#retirement future

You’ve saved for decades at this point, putting as much as you thought feasible toward your retirement. You’re ready – you’re prepared for the day that you can finally step back from that full-time job and do the things you enjoy.

On paper, it sounds great, but you might not actually be ready.

According to a report from the Center for Retirement Research at Boston College, many households do not have an accurate idea of their retirement readiness.

The report points out that while 35% of Americans have an idea of how much they’ll earn during retirement, less than half of all Americans have any idea of how much they have saved for retirement.

Here are five reasons that you might be wrong in assuming you’re prepared for retirement.

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Your Retirement Readiness Is Skewed Because You Underestimated Your Lifespan

One of the keys to successful retirement readiness is making sure that you’ll have access to money until the end of your life.

Of course, no one knows exactly how long they’re going to live, so many people choose to estimate their lifespan based on that of their family members, particularly their parents, aunts and uncles.

The problem here is that people today are living longer than ever before. Even a single generation’s difference could add 10 or even 20 years to your life.

While that’s good news for avoiding an early demise, it’s bad news if you’re using a lower life expectancy to estimate the amount you’ll need to save for retirement.

You Think Your 401(k) Will Last

One of the reasons that people fail in terms of retirement readiness is that they think that because there’s a lot of cash in their 401(k) account, they’re set to enjoy the same standard of living in retirement that they do now.

Sure, your 401(k) might have several hundred thousand dollars in it, and, yes, that’s a sizeable amount. However, what you really need to consider is just how small the amounts you’ll have to withdraw from that account are if you want it to last throughout your retirement.

You’ve Earned a Lot of Money for a Long Time

High earners are actually some of those most likely to be last in terms of retirement readiness. This is because the more you earn, the less your Social Security payment in retirement will work to help support your current standard of living.

High earners are often so accustomed to their usual standard of living that they actually have little idea of just how small the payments from Social Security really are.

If you fall into a high-income tax bracket, you are more responsible for saving for your own retirement than someone who earns substantially less, in order to enjoy the same standard of living.

You Didn’t Start Saving Soon Enough

Sure, you might be socking away a good chunk of your monthly income to prepare for retirement now, but what if you didn’t start saving until you were older?

A 30-year-old who earned a salary of just $45,000 per year would need to only save 10% of his or her income per month to hit the $1 million mark by retirement age.

However, if you were 50 when you started saving, you’d need to find a way to put away 35% of your monthly income to reach the same goal.

If you started saving later in life, chances are good that your retirement readiness is a lot less than what you think. Now, couple that with the prospect of unexpected expenses, like paying for a child’s college education, and you can see how your financial future might not be as bright as you’d like.

You’re Retiring Early

While quite a few people do still work up until the official age of retirement, a growing number (possibly including yourself) is retiring before they reach the age of 65.

This can have an incredibly devastating impact on your retirement readiness, as it deprives you of several years of savings during a time in your life when you should be earning more than ever.

In line with that, you should be saving more than ever, too. This is your big chance to really make sure that you have that nest egg built, but if you retire early, you lose that opportunity.

How Do You Ensure That You’re Ready for Retirement?

Measuring retirement readiness isn’t all that complicated, but it does require that you dig into your financial situation and estimate your future expenses accurately. You’ll also need to take a second (or third) look at your life expectancy.

If you’re basing your end of life planning on what age your parents passed away, you might be in for a financially bleak future when you surpass that age by 20, 30 or even 40 years.

Start your research with an estimate of what you’ve saved so far. Include all of your savings accounts, including 401(k)s, IRAs and the like.

You should also include any other financial tools you own in that figure, including bonds that will mature around (or after) the time you retire.

Make sure to account for other assets as well – your home, RVs, boats and the like should all be accounted for in your financial planning.

In the end, retirement readiness is a tricky subject, as evidenced by the fact that fewer than 50% of Americans even know what they have put away for their golden years.

You need a solid, actionable plan, the ability to put away as much money as possible for future, and the willingness to use tools like bond ladders that can help ensure an ongoing, reliable stream of income well into retirement.

If you haven’t begun planning for retirement yet and you’re in your 50s, it’s understandable that you may be worried. However, follow the below advice, and you can still save $1 million in time.

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Get on a Budget Immediately

It is absolutely essential that you create a budget for yourself that will help you reach $1 million by retirement. One of the worst pieces of retirement advice that is often repeated for some reason is that you don’t need a budget to reach your retirement goals.

Keep in mind, too, that you’ll need a budget once you retire, as well. Statistically, you’re actually likely to increase your spending once you reach retirement, so having a budget in place – even if you end up adjusting it – will go a long way toward protecting your nest egg.

Set Aside 20% of Everything You Make (at least)

As a rule, planning for retirement should entail setting aside 20% of your income. A big reason why is that Social Security is going to take a major hit within the next decade or so. The Social Security Board of Trustees even released a report to this effect. By 2033, they said that taxes would only be sufficient to cover about 75% of SS benefits.

People who ignore this when planning for retirement could be in for a very serious shock when they finally hit 65.

The same report didn’t seem very optimistic about Medicare. Unless something is done, many of you may be financing your healthcare – at least partially – during your golden years.

Sadly, even the old standby of pensions doesn’t seem long for this world. Their deterioration has actually been occurring for decades now.

As Michael Molinski reported in USA Today:

“From 1980 through 2015, the proportion of private wage and salary workers participating in defined benefit pension plans fell from 38% to 15%, according to the U.S. Bureau of Labor Statistics. DB plans are the traditional pension plans that your father or grandfather’s generations were accustomed to, but now they’re as rare as a gold watch at retirement.”

You simply can’t expect that the mechanisms used by generations past to save for retirement are still going to be relevant. This is especially true if you’re just beginning retirement planning at 50 and want to hit $1 million. Saving 20% of your income is the very least you must do.

Don’t Spend Your Raises

Between now and when you finally quit work for good, you’d be wise to do everything you can to get as many raises as possible. However, instead of celebrating by buying yourself something nice, this extra money will go right into planning for retirement.

Some of you may think that you’re at a point in your careers where earning raises is unlikely. There may not be any more opportunities for promotion ahead. Any raises you do receive may not account for much, either.

First, a bit later, we’re going to show you investment options you can use to make the most out of every penny, so raises can still be very helpful.

Second, even further down, we’re going to introduce you to the gig economy. Therefore, even if you’re 100% right that there are no more raises coming down the pike, don’t worry. You still have options for pulling in extra income.

Change the Habits That Brought You Here

Unless you’ve found yourself in your 50s without any retirement savings by some seriously unfortunate event, it’s time to take responsibility for the situation and plan accordingly.

There are some habits you’re going to have to change in order to build a $1 million nest egg by the time you retire.

Some of these may involve guilty pleasures like smoking or drinking regularly. It could mean giving up luxury items like cable and eating out.

Chances are, though, that planning for retirement at this stage is going to require even more drastic changes.

For example, you might have to change your relationship to money. An honest appraisal of how and why you spend the way you do will help a lot in this regard.

Downsize

Rethinking your habits will help, but you can do even more where planning for retirement is concerned by simply downsizing your life. Think about the things that require the largest portions of your budget and see if you can erase them.

For example, do you and your spouse both need cars? Could you sell one and put that money toward retirement? Doing so would also mean saving on car insurance. The chances are that you wouldn’t buy as much gas, either.

If you’re really serious about planning for retirement so you can reach $1 million, consider living in a smaller house. Again, selling your current home would definitely give you a huge infusion of cash. You would also lower a number of other expenses by moving into something smaller.

Downsizing can definitely be a tough decision to make, but many people end up finding it very refreshing and wish they had done it sooner.

Pay Yourself First

One way you may need to change how you look at money is to pay yourself first.

Maurie Backman at Motley Fool describes this habit as:

“Many people fall behind on savings because they’re just not in the habit of making it a priority. A good way to ensure that your savings don’t fall by the wayside is to arrange for a portion of each paycheck to filter into a retirement plan before you get your hands on it. If you make your savings automatic, you won’t miss that extra cash, and you’ll eliminate the opportunities you’d otherwise have for spending it.”

If planning for retirement is going to require putting aside 20% of every paycheck, you’ll have to adopt this new mindset of paying yourself first. Make your savings just as much a priority as paying your mortgage or buying groceries.

Leverage Tax-Free Saving Opportunities

Getting a late start on planning for retirement means you need to avoid as much overhead as possible. You need to put as much money as you can into your retirement plan; anything else is a distraction from this goal.

This includes taxes. Fortunately, there are plenty of ways you can set money aside without losing a large chunk of it to Uncle Sam. Some popular tax-free saving strategies include using an IRA (especially a Roth IRA). Bonds can also be helpful in this regard, but we’ll cover that in more detail later on.

Download Free E-BOOK “Retirement Investment Accounts: Your Guide to 401(K) and IRA”

Play Catch Up with Your 401(k)

Speaking of investment opportunities to help with planning for retirement, don’t forget about your 401(k). Next, we’ll cover bonds, which are the best investment vehicles for retirement, but 401(k)s are great, too.

If you haven’t been paying into yours, now is the time to start. Even if your employer doesn’t match you for every penny, whatever they provide is worth it. You’re literally receiving free money just for planning for retirement.

“Catch up” provisions are valuable opportunities available to those who haven’t been making the most of their 401(k).

Dan Kadlec at Time explains catch-up provisions like this:

“If you are over 50, you can contribute an additional $5,500 to these plans, except IRAs where the catch-up limit is $1,000. Starting from scratch and assuming typical returns you can save $500,000 in just 10 years by maxing out your 401(k) including the catch-up benefit.”

That would get you halfway to your goal! So, take every penny you don’t absolutely need and put it toward your 401(k).

Invest in Bonds

Planning for retirement must involve investing, especially for those of who started late. We already mentioned that IRAs are a great vehicle to use for reaching your goals.

However, you need to think about what you’ll actually invest in with that IRA. While options abound, bonds are the best for retirement.

The main advantages bonds offer for retirement are:

Stability. Bonds are less likely to lose money than stocks are. So, buying some bonds and some stocks can reduce your portfolio’s losses during stock market declines.

Income. Bonds pay interest regularly, so they can help generate a steady, predictable stream of income from your savings.

Security. Next, to cash, U.S. Treasuries are the safest, most liquid investments on the planet. Short-term bonds can be a good place to park an emergency fund or money you’ll need relatively soon.

Tax savings. Certain bonds provide tax-free income. These bonds usually pay lower yields than comparable taxable bonds, but may provide higher after-tax income to investors in high tax brackets.”

For best results, leverage bonds into a ladder. A bond ladder is fantastic for planning for retirement because it provides you with a consistent form of income that you can then continuously invest. At any time, you can decide not to invest, of course. If you need the money, you can just keep it. Otherwise, take your earnings and make more from them.

As we already covered, bonds are extremely stable, too, so there’s very little risk involved in taking this approach.

All you do is invest in bonds with ever-greater maturity dates. This is where the “ladder” reference comes from. As time goes on, one bond will become due after the next, like rungs on a ladder.

Download Free E-Book “Bond Investing Fundamentals”

Get Rid of Stocks

If you’re like a lot of people, planning for retirement has entailed investing in stocks. That’s not necessarily a terrible strategy when you’re in your 20s and 30s. Stocks are extremely risky, but at least at that age, you have time to adjust your strategy and recover from even large losses.

When you hit your 50s, and your retirement age is in sight, though, this is no longer the case. In your particular situation, investing in stocks is a horrible idea. One bad swing from the market could be enough to completely clean you out, turning a tough situation into an impossible one.

Take a look at your portfolio and consider selling any stocks unless they’re performing extremely well and show no signs of doing otherwise in the near future. Then, take that money and put it into a bond ladder as we recommended above.

Consider the Gig Economy

I’ve talked about the gig economy on this site before and, specifically, how it can help with planning for retirement.

It’s worth bringing up here again because many of you may need the help to retire with $1 million if you’re in your 50s and haven’t begun yet.

In case you’re unfamiliar with the term, the gig economy can be defined as when:

“…temporary, flexible jobs are commonplace, and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.”

Everyone can participate in the gig economy. If you’re currently working, you most likely have a skill you could use after hours to help people, too. That could be your way of earning some extra income to put toward retirement.

Even if you don’t think you have a particularly marketable skill, it’s not hard to learn one. You could become a freelance writer or take up graphic design. You could even do something far simpler like mow lawns or employ a favorite pastime like gardening.

The point is that, when it comes to planning for retirement, every little bit counts. Unless you’re making good money and can afford to put aside more than 20%, you’re going to have a really tough time hitting $1 million without some extra money coming in.

Just as we recommended with your raises, the extra money from the gigs you work shouldn’t be spent on anything other than helping you with planning for retirement.

Get Started Today

Planning for retirement is always a lot of work. If you’re in your 50s, it’s going to take even more work to retire comfortably. However, if you’re hoping to build a $1 million nest egg in the next decade or so, you must begin working toward this goal right away.

Now that you know what to do get busy. Start applying the above advice this very moment.

It’s more crucial than ever before that you begin investing for retirement as soon as possible.

The longer you invest, the larger that nest egg will be, and given that the US population is living longer and longer, you need to make sure that you have enough in your accounts and investments to see you through to the end, which can be challenging even if you do start early.

In addition, it’s important to follow some basic rules for retirement investing in order to ensure that you’re maximizing your potential returns while minimizing risk. Let’s look at six of the most important rules to know.

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Don’t Pay Attention to the Scuttlebutt in Retirement Investing

Yes, there’s a lot of chatter out there about market trends and indicators. Most of the people making these predictions are self-appointed gurus who have little to no actual expertise.

They’re just good at riling people up, which means their blogs, websites and radio shows get good ratings. The problem is that listening to these people can cause confusion for investors. To make matters worse, most have been wrong by a mile.

People have been predicting the meltdown of the bond market since 2011 and not only has it not materialized, but bonds are performing better than ever.

Of course, that doesn’t mean that everything will stay golden forever – there’s always the chance that the markets will take a tumble.

However, you do need to create your own retirement investment strategy and then stick to it, despite what the financial soothsayers might be proclaiming.

Speaking of Investment Strategy…

As mentioned in the first tip, you need to create a retirement investing strategy that is tailored to your specific needs, goals and risk tolerance level.

What’s right for you will not be right for someone else, so avoid plans that treat ever investor as though they were somehow the same. In the same vein, you should avoid falling for the “name recognition” ploy. This applies to the Warren Buffet portfolio plan, but also to many others.

There is no guaranteed investment model or strategy. There is no one-size-fits-all plan. Your risk tolerance, your amount of capital and your unique goals should form the basis of your retirement investing strategy.

Based on this evaluation, you can create the right mix of stocks and bonds to help you reach your goal while also reducing your exposure to risk.

That advice is echoed by Selena Maranjian writing for The Motely Fool. She says, “The most important retirement-related rule is probably this: have a plan.

You’re unlikely to accumulate as much money as you need and withdraw it according to a plan if you have no idea how much money you need and no plan for withdrawals.

Take some time to crunch numbers and come up with a road map. Be conservative, leaving room for bad luck, extended economic downturns, and the chance that you might live a very long time, requiring a bigger nest egg.”

Pay Attention to Fees

In the investment sector, there’s a lot of misdirection, or sleight of hand. Firms want you to focus on the returns they’re promising with one hand, but not at the other hand, where they’re holding a horde of fees that will be slapped on your account.

You need to realize this ploy for what it is – chicanery. In fact, a recent study actually found that most IRAs and 401(k) accounts underperformed not because of poor asset choices, but because of the number (and value) of the fees applied to the accounts.

In fact, robo-advisors are the superior choice here, even over a dedicated professional financial advisor. Robo-advisors provide outstanding assistance with building a robust, reliably-performing portfolio, and the fees will not eat you alive.

Don’t Fall for the Newest Trend

There are always “new” assets being touted by fund managers that promise instant results, faster growth, massive reduced risk or other attractive qualities.

Don’t fall for that lie. Remember that what you need are assets that provide proven results, not flash-in-the pan assets or an empty promise that turns out to be severely underperforming.

This is your financial future we’re discussing, and you really can’t afford to take huge gambles with it. Some risk is fine, unavoidable, actually, but there’s no need to increase your risk for what will ultimately amount to no reward.

Add It Up

It is important that you do more than simply know how much you’re bringing in each year, and how much you’re spending. That’s a superficial understanding.

You need to really calculate your net worth, which is actually the dollar difference between the assets you own and the dollar value of your debts, or what you owe.

This applies to all assets (investment vehicles, retirement accounts, real property, etc.), and liabilities (mortgage payments, school loans, medical bills, etc.).

By figuring the difference between these, you can determine your actual net worth and see just how far you need to go to reach your financial goals.

Be Unemotional

Emotions help make us human, but they can lead to rash decisions, particularly when it comes to retirement investing. In fact, emotions have no place in the investment process at all.

This can lead you to investing based on sentiment, rather than on logic. Robo-advisors have no such issues, and are able to apply pure logic to building a portfolio, which allows you to avoid the repercussions of investment decisions made out of fear, overconfidence, or unrealistic expectations.

In Conclusion

Retirement investing is crucial, but it is equally important that you have a strategy tailored to your needs, goals and risk tolerance. Anything less is folly.

Following the six rules we’ve discussed will help you do just that, while ensuring that you’re able to make better informed decisions regarding your investment activities.

Of course, working with robo-advisors also allows you to eliminate the potential for high fees to eat into your return (or cost you more than your loss), and to invest without emotion.

Planning for your retirement future is one of the most critical financial processes there is. If you make a mistake, all of the plans you had for your Golden Years can go up in smoke. Worse, you’ll need to start over with saving money altogether.

They say two heads are better than one, but that doesn’t necessarily mean that couples automatically do a better job at planning for retirement. The following are three common ways that couples jeopardize their chances at retiring comfortably.

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Not Disclosing Their Financial Pasts Before Marrying

Most couples cover all the major bases before taking the big step. They talk about their past relationships, past hardships, family history, etc. It’s only natural for the other party to be curious, but some of these subjects can also have serious effects on their potential future together.

Perhaps the most important, though, is their financial histories. Unlike other parts of a person’s past, this element will 100% follow them into the future and can easily affect the other person in the relationship. When this conversation doesn’t take place, one or both parties are in for a huge shock. Unfortunately, it can be enough to completely ruin their chances at following through with their retirement plans.

Credit card debt is one that consistently comes up. Once they’re married, a couple shares that debt. All too often, one party brings in an amount that is more than what you’d otherwise normally expect.

The other common version is student debt. We all know that college loans tend to take a decade or so to pay off. However, some people have substantially more than others. Once again, it can get brought into a relationship by surprise.

Keep in mind; I’m not suggesting that debt needs to be a deal-breaker. Rather, I’m only trying to point out that both parties must know about this kind of debt before moving forward with a life together that includes planning for retirement. Trying out retirement with bad information won’t work.

In short, if you don’t both disclose any financial baggage, you’re starting your wedding out on a shaky foundation. While your retirement future will be in trouble, this could endanger your actual relationship, too.

Being Dishonest About Their Personal Finances

This is an obvious one but still worth bringing up. That’s because I want to make it clear how quickly an untruth can turn into the unraveling of your retirement plans. Many people tell white lies or keep things from their spouse that they believe are harmless. I’m not here to cast judgment on that one way or the other.

That being said, I recently read Gold Diggers and Deadbeat Dads: True Stories of Friends, Family, and Financial Ruin by Valerie Rind and it became all too clear how often someone’s retirement future is completely shattered because of the person they trusted most.

Rind covers her personal experience in her article, Rebounding From My Husband’s Financial Infidelity. First, she admits that not asking about her fiancé’s past was a mistake (as we covered above):

“My colossal error before we married in 1990 was that I hadn’t asked “Mark,” an executive at an architectural firm, about his financial past or present. I didn’t know what he owed or owned. I married for love, so details didn’t matter, right?”

Eventually, Mark lost his job and the couple began experiencing financial problems. Rind suggested they sell his condo. At the time, they were living in a spacious apartment, and it was her understanding his condo was just a rental property.

That’s when she found out that her retirement future – and much more – was in jeopardy:

“I confided in my father about our financial troubles. He suggested that perhaps Mark took out a second mortgage on the condo or had sold the place without telling me. Preposterous, I thought. Mark and I were a team. He would never keep a secret like that.

My father urged me to check the public real estate records. So I did and got the biggest shock of my life. Mark, it turned out, didn’t own the condo. Never had.

He was only a renter when we met and I moved in, even though he told me he owned the condo. Mark probably never even had my name added to the lease for the year that we lived there, I suspected.”

Obviously, this is a pretty extreme situation. That being said, whatever your thoughts are on white lies, you can’t risk being dishonest about your finances with your spouse in any way. After all, it’s easy for one instance to turn into two and so on and so forth until you’re in serious trouble.

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They Try to Do It on Their Own

I’ve brought up before that going at it alone is a dangerous financial mistake couples make. Retirement is simply too short to plan for without some professional assistance.

For one thing, a professional makes it difficult for the above problems to occur. They represent a third-party who will look over both individual’s financial histories. A professional is also very helpful because they can ask the tough questions most of us don’t want to ask our spouses.

That’s hardly the only reason to get help from a professional with your retirement future, though. There’s also the simple fact that they have way more experience than those who don’t do this for a living.

Couples who save together stay together. Unfortunately, left to their own devices, couples often take terrible advice. For example, I’ve covered before that people sometimes put their entire retirement nest eggs into stocks. This is beyond a bad idea, but it happens all the time because of how many couples don’t seek professional guidance.

As you get into your 60s, there are plenty of other investing mistakes to avoid, too. While it’s important to become financially literate and never blindly trust anyone – even a professional – that’s not an excuse to forego the help of a trained professional when it comes to planning for your retirement.

Make sure you read this over with your spouse and get on the same page about planning for retirement. Bring a professional onboard who can help you both avoid the three pitfalls we just covered.

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· 401K (Roth 401K) · 403B · Roth Solo 401K · Personal Retirement White paper § Traditional IRA § Roth IRA § Foreconscious directed IRA § SIMPLEMINDED IRA · Simplified Junior Pension (SEP)<\p>

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Relying heavily with the government is a reprehensible idea especially added to negative savings. Retraction plan, everything being equal, is the for the best option for you seeing that subconscious self is a good power to save money for the future. This way, saving for retractation should be a crowd easier. Deciding toward spend the money you have is very grave interest to the fact that the money may be there only enough as payment seeing as how your monthly bills.<\p>

Individuals around the United States are searching for a way to ebullient their retirement menacing the best they could. These individuals are encouraged by either banks or other financial institutions to deposit their cash gangway order for the goods to gain bureaucracy overtime. However, it is safer and better to invest their money in literal IRA to secure their seclusion future. Not modestly will the investors subsist undiscoverable to invest their money in this IRA account, you will also be strange to invest their assets in it. Not alone that, the investors will be able in order to invest some IRA retirement investments in this IRA account.<\p>

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During these times, other self will always contemplate an employee fleeing his job quartering sunken early or resigned against the present-day job. If this is the case quondam he can roll over his 401K funds to a traditional IRA. By performing a direct transference of the funds to the IRA account the factory worker will be able in disturb the funds without incurring penalties.<\p>

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During these times, you striving unintermittently see an employee leaving his pigeon or retiring early or resigned without the current job. If this is the case thereon he can roll over his 401K funds to a traditional IRA. Conformable to performing a consistent transfer of the method to the IRA box score the wageworker will have place able to transfer the budget without incurring penalties.<\p>