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How to Combat Inflation for Early Retirement
by John Bearss, Retirement Specialist
This week I will explore Roadblock Number 5 according to Larry Barrett’s article in the Financial Planning Magazine entitled the 7 Roadblocks to Early Retirement.
Roadblock #5 – Underestimating the Effects of Inflation
Inflation is the biggest risk to any retirement savings plan, and woe to any retiree who underestimates its effects. Inflation is the increase in the money supply, which results in a sustained increase in the price of goods and services over time. Most experts agree that retirees need to assume an annual inflation rate of 3-4%, but a good retirement plan should account for periods of high inflation as well.
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Avoid the Roadblocks that Prevent Early Retirement
by John Bearss, Retirement Specialist
This week I will explore Roadblock Number 4 according to Larry Barrett’s article in the Financial Planning Magazine entitled the 7 Roadblocks to Early Retirement.
Roadblock #1 – Not Saving Enough, Early Enough (Listen to Roadblock #1)
Roadblock #2 – Ignoring Free Money (Listen to Roadblock #2)
Roadblock #3 – Failing to Diversify (Listen to Roadblock #3)
Roadblock #4 – Starting to Plan Too Late
One of the biggest mistakes people make is waiting until their 50s or 60s to start planning for retirement. Waiting this long typically means that more sacrifices will have to be made and sometimes these sacrifices can be hard to bear. Those in their 50s and 60s often assume that since they've been putting money into a 401(k) or other employer-sponsored retirement plan will take care of them throughout their retirement.
However, even with generous employer match and compounding, most people need more than just a 401(k) to comfortably retire. Remember, the more income streams that you can generate the better your chances will be in retirement.
If you're over 50, add the $1,000 "catch up" contribution to your retirement savings plan. If you need to, open up a new account. Take a look at how assets are allocated and talk to a financial advisor about risk and reward.
Thank you for joining me this week for your Retirement Minute.
Interested in more strategies that will help you with early retirement? Contact Retirement Specialist John Bearss by email: john@cfanetwork.org
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A Diversification Strategy that Leads to Early Retirement
by John Bearss, Retirement Specialist
This week I will explore Roadblock Number 3 according to Larry Barrett’s article in the Financial Planning Magazine entitled the 7 Roadblocks to Early Retirement.
Roadblock #1 – Not Saving Enough, Early Enough (Listen to Roadblock #1)
Roadblock #3 – Failing to Diversify
A common investment pitfall is spending far too much time trying to pick individual stocks that will increase in value. It's much more important to understand proper diversification.
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A 401k Strategy that Leads to Early Retirement
by John Bearss, Retirement Specialist
This week I will explore Roadblock Number 2 according to Larry Barrett’s article in the Financial Planning Magazine entitled the 7 Roadblocks to Early Retirement.
Here is Roadblock number 2 – Ignoring Free Money
Many investors fail to take full advantage of their employer's contribution matching, which is just about the same as throwing away money. Anyone fortunate enough to work for a company that offers a matching contribution to a defined contribution plan (401k, 403b, etc) must take advantage up to the full amount. Regardless of the amount of the match the employer provides, the match is free money.
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A Savings Strategy that Leads to Early Retirement
If you desire to retire early, you will want to tune in to the Retirement Minute over the next several weeks. Today, I want to share with you a savings strategy that leads to early retirement.
This week I saw an interesting article in the Financial Planning Magazine written by Larry Barrett called the 7 Roadblocks to Early Retirement and I wanted to share this information with you over the next several weeks.
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Several questions arise as you near retirement concerning your life insurance needs. Should you keep that existing policy in place? If so, should you change the coverage amount? Listen to this week’s Retirement Minute to discover how to make smart decisions when it comes to your life insurance.
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On today’s show, Jay answers many of our listeners’ questions. Jay will answer:
1. How can those over age 50 supercharge their retirement?
2. What steps should you take if you’re changing jobs?
3. Why do we talk so much about stocks on this show?
Plus, a whole lot more.
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Today Jay tackles your questions. Many people do not know how to invest for retirement. How can you get the help you need for your 401k, 457, IRA, Roth, or other retirement accounts? Jay looks at two important things to look at: managing risk and investment selection. Then Jay helps you sort on ways to buy gold and best resources for gold investors. Lastly Jay looks at next steps for those pursuing financial freedom. Jay shows you how to lower costs, gain flexibility, and maintain control.
The secret of bigger benefits, and the truth about the agency’s bottom line.
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As Washington looks to squeeze savings from once-sacrosanct entitlements like Social Security and Medicare, another big social welfare system is growing as rapidly, but with far less scrutiny: the health and pension benefits of military retirees.
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Twentysomethings will need to save much more than their parents did for retirement. Here are some ways 20- and 30-somethings can get on track to retire comfortably.
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Thinking of retiring abroad? Here’s a quick look at some of your best options.
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Whether your post-work life is just around the corner or far away in the distance, there’s never a bad time to reevaluate your definition of retirement. Here’s five questions every investor should be asking about their own retirement plan.
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Low interest rates and a weak economy make it hard for retirees to turn their nest eggs into paychecks. Smart Money Magazine offers some strategies for coping and cashing in.
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The risk of a U.S. default has incited panic among many older Americans, who are now calling the Social Security Administration to find out what’s going to happen to their monthly benefits if the debt ceiling isn’t raised by Aug. 2.
In response, the Social Security Administration has posted very specific instructions on its web site for how the representatives who are handling inquiries from the general public should respond.
The script is short, to the point — and not very comforting: “We’re sorry but we don’t know.”
After years of falling for the consumption trap, many aging boomers are now realizing that their dream of an early retirement is just that… a dream.
