bestretirementplans
Retirement is no longer a sure thing for many people as defined-benefit pension plans are steadily declining. As of March 2022, 12% of private industry workers and 34 % of state and local government workers had access to both defined benefits and defined contribution plans. Conversely, only 3% of private industry workers have access to defined benefit plans, while 53 % of state and local government workers do. Meanwhile, 54 % of private industry workers had only defined contribution plans, and 5 % of state and local government workers had only defined contribution plans. This is why it’s so im...
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No matter how long you have been married or how many anniversaries you’ve celebrated, you’re sure to know that you’re stronger together than you are apart. Retirement savings are no different. When it comes to retirement planning specifically, they still need to keep an eye out for ways to manage it as a couple — even if a couple keeps some aspects of their finances separate. In order to make retirement as enjoyable as possible for you and your spouse, here are some things to consider. A Couple’s Guide to Combining Retirement AccountsYour retirement accounts cannot be combined with your spouse...
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Losing money is the last thing any of us wants to do. Rather than risking your money on the stock market, you might just choose to park it in a savings account. Despite this, even high-yield savings accounts typically do not offer yields that can beat inflation. As a result, the money you earn from interest is unlikely to keep up with the rising cost of living. So, in short, you may actually lose money by playing too safe. The good news? If you hope to retire someday, there are still plenty of low-risk, guaranteed-growth investments you can consider placing your savings. 1. Fixed AnnuitiesA fi...
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Retirement planning can easily be overlooked while juggling your career, raising children, paying off debt, and enjoying today. In fact, according to a Bankrate survey conducted in 2022, 55 percent of American workers are behind on their retirement savings. If you want to create a financially secure future, however, you need to know what options you have and their benefits. Creating a retirement plan early in life is essential if you want to have a financially stable retirement. For example, by diverting some of your paychecks to a tax-advantaged retirement savings plan, you can grow your weal...
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Retirement is a time to enjoy and relax. But the question is where? Some people look for a place close to their family and friends, while others want good weather year-round. And still, others want to live in an area with plenty of activities and entertainment. If you’re looking for a place to retire and need help figuring out what to look for, keep reading this article. We’ll discuss the different essential factors you should consider and give our recommendations on where you can find them. What Makes a Place Good for Retirement?Let’s start by discussing how to identify good retirement destin...
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One of the things you need to prepare for when you’ve reached your retirement age is your will. It is a document that lists all your properties and assets and how you want them to be distributed when you’re no longer here. While it might seem too soon to think about this uncomfortable topic, it’s still something that needs to be carefully planned to make everyone’s life a little easier as they handle the grief of losing a loved one. In that sense, it’s good to know what things your children might or might not actually want to see as a part of their inheritance. Preparing a list of things you w...
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When it comes time to choose a retirement community, there are many factors to consider. You need to start by deciding what you want and what you expect to get out of joining a community. This involves everything from your budget, age, state of health and healthcare needs, geographical location and, of course, your particular tastes and preferences in terms of lifestyle and entertainment. Being honest about these matters and sifting through brochures and websites will help you narrow down your search and shortlist a series of promising options. However, considering that joining a retirement co...
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11, There was a time when workers could depend on an employee pension plan and Social Security to cover their retirement expenses. Nowadays, pensions are scarce. And, the future of Social Security is murky at best. Maybe this is why one in four Americans haven’t saved anything for retirement. And, those that did, aren’t saving enough. But, it doesn’t have to be this way. We’ve got all the information you need about the best retirement plans and how to choose the right plan. An Overview of Retirement PlansWhen it comes to funding your golden years, you have three main choices. 401(k)s and sim...
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