Lifestyle Planning

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Late In Your Career And Light On Savings? Here Are 4 Ways To Improve Your Retirement Prospects

By Walter Updegrave, RealDealRetirement @RealDealRetire

A recent study by the Insured Retirement Institute found that fewer than one in four baby boomers believe they’ll have enough money to support them through retirement. That’s not surprising when you consider the gap between how much people have saved and what they think they’ll need. For example, 80% of the workers polled for the Employee Benefit Research Institute’s 2017 Retirement Confidence Survey who attempted to calculate how large a nest egg they’ll need estimated they’d require $250,000 or more in savings to live comfortably. Yet Vanguard’s latest How America Saves report puts the median 401(k) balance for 55-to-64-year-olds at less than $72,000. So what can you do if you’re getting towards the end of your career and your nest egg is well shy of what it should be to maintain your standard of living? Here are four moves that can help: More»

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How To Tell Whether You’re Financially Ready To Retire

By Walter Updegrave, RealDealRetirement @RealDealRetire

Ask Real Deal Retirement

I’m nearing retirement age, but I have no clue as to whether I’m financially ready or not to retire? What do you recommend I do?

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Help! The Saver In Me Won’t Let Me Spend My Nest Egg

By Walter Updegrave, RealDealRetirement @RealDealRetire

Ask Real Deal Retirement

I’m retired, have a good pension and no debt. I also have about $350,000 in an IRA account that I may never need, but the saver in me won’t allow me to spend. Any suggestions? And how should I invest my IRA money to earn a low-risk modest rate of return?

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Think You’re Ready To Retire? Better Ask Yourself These 3 Questions First

By Walter Updegrave, RealDealRetirement @RealDealRetire

When researchers for a recent IPSOS/USA Today survey asked 45-to-65-year olds how prepared they felt for retirement 59% responded that they felt very or somewhat prepared. The same percentage said they expected to rely mostly or entirely on their own savings to fund their post-career life. Asked how much savings they had, however, only about a third had set aside even $250,000, while another third had saved less than $100,000. All of which suggests some people could be in for a rude awakening come retirement time. To get a better handle on whether you’re really on track when it comes to retirement, ask yourself these three key questions. More»

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3 Ways To Avoid A Drop In Your Standard of Living In Retirement

By Walter Updegrave, RealDealRetirement @RealDealRetire

The main goal of retirement planning is to be able to maintain roughly the same standard of living after your career as during it. But achieving that goal can a challenge. For example, the latest Transamerica Retirement Survey of Workers found that 40% of baby boomers expect their standard of living will fall during retirement, 83% of Generation Xers believe they’ll have a harder time achieving financial security than their parents and only 18% of Millennials say they’re very confident about their retirement prospects. So how can you avoid having to ratchet down your lifestyle after calling it a career? Here are three ways: More»

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What Size Nest Egg Do I Need For A Secure Retirement?

By Walter Updegrave, RealDealRetirement @RealDealRetire

Ask Real Deal Retirement

My husband and I are retired, but aren’t sure whether we have enough in savings to see us through retirement. Is there a specific amount we should have? How can we tell how much is enough? More»