It’s easy to think that self-employed people have less access to retirement benefits than their salaried counterparts. Yet, self-employment has more account options to consider.
Salaried workers may be eligible to participate in their company’s 401(k) retirement savings program. And if neither works, you can always open an IRA or a Roth IRA, but that’s about it.
If you save too much for retirement, you may need more cash in the short term because your funds are locked up in your retirement accounts. Your savings could be reduced if you remove the money before retirement due to penalties or taxes.
Whether you’ve already done filing your taxes or have yet to start, the impending deadline has reminded you how much you despise doing it every year. To recover back money that was rightfully yours, to begin with, you have to endure frustrating questions, tedious math, and a great deal of effort, and that’s in the best-case scenario.
Let’s face it, 2022 was not a great year for investors. The stock market plummeted 16%, including lots of dips into the bear market territory. Real estate fared a little better, and the median home price hit an all-time high before plummeting sharply as home buying shivered in a high-inflation, high-interest-rate climate.
It’s crucial to highlight that without a will or other estate planning documents, asset distribution can be difficult and may not follow an individual’s intentions. To guarantee one’s finances and assets are dispersed as desired, one should speak with an estate planning attorney and prepare a complete estate plan.
When it comes to retirement savings, studies have shown that there are differences in the amounts saved between men and women. In general, men tend to save more than women for retirement. The reasons for this discrepancy are complex and multifaceted, and various social, economic, and psychological factors influence them.
Over 66 million Americans rely heavily on Social Security to meet their daily and monthly financial obligations once they have retired or are nearing the end of their working lives. Here are four ways to maximize your Social Security benefits and ensure a comfortable retirement income.
Retired people often seek financial advisors to help them manage their finances in retirement. Financial advisors can provide guidance and advice on various financial topics, like budgeting, investing, and estate planning, to help retirees make the most of their retirement savings and ensure their financial security in the years ahead.
Ensure a comfortable retirement with these three steps.
Planning financially can help you ease into retirement if you require time to replenish your nest egg or want to take it easy for a while.