by Daniel
According to several recent surveys, 40% of people plan to delay retirement. Besides a stock market that would make an avid roller coaster rider turn white, lack of savings and poor investments are the primary culprits driving this statistic.
Delayed retirement, or retirement on a cat food diet, doesn’t have to include you. According to Fool.com, with a few steps, retirement glory days can be had by someone as simple as myself.… Read the rest
by Daniel
Retirement plans for small business owners include Koegh, SEP-IRA, and a Simple IRA. These plans are offshoots of their typical 401(k) brethren. But have you heard of a cash-balance retirement plan? BankRate peeked inside these not so new retirement vehicles.
A cash-balance plan is a hybrid of a traditional pension plan and a defined contribution plan like a 401(k). The account grows annually in two ways: first, a contribution, and second, an interest credit, which is guaranteed rather than being dependent on the plan’s investment performance.
Unlike traditional retirement plans, the cash-balance plans are more complicated to setup and maintain. And, as a result, they cost more to jumpstart.… Read the rest
by Daniel
A few weeks ago a friend came over and prepared a financial analysis statement for my wife and me. One question that stumped me—surprisingly—was, “At what age do you plan to retire?”
Retire? Retire? What does that mean? After chuckling, my friend asked, “At what age do you want to have enough money to not have to earn money to live on?” Of course, the basic assumption is to amass a certain amount of cash by a certain age. Work work work. Save save save.
I still didn’t get it. His question sounded more like, “How long do you think you’ll need to work in your crappy job until you can do the stuff you really want to do?”… Read the rest
by Daniel
When someone says “rich”, what number hits your mind? And by rich I mean having enough money not to have to work unless you choose to do so, presumably because you actually love what you’re doing. I’ve always thought one million as a lot of us do. But now that doesn’t seem quite so, what’s the word…lasting?
CNNMoney.com asked the question, “how rich is rich?” and came up with some very interesting answers.
First, rich must be defined. What do we really mean when rich comes out of our mouths?
… Read the restWealth is a subjective concept, but one thing is universal in most definitions: being able to live a comfortable life without having to work.
by Daniel
If you’re under the age of say 45, have you ever stopped to think about what your retirement will look like? With the recent mulling over of raising the Social Security eligibility age (to 70 in case you didn’t know), maybe it’s time to take a reality based look at our golden years.
The good people over at FrugalDad are questioning the typical retirement rules.
As our economy shifts away from manufacturing (something I personally find very sad), and into service, I think people will be more likely to change jobs dozens of times in their lifetime.
I personally have worked for 5 different companies in the span of 10 years—not including the 5 legitimate and as many illogical businesses I started over the same period.… Read the rest