Someone asked us this past week if we would explain what the “Four Percent” rule is and how it came about. The Four Percent rule is based on a study by a financial advisor named William Bengen. His study suggested that one could safely withdraw 4% of their starting portfolio value for 30 years without …
There was an interesting article the other day in the Wall Street Journal. The article discussed a recent survey of workers in their 60’s who were asked about their retirement preferences. The author found that the assumptions that are usually embedded in retirement income calculators–for example, good health, not wanting to make a bequest, and …
“Money can’t buy happiness” is an adage that some people live by, and others ignore. According to a recent Purdue study: “income can correlate with emotional well-being and life satisfaction.” But, as a recent GoBankingRates article tells us, the price of happiness differs (apparently) depending on the State you live in. We may have some …
We continue to read articles confirming that, while it certainly is an arduous task to work for decades and plan ahead to afford a comfortable retirement, what continues to unsettle many is the actual transition into a life post-workforce. For example, concerns about losing one’s routine, the fading away of workplace friends, and confronting the …
How much would you consider to be “enough money to retire?” Yes, you want to have enough money to ensure that you don’t go broke, and can afford basic expenses like food, housing, and medical care, but is that really “enough?” What goals do you want to reach in retirement, and what kind of budget …
Retirement planning seems to always be all about numbers. Your strategy centers around one question: Do your financial assets provide enough income to fund your desired retirement lifestyle? But, to quote a recent article from Kiplinger, “Ask any retiree, and they will likely tell you that it is only half the story. You’ll need enough …
Curious about how you compare to others? The “How America Saves 2022” report referenced recently by CNBC might give you that information. The report states the average retirement savings account balances by age: For those within the 55 to 64 age bracket, the average savings account balance is $256,200. For those age 65 and older, …
There has been a lot of talk recently about a recession: whether or not one will come, what it would mean, and how it would affect each of us. A recession is defined by the National Bureau of Economic Research as “a significant decline in economic activity that is spread across the economy and that …
With the downturn in the market these past few months, there is increasing talk about the pros and cons of converting an existing diminished IRA account into a Roth IRA. Both types of IRAs are designed to help you save for retirement while providing a tax advantage, but they do so in different ways. We …
We often think of retirement in terms of ‘having enough money.’ However, there are other considerations. This article dives into these other considerations and divides them into three categories: Regret, Health, and Identity. Interestingly, the author tells us that financial worries weren’t among the top three considerations. Over 15,000 retirees, age 60+ were surveyed. What …
James W. Malanowski LUTCF
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