Category: Retirement

4 Ways to Reduce Healthcare Costs in Retirement

**Disclaimer: I am not a health care professional – I am simply sharing my experiences and opinions here.

One of the major fears for people in retirement is the fear that health care costs will devour their retirement savings long before they can afford to live on Social Security alone.

With the average American having a median retirement savings balance of just $5,000, not having enough money to cover health care costs is a realistic fear.  Read more

12 Steps to a More Comfortable Retirement

Today’s financial experts will tell you that we’re not saving enough for retirement. With only 32% of Americans being involved in a workplace retirement plan and the average couple having only $5,000 saved for retirement, I agree: there is work to do.

The numbers are dim, indeed. Investment giant Fidelity tells us that a 50 year old should have six times his or her salary saved in a retirement account and a 60 year old should have eight times their salary saved. If you are worried about your retirement situation, there are things you can do to change it, even if you’re getting up there in age. Read more

What to Do if You’re Late to The Retirement Savings Game

This week, in honor of Financial Literacy Month, we’ve been focusing on retirement savings. I talked on Monday about how to balance retirement savings and debt payoff while helping your kids out with college costs, and on Tuesday Brad from over at Maximize Your Money shared an awesome post on why and how you should start saving for retirement now. In Monday’s post, I shared that nearly 1 in 3 Americans have no money saved for retirement, and that 56% of Americans have less than $10,000 saved for retirement. If you fall into one of those two categories and are in your 40’s, 50’s or beyond, no worries. Today’s post is for you. Today we’re going to talk about what you can do if you’re late to the retirement savings game. Read more

Why and How to Start Saving for Retirement Now

This awesome post comes to us from Brad over at Maximize Your Money. Also, if you head over to Brad’s site today, you can see my post about Why We Left Suburbia for Life on a Hobby Farm. Enjoy!

Everyone wants to have a comfortable retirement. The reality though is that only a small percentage of people are achieving that goal. But it doesn’t have to be that way. There are surprisingly easy steps to take, especially when starting young, to achieve an enjoyable retirement. But you have to get started, and you really need to get started now. Here’s why and how to start saving for a fantastic retirement. Read more

Your Money Situation Won’t Change Until You Start Taking Responsibility for Your Actions

I realize that this post might get me in hot water with some, but I recently read another article about the dire money situation of Americans and how it’s not their fault. Being an American who for many years took little responsibility for my own money situation (along with my husband) and being one who is digging out of a dire financial situation, I know whereof I speak. Read more

Who Benefits From My Debt?

“One way to grapple with debt is to ask yourself ‘who benefits from my debt?'” This is the question Mrs. Groovy suggested people ask themselves as they work toward paying off debt, and I thought that the profound statement deserved an entire post, so here it is. Read more

Top Ten Ways to Prepare for Retirement

A recent poll by Go Banking Rates revealed that 56% of Americans have less than $10,000 saved for retirement. And 28% of Americans aged 55 and older have ZERO saved for retirement. These are numbers that should scare us all. Even if you’re doing great on saving for retirement, those who aren’t saving will eventually be a tax burden on the savers if they continue to avoid a retirement savings plan.

With health problems on the rise and medical costs on the rise, people are in dire need of a plan to start saving at least something for retirement. And lest you be discouraged, know that “something” really does add up. Read more