 40-year peak this summer, financial experts predict that older Americans will need to reduce their spending even more in the future.