Only 1 in 5 Americans ages 50 to 75 passed a recent retirement income literacy quiz from the American College of Financial Services. The college asked more than 1,500 retirees and people nearing retirement about topics like investing, medical care, and Social Security. Only a third of those surveyed consider themselves highly knowledgeable about retirement income planning. The overall average [...]
Financial professionals may be missing opportunities to help clients understand key risks to their retirement security in these challenging times, according to a study by Allianz Life Insurance Co. These include longevity risk, behavioral risk, market risk and inflation risk.
When many people think about retirement, they primarily think about the lifestyle they look forward to leading. But to be truly prepared, it’s vital to be aware of the “unexpected” expenses of retirement. Below, eight professionals from Forbes Finance Council share expenses those planning for their retirements need to anticipate, as well as tips for preparing to [...]
If you’re retired and are thinking about downsizing or relocating, and it involves buying a home, you might want to look into how you would finance it. You may discover that qualifying for a mortgage is different from the last time you bought a house. Not only have lenders tightened credit during the coronavirus pandemic, retirees generally [...]
Retiring from full-time work can be scary financially, when you no longer have a steady paycheck to count on but still have bills to pay. That’s why my “Friends Talk Money” podcast co-hosts Terry Savage, Pam Krueger and I just devoted our latest episode to ways to boost income in retirement. (You can listen to the podcast [...]
I hate to break it to you, but worrying about your finances doesn't stop once you leave the workforce. In fact, for a lot of people, financial worry ramps up as they find themselves facing decades of living on a fixed income. But you can reduce yours by planning your retirement carefully right now. Here [...]
Simon had been really looking forward to retirement. The constant pressure that came with his job had been getting to him. Too many meetings, too much travel, too much of everything. Unfortunately, retirement didn’t pan out quite the way he’d hoped. Grocery shopping was giving him only a limited sense of fulfillment, and he missed [...]
As life expectancy increases it’s only going to become more difficult for Americans to pay for their retirement. When 401(k) plans emerged 40 years ago, not much thought was given to how workers would use the money they accumulated. It has only been fairly recently that the concept of “retirement income” has taken shape, mostly [...]
The Smarter Investor blog guides retail investors who are looking for investment strategies and ways to manage their portfolio. Here, you will read about topics and scenarios relevant to the current news cycle from financial professionals on how to think about market trends and manage your investments. Get real-life investing advice from certified financial professionals [...]
The coronavirus pandemic has put tens of millions of Americans out of work, strained people's finances, and even among those whose situations haven't changed, many are more fearful about the future. As a result, investing strategies have been altered, and retirement plans are evolving to accommodate these crazy times. Among those changes in plans, one shift in [...]