Personal Finance
Better Finances for a Better You
Topic: "Retirement Planning"
← Curating the web to find the most interesting and helpful
information about your money.
Budgeting
How to Maximize Your 401(k) Match By Emily Brandon
Try these strategies to get the best possible employer contributions to your 401(k) plan →Saving
How to make sure you’re taking advantage of all employer benefits to boost your wealth by Carmen Reinicke
Many employers offer their workers benefits beyond just health insurance and retirement planning →Investing
Four Ways Your Workplace Benefits Could Help With Your Taxes by Kate Winget
Your employer may offer resources that can help you with your financial strategy, on top of providing potentially tax-advantaged retirement and other accounts
Use your workplace benefits to get organized and stay ahead of the game →Did you know?
The average retirement age in the U.S. is between 64 and 66 years, and Canada has a similar average of around 65.
The Average Retirement Age in 2024: US vs. Canada →Word of the week
Social Security
Social Security provides a source of income when you retire or if you cannot work due to a disability.
Millions of Americans may get a Social Security boost. And maybe a tax bill →Budgeting
Simplify Your Budget To 3 Categories So You Can Retire Early By Bernadette Joy
Simplify your budget into three main buckets: Strive, Revive, and Survive →Infographic of the week
How Far $1 Million Gets You in Retirement, by U.S State
Becoming a millionaire has long been a dream for people worldwide. In most cases, the million-dollar mark is seen as a symbol of financial success and prosperity. However, with the rising costs of housing, healthcare, and food, is $1 million really enough to stop working? This graphic illustrates how long $1 million, combined with Social Security benefits, would last in each U.S. state, according to data from GOBankingRates. The analysis includes groceries, healthcare, housing, utilities, transportation, and miscellaneous expenses.
In three states—Massachusetts (19 years), California (16 years), and Hawaii (12 years)—$1 million would be completely spent in less than 20 years →Saving
8 Strategies to Save for Retirement By Robert Brokamp, CFP
Save 15% of income annually for retirement, considering longer lifespans and diminished pensions →Investing
Tips for Successful Retirement Investing By Jean Folger
When planning for retirement, one usually identifies financial goals and then decides on the best ways to save and invest to achieve them. A lot of retirement investing advice involves very specific formulas and strategies. Sometimes, though, it's helpful for your investment decision-making to take a step back and look at the big picture.
Start early and know your options →Serious stuff
The average American’s lack of savings paints a fairly discouraging picture of retirement. According to Pew Charitable Trusts, many Americans see themselves working past age 65 out of financial necessity, with some people never planning to retire at all.
Here’s Exactly How Much Savings You Need To Retire in Every State By J. Arky →Saving
Many people struggle to set aside the money they need to build up their retirement nest eggs, month by month. Fortunately, a non-refundable tax credit, known as the retirement savings contributions credit, can make it substantially easier to save.
Saver’s Tax Credit: A Retirement Savings Incentive →Investing
5 rules for investing in retirement by Merrill Lynch
1. Review your asset allocation with new risks in mind 2. Prioritize your immediate cash needs 3. Don’t abandon stocks 4. Prepare for volatility, especially early in your retirement 5. Stick to your plan — and review it regularly
What's in, What's out of your portfolio after you retire →Infographic of the week
Which States Have The Highest Share of Retirement-Age Workers?
About 22% of American adults 65 and older continue to work in 2024. Growth in the 65 and older population, higher cost of living and other factors have led to a large share of older adults in the workforce. New Jersey saw the highest share of working adults over the age of 65 in 2024, and the largest two-year increase.
Retirement-Age Adults Still Working by State →Infographic of the week
Ranked: The Worst U.S. States for Retirement
This chart ranks the 10 worst U.S. states to retire in, according to Bankrate.com, as of 2024. What this ranking is not showing are states that people prefer to retire in for more qualitative reasons. Factors like weather are considered, but financial aspects of a state are weighted higher in this ranking.
This chart ranks the 10 worst U.S. states to retire in 2024 →Word of the week
Generational Wealth
Wealth that is passed down to children or other family members from parents or other relatives. This can include financial investments in children's education, such as covering the cost of college, as well as cash, real estate, or anything else with a monetary worth. It is also known as intergenerational wealth.
Generational wealth: What it is and how experts say you can work to build and protect it by Ivana Pino →Budgeting
What is the FIRE movement and how does it work? By Andreina Rodriguez
The concept of early retirement has gained momentum in recent years, but is it attainable for everyone →Word of the week
Lean FIRE
Lean FIRE is a lifestyle movement with the goal of gaining financial independence and retiring early. With Lean FIRE the goal is retire early and live a frugal lifestyle. You would likely live on the minimal necessities and save the rest, and your retirement would be more frugal in nature.
Lean FIRE: The Fast Track to Early Retirement – If You Can Stomach a Small Budget by Nick Wolny →Budgeting
The Skeptic's Guide to FIRE (Financial Independence, Retire Early) by Nick Wolny
Here's an editor's perspective on the good, bad, and ugly of FIRE culture →Infographic of the week
Visualizing America’s Average Retirement Savings, by Age
Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg. This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year.
America’s Average Retirement Savings, by Age →Investing
What Higher Interest Rates Mean for Retirement Cash Flows by Christine Benz
Retirement planning has undergone a seismic shift over the past few years because of a single factor: higher interest rates.
Now that interest rates are higher, should retirees try to live off of their portfolios’ yields? →Saving
Retiring at age 30 with $1 million comes with a lot of leg work and a bit of luck. It’s not impossible, but a lot of things have to go right for you.
Eric Reed on How Long Will $1 Million Bucks Last Me If I Retire at 30? →Infographic of the week
Retirement Planning Mistakes
According to professionals, the most common retirement planning mistakes are time-related, like outliving savings or not understanding how inflation can affect a portfolio over time. The number one mistake? According to 49% of financial planners, its underestimating the sizeable impact inflation has on the value of retirement savings.
Charted: Top 10 Retirement Planning Mistakes from the visualcapitalist.com →Budgeting
6 retirement strategies that don't get talked about enough
Jason Heath: These alternative strategies can help you achieve the best retirement possible →Word of the week
Annuity
An annuity is a type of insurance contract in which the insured (you) and the insurer (insurance firm) agree that the insurer will pay you either on a regular basis or one-time disbursements to you as a payout for your contributions. Usually, people utilize an annuity as a retirement income source.
Use our free retirement calculator to see how an annuity make get you closer to your goals →Infographic of the week
Charted: Retirement Age by Country
The retirement landscape can look completely different depending on what country you’re in. And charting the retirement age by country reveals a lot of differences in the the makeup of a labor force, both for economic and cultural reasons.
Exploring retirement age trends around the globe →Saving
Rob Carrick's Stress Test with Shannon Lee Simmons, a Toronto-based certified financial planner whose core clients are millennials and Gen Z, about shifting views of retirement and how you can best prepare.
Podcast: Retirement might look different for Gen Z and millennials. Here’s how to plan for it →Saving
How much money do you need to retire?
Start planning for your retirement with our free calculator →Serious stuff
Canadians' confidence in their ability to retire on time and debt free declined between 2016 and 2022, according to a new research report released by the Canadian Public Pension Leadership Council (CPPLC).
Research shows Canadians losing confidence in their plans for retirement →Serious stuff
The Canada Pension Plan enhancement – Businesses, individuals, and self-employed: what it means for you
How does the CPP enhancement affect you →Word of the week
GIC (Guaranteed Investment Certificate)
"Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. The key difference between a GIC and a term deposit is the length of the term. Term deposits generally have shorter terms than GICs."
Learn about the key details before buying a GIC →← Curating the web to find the most interesting and helpful information about your money.