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Retirement

How Do You Save Money in Retirement?

Nicole D.
I have a question for all the folks who are currently retired. How do you cut costs and save money in retirement? I'm gathering savings tips for a story on The Penny Hoarder, so your responses may be included! Thanks in advance!Read More...

Re-locating

Trish Young
Since I left my job, I decided to relocate and buy a new home. I have been told to pay off my present mortgage to reduce debt in order to obtain a new mortgage. Or is it best to sell first and hope I find a house and mortgagor before closing. Or...pay cash from IRAs for new home and once I sell first home, reinvest.. Advisor has said never pay off mortgage, it’s good debt, but I’m favoring paying it off and pocketing that payment. Interest rate is at 4.25. Thank you!Read More...

Military pension & SS

Hi, my husband and I have an interesting question we have not found answers to. How do we calculate our retirement goal (amount needed in savings) having both a military retirement and receiving Social Security? Some additional info: I am a homemaker and he is retired military. If something happens to him, I don't get his military retirement (we signed off the SBP). Thanks so much for any wisdom. ~Mrs. PetersonRead More...

TSP and mortgage

What are the good and bad consequences of using your TSP (fedgov equivalent of 401K) distribution at retirement age 74 to pay off your house mortgage.Read More...

Large Sum or Monthly Pension

Shirley
Hi, my husband's company is offering Early Retirement Offer. The offer is better then the one he would get if he retired normally in 2 years. We keep going back and forth on if he should take the large sum or the monthly pension the company is offering. The large sum the company is offering is 3x the amount. I want monthly to have peace of mind of getting money each month for sure. He wants the large sum to invest it to keep earning money. There is one thing I don't know if the monthly...Read More...

Tax Specialists

I will need to apply for Medicare and have been studying up on the tax implications. I’m realizing that I need to find a good tax specialist in retirement. Anyone have any referrals, preferably a specialist who is knowledgeable about Medicare tax laws. I have read not all financial advisors are familiar with tax laws on Medicare. Between inflation, Covid-19, increasing taxes, increasing Medicare costs, National debt, I believe that without serious planning, it’s going to be rough on retirees...Read More...

Where Should I put my Money When I Rеtіrе?

Haritha78
Rеtіrеmеnt рlаnnіng is rеаllу a соmbіnаtіоn оf аrt аnd ѕсіеnсе. Yоu can рlаn fоr an аnnuаl rеtіrеmеnt income thаt you would lіkе tо ѕее in your retirement уеаrѕ - реrhарѕ something thаt is at least thе income thаt you еаrn now оr a реrсеntаgе оf уоur сurrеnt income. You'll аlѕо wаnt tо еѕtіmаtе уоur еxресtеd rеtіrеmеnt expenses аnd mаkе ѕurе уоu рrоtесt уоur rеtіrеmеnt savings аgаіnѕt inflation. Yоu'll wаnt tо plan for lоngеr lіfе to avoid runnіng out оf іnсоmе durіng your rеtіrеmеnt уеаrѕ...Read More...

Paying off Mortgage

Hello - I have enough savings to pay off my mortgage and wondering if I should do so? I have no real tax deductions otherwise. Have about $45k to pay off. I will probably be selling and moving in 2-3 years so not sure if worth it to do. Thanks! SusanRead More...

Great Book Recommendation

Angela. Gagliardo
Hello, This book really broke down how to actively get involved in my own retirement planning. It's a great resource for me now and as well one I know i can rely on in the future. https://juliejason.com/books/retire-securelyRead More...

How helpful is a financial advisor? When should I start?

crice
Clearly, saving money is #1 when it comes to being ready for retirement, and while there are differing opinions on what plan is best, I'm pretty reliable in investing a portion of every check. I started late, but (hopefully) there's still time to catch up. I don't know anything about planning for retirement beyond "just save as much money as possible," though. I don't want to end up waiting too long to consult with an adviser -- but I also worry that I'll miss opportunities to maximize my...Read More...

1million +to retire

From 18 to 26, save $200. A month. Then don't touch it until age 65. You should have over $1.6 million. If you didn't start until age 26, and saved $200, per month until age 65, you would only have $1.3 million, after saving all those years! This is "The Time Value of money".Read More...

IRA

Melody Davis
What needs to be considered when deciding between a ROTH or Traditional IRA account?Read More...

Know Your State Retirement Plan

Anita Manuel
I am a retirement specialist serving school districts in Florida. I want to encourage all school district and state employees to please be aware of your state's retirement program basics. We speak to many of the teachers and staff and find that they are not aware that their pension is partial. They are unaware of the impact of beneficiary choices. DROP is not for everyone so before you sign up please reach out to me. Unfortunately, many feel that variable 403b's and retirement accounts are...Read More...

Anyone pursuing a F.I.R.E. strategy?

Theodora
The F.I.R.E is on FIRE. https://www.cnbc.com/2019/03/01/more-workers-are-looking-to-retire-early-a-look-inside-the-fire-movement.html Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!Read More...

Retirement Savings Question: With a twist ?

Rick Campbell
I have searched for this answer on several sites and not had any luck. You all are awesome with good, honest and timely answers so I know this is the place to find out my answer. Most people ask about saving for retirement questions about how much money they need to retire and live comfortably because when they retire so does their income they are accustomed to living on. Since most people will not make 100% of their normal monthly income, they need to know " How much money do I need in...Read More...

pay off mortgage with inheritance or invest?

Suzanne Boisvert
I am thinking I would like to pay off my mortgage and save the interset which now is at 4.875% interest portion is at $230 a month. I asked my financial advisor and she ran the numbers and said yes. Then she called me back and said not to pay it off and to invest it. I plan on only working two years or so before I retire. I am now 68. I still feel that paying off the mortgage would be better and I could continue to save.the extra 1000 a month. I am not sure what to do now... What is the best...Read More...

Fin-Recovery Post Housing Crisis

Oh Yeah! What you have saved for an emergency backup fund may not be enough of a cushion. But you are retired now on Social Security! T.P.H. articles on Side Gigs are great but now info is needed for careful planning when juggling Social Security, the IRS, and State income tax such as New Mexico. Could really use help in this area.Read More...

401k vs. 401a

Hello Community! I currently work two jobs, full time for State Government and Part Time for a retail store. I am enrolled in a 401a retirement account with my full time job and a 401k account with my part time job. Could any of you explain the difference of these two? Especially with Regards to my taxable income amount.Read More...
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